Now Reading: Nirmala Sitharaman asks PSBs to make banking cool for Gen Z
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Nirmala Sitharaman asks PSBs to make banking cool for Gen Z
Finance Minister Nirmala Sitharaman has urged public sector banks (PSBs) to shed their 'government bank' image and adopt a more youth-friendly approach to attract Gen Z customers. Speaking at an event, she…
Finance Minister Nirmala Sitharaman has urged public sector banks (PSBs) to shed their 'government bank' image and adopt a more youth-friendly approach to attract Gen Z customers. Speaking at an event, she said private banks are perceived as 'cool' by young people and asked PSBs to understand what drives that perception.
Sitharaman proposed that PSBs take banking campaigns to college campuses, set up 'Yuva Kiosks' at branches, and offer lifestyle-linked benefits such as fitness centre coupons. She also suggested free online learning content in partnership with educational platforms and a dedicated portal by the Indian Banks Association (IBA) for banking awareness among youth.
Indian Opinion Analysis
India's PSBs have long struggled with an ageing customer base and a perception of bureaucratic service. This push comes as private and digital-first banks capture the majority of first-time account holders under 25. The real test will be whether PSBs can invest in technology and redesign branch experiences without the usual delays of government approvals. Watch for the IBA's portal timeline and whether any PSB launches a campus-specific account product in the next quarter.
Source: businesstoday.in
This story was synthesised by AI from the source linked above.
