FM Sitharaman says youth don’t find public banks ‘cool’, calls for month-long campaign

Finance Minister Nirmala Sitharaman proposed a month-long campaign to help public sector banks connect with India's youth, who often perceive PSBs as uncool. Sitharaman urged these banks to organize the campaign starting October 2, focusing on individuals over 16 years old. During a conference on the second day of the PSB Confluence, she noted that young people today are tech-savvy and seek banking services that are simple, intuitive, personalized, and available at any time.

Sitharaman expressed concern that PSBs still appear like government banks, and many youngsters aged 25 and under do not have accounts with them. She emphasized that PSBs should not just aim to appear cool but avoid compromising on prudence. Sitharaman cautioned that this call for a 'cool' image is not a directive to PSBs to change but a plea to connect with young customers in a more engaging manner.

She stressed the importance of engaging with the youth early to establish a meaningful relationship, encouraging banks to launch the 'Banking for Youth' campaign.