Union Finance Minister Nirmala Sitharaman on Friday (April 24) unveiled plans for a dedicated committee to engineer sweeping reforms in Indian banking, laser-focused on equipping the sector for 2047- India’s independence centennial. Unveiled at the State Bank of India’s (SBI) gleaming new Maharashtra Circle Local Head Office inauguration in Pune, FM Sitharaman’s blueprint recasts banks as strategic pillars fortifying the nation against tech upheavals and geopolitical tempests.
2047 vision: Banks as prosperity architects
The expert panel will map adaptations to tomorrow’s shocks, elevating banks beyond mere lending to become bedrock enablers of Viksit Bharat. Critical sectors like manufacturing, agriculture, tourism and IT crave relentless financial lifelines to fuel sustained growth, Sitharaman asserted, framing banks as indispensable growth sentinels in an unpredictable world.
#WATCH | Following her meeting with heads of banks on AI risks, Union Finance Minister Nirmala Sitharaman says, "It has always been that the banks in India, because of greater digitisation happening, that we are adequately equipped to meet any challenges and risks. Now, because… pic.twitter.com/kTZ7AuSa94
— ANI (@ANI) April 24, 2026
AI cyber risks demand bold upgrades
Sitharaman spotlighted surging AI-fuelled cybersecurity perils- building on her Thursday summit with RBI, NPCI, CERT-In and bank leaders- applauding India’s unblemished record of zero major breaches through smart digitisation and safeguards. Still, she cautioned that conventional defenses won’t cut it against AI’s shadowy exploits, urging “versatile, next-gen” fortifications to shield a hyper-digital financial realm.
Sitharaman sounds alarm on Anthropic’s mythos AI
Finance Minister Nirmala Sitharaman convened a high-level meeting on Thursday (April 23) with bank heads, RBI, NPCI, CERT-In, and IT Minister Ashwini Vaishnaw to tackle the escalating risks from Anthropic’s Mythos AI system amid global cybersecurity jitters.
The discussion zeroed in on the “unprecedented” dangers posed by Mythos, an advanced AI model capable of exploiting software vulnerabilities at scale. Sitharaman pushed for a “robust mechanism for real-time threat intelligence sharing” across financial institutions to counter potential weaponized attacks that could cripple banking networks.
Stressing “very high degree of vigilance, preparedness and better coordination,” Sitharaman warned that AI-driven threats demand swift, unified responses beyond traditional firewalls. Attendees brainstormed defensive upgrades, from AI monitoring tools to inter-bank data protocols, positioning India’s financial sector as a frontline in the global AI arms race.
Union Minister for Finance and Corporate Affairs Smt. @nsitharaman today chaired a high-level meeting, along with Union Minister for Electronics and Information Technology, Railways and I&B Shri @AshwiniVaishnaw, with Scheduled Commercial Banks and key stakeholders to assess the… pic.twitter.com/TrQrDCkMKE
— Ministry of Finance (@FinMinIndia) April 23, 2026
AI cybersecurity: A new frontier
From high-level huddle with RBI, NPCI, CERT-In, bank chiefs and Information Technology Minister Ashwini Vaishnaw, Sitharaman lauded India’s spotless cybersecurity record. Decades of digitisation, upgrades, firewalls and customer safeguards have prevented major breaches. Yet advanced AI poses novel, poorly understood threats—like weaponised software exploits—that current measures may not fully counter.
While affirming banks’ proven vigilance, Sitharaman urged evolution- “What we’ve had…may not be sufficient. They need to improve…but we need something new and far more versatile.” This proactive stance signals regulatory pushes for AI-resilient systems, blending human oversight with cutting-edge tech to protect a digitized financial ecosystem.
Banking as growth’s backbone
In volatile global markets- marked by export dips from tariffs and trade barriers- Sitharaman highlighted Indian exporters’ resilience through innovation and new markets. She stressed continuous bank support for key sectors like manufacturing, agriculture, tourism and IT to sustain momentum. Without this, she warned, India’s growth narrative risks stalling.
SBI’s strategic expansion in Pune
Sitharaman praised SBI’s decision to base its Maharashtra operations in Pune, calling it a smart move to boost outreach across the state. This new hub positions the lender to better serve diverse regions, from urban IT corridors to rural agricultural belts. The inauguration underscores SBI’s commitment to localised leadership amid India’s expanding economy.
Sitharaman hailed SBI’s Pune establishment as a masterstroke for amplifying banking penetration across Maharashtra’s diverse landscape, from buzzing IT clusters to verdant farmlands. This localized powerhouse embodies banks’ frontline duty in cushioning India’s economic momentum from global volatility—think export hits from tariffs and market churn—while saluting exporters’ pivot to fresh territories.