Ease of doing biz, investment options driving structural shift in banking system: SBI chairman
ease of doing business and digitalization are driving the structural shift in the domestic banking system while banks also in the last decade have not focused on deposits, SBI Chairman C S Setty said on Monday. «I think it is also a sign of a maturing investment climate and the digitalization, which has played an important role (in driving people to invest at places other than banks),» Setty said at a panel discussion on the 'role of young leaders for Viksit Bharat@2047' hosted by SBI here.
He was responding to a question on the increasing concerns over deposit mobilization as more and more people are looking at other avenues of putting their money to use as opposed to bank deposits.
Doing banking a few years ago was too much of a «pain» and investing in SIP was also not an easy task, the SBI chairman said.
«But today, with two clicks, you can move these funds out of the bank into fixed deposits or into SIP, which means that the ease of doing business is also resulting in a structural shift apart from the opportunities of investment,» he said.
However, this notwithstanding, I strongly believe that it is also a fact that in the last decade, the banks have not been focusing on deposits.
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