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SBI Chief Seeks Level Playing Field for Savings in Budget, Launches CHAKRA

SBI Chairman CS Setty has called for a level playing field among financial savings instruments ahead of the Union Budget, noting limited fiscal room for major tax relief. He highlighted the launch of CHAKRA, a new Centre of Excellence aimed at financing eight key sunrise sectors critical for India's economic transformation. These sectors, including green hydrogen and semiconductors, are estimated to require over Rs 100 lakh crore in investment by 2030. The initiative is designed to strengthen SBI's capability in funding next-generation, sustainable industries.

Key Points: SBI Chairman on Budget: Level Playing Field for Savings Needed

  • Call for neutral savings policy
  • Limited room for tax giveaways
  • CHAKRA centre launched
  • Focus on 8 sunrise sectors
  • Rs 100 lakh crore investment by 2030
2 min read

Level playing field for savings instruments necessary: SBI Chairman on Budget expectations

SBI Chairman CS Setty calls for a neutral approach to financial savings instruments in the Budget and announces CHAKRA, a centre for financing sunrise sectors.

"As a banker, I would definitely say there should be a level playing field. - CS Setty"

Mumbai, Jan 31

State Bank of India Chairman CS Setty on Saturday said that expectations in the financial sector ahead of the Union Budget remain anchored in continued fiscal prudence and called for a level playing field for financial savings instruments.

"As a banker, I would definitely say there should be a level playing field. In an evolving equity environment, there is a case for ensuring a neutral and balanced approach to financial savings instruments," Setty shared his expectation from the upcoming Budget.

Setty said that there is limited room for large‑scale giveaways despite calls for tax relief, adding that market participants broadly expect the government to adhere to its fiscal roadmap while calibrating growth‑supportive measures within existing constraints.

On the long‑standing demand for parity between bank deposits and other financial instruments, the SBI Chairman said fiscal realities make preferential treatment for deposits difficult despite the need for a level playing field.

Setty noted that globally bank deposits rarely receive special incentives, just like equity instruments fail to qualify for preferential treatment.

Meanwhile, the leading public sector lender on Saturday announced the launch of CHAKRA, a Centre of Excellence for financing sunrise sectors that the bank said are critical to India's economic transformation. The centre will act as a knowledge‑led platform to enable financing for next‑generation, technology‑driven and sustainability‑focused industries.

"India's growth over the coming decades will be anchored in innovation, sustainability and advanced manufacturing. With CHAKRA, SBI is strengthening its institutional capability to understand emerging sectors, design specialised financing solutions and partner with the ecosystem," the Chairman said.

The Centre of Excellence reinforces SBI's leadership in new-age technologies and climate finance, enhancing India's integration into the global value chain, Setty added.

SBI said the centre will focus on eight sunrise sectors including renewable energy, advanced cell chemistry & battery storage, electric mobility, green hydrogen, semiconductors, decarbonisation, smart infrastructure and data centre infrastructure.

The bank estimated that these sunrise sectors are expected to entail capital investment of over Rs 100 lakh crore by 2030.

The bank focuses on enabling these capital-intensive sectors by directing capital flows responsibly, strengthening risk assessment and developing innovative financing structures, an official statement said.

- IANS

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Reader Comments

P
Priya S
CHAKRA initiative sounds promising! Financing sunrise sectors like EVs and green hydrogen is exactly what we need for sustainable growth. Kudos to SBI for looking ahead. 🇮🇳
R
Rohit P
While I appreciate the focus on new sectors, the Chairman is right about fiscal constraints. We can't have tax cuts everywhere. The government needs to invest in infrastructure first. Responsible budgeting is key.
S
Sarah B
Interesting perspective. In many countries, bank deposits are seen as safe havens, not growth instruments. Maybe the focus should be on making equity markets safer for small investors rather than taxing FDs less?
V
Vikram M
Rs 100 lakh crore by 2030 for sunrise sectors! That's massive. This is where our savings should be channeled. But first, we need banking reforms to make the process smoother for startups and new industries.
K
Karthik V
I respectfully disagree with the Chairman on one point. In a country like India with low financial literacy, bank deposits *should* get some preferential treatment. They are the bedrock of household savings for millions. A small tax break on FD interest would help common people combat inflation.

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