Mumbai, Jan 31 (NationPress) The Chairman of the State Bank of India, CS Setty, emphasized on Saturday that the financial sector's expectations ahead of the Union Budget are grounded in sustained fiscal prudence, advocating for a level playing field for financial savings instruments.

“As a banker, I firmly believe there should be a level playing field. In a developing equity landscape, it is crucial to ensure a neutral and balanced approach toward financial savings instruments,” Setty articulated his expectations regarding the forthcoming Budget.

Setty pointed out that there is limited scope for extensive giveaways despite demands for tax relief, indicating that market participants generally anticipate the government will stick to its fiscal roadmap while fine-tuning growth-supportive measures within current limits.

Addressing the ongoing demand for equal treatment between bank deposits and other financial instruments, the SBI Chairman remarked that fiscal realities complicate the preferential treatment for deposits, even as the need for a level playing field persists.

Setty highlighted that globally, bank deposits seldom receive special incentives, mirroring the scenario where equity instruments also do not qualify for preferential treatment.

In a related development, the prominent public sector bank unveiled CHAKRA on Saturday, a Centre of Excellence focused on financing sunrise sectors that are vital to India’s economic evolution. This center will serve as a knowledge-driven platform to facilitate financing for next-generation, technology-oriented, and sustainability-focused industries.

“India’s growth trajectory over the next few decades will be rooted in innovation, sustainability, and advanced manufacturing. Through CHAKRA, SBI is enhancing its institutional capability to comprehend emerging sectors, formulate specialized financing solutions, and collaborate with the broader ecosystem,” the Chairman expressed.

The Centre of Excellence solidifies SBI’s leadership in advanced technologies and climate finance, promoting India’s integration into the global value chain, Setty added.

SBI revealed that the center will prioritize eight sunrise sectors, including renewable energy, advanced cell chemistry & battery storage, electric mobility, green hydrogen, semiconductors, decarbonization, smart infrastructure, and data center infrastructure.

The bank anticipates that these sunrise sectors will require a capital investment exceeding Rs 100 lakh crore by 2030.

The bank is committed to facilitating these capital-intensive sectors by responsibly directing capital flows, enhancing risk assessment, and developing innovative financing models, as stated in an official communication.