Chairman, State Bank of India
Citi India Conference 2026: Keynote Address by SBI Chairman Challa Sreenivasulu Setty
India's top business leaders, investors and policymakers have gathered at the Citi India Conference 2026 in Mumbai. With discussions spanning Vision India 2047, banking, AI, capital markets and economic growth, the event offers insights into the forces shaping India's future.
#CitiIndiaConference #VisionIndia2047 #IndianEconomy #BusinessNews #AI #CapitalMarkets #Banking #Investing #IndiaGrowth #Mumbai
Moneycontrol is India’s leading financial portal, offering market news, expert analysis, and powerful tools.
A part of Network18, moneycontrol.com is India’s most trusted destination for fi...
About Challa Setty
Challa Sreenivasulu Setty, Chairman of the State Bank of India, has been active in several public engagements in mid-2026. On July 21, he commented on the listing of SBI Funds Management, calling it the largest IPO of 2026. He stated that the bank's focus remains on core deposit mobilization and lending, and that SBI would continue to sell its own subsidiary products rather than competing products. At the TransUnion CIBIL Credit Conference on July 13, Setty delivered a special address on credit and resilience, arguing that financial systems falter when resilience fails to keep pace with ambition and that buffers must be built before they are required. He identified four pillars for resilient growth: strong capitalization, forward-looking risk management, data-driven early warning systems, and balanced credit portfolios. In June, Setty spoke at the Citi India Conference 2026, where he discussed India's growth story and the role of banking in achieving the Vision 2047 goals. He said that India may require incremental investments of nearly 200 trillion rupees by 2030 and another 400 to 450 trillion rupees by FY35 across infrastructure, manufacturing, energy transition, and other sectors. He described the banking sector as central to this transformation, acting as mobilizers of savings, enablers of entrepreneurship, and allocators of capital. Regarding the YONO app, Setty noted that it had crossed 4.5 crore active users and that the bank was considering commercializing elements of the platform for other banks. On the RBI's monetary policy, he stated that the house view expected a pause, and he expressed concern that inflationary expectations could moderate consumption, which he described as a key driver of the domestic economy.
Transcript (20 segments)
A
Amol1:57
Yes. For those who have traveled across city and across the world, we're grateful for you to be here in person. I would like to extend a special welcome to Mr. C.S. Setty, Chairman, State Bank of India, and other distinguished guests. Later today we will be joined by Ambassador Sergio Gor, Minister Piyush Goyal, and Jane Fraser. India is a powerhouse of innovation and growth, a key market for Citi. India is a dynamic economy with demographic dividend, digital revolution, infrastructure transformation, and policy reform. That said, we are in turbulent times with the Middle East crisis and AI revolution. However, at Citi we are firm believers in the long-term future of India. In the past few years, India has consolidated its fiscal balance sheet, banks are in excellent health, corporate earnings strong. India is more resilient today than five or ten years back. India has built advanced digital public infrastructure. That foundation drives digital and AI readiness, creating a multi-decade consumer growth story. India remains a bright spot with multifaceted investment opportunities. For over a century, Citi has been at the heart of India's economic journey. We have 35,000 colleagues in India managing critical functions. As we gear up to celebrate 125 years in India, we are committed to deepening these relationships. Over the next two days, we will explore opportunities. Thank you all for being here.
H
Host8:13
Thank you, Amol, for those inspirational opening remarks. I would now like to invite on stage our keynote speaker for the day, Mr. C.S. Setty, Chairman of the State Bank of India, a distinguished leader. As he sheds light on the role of banking in driving India's growth story for the 2047 vision, we request you to share your questions through Slido. Moderating the Q&A will be Anuradha Chaudhary, head of Financial Institutions Business at Citi India. Over to you, Mr. Setty.
C
Challa Setty8:59
Before I go to my written speech, thanks to Citi for this opportunity. I have been at SBI for 37 years. I joined in 1988 when banking was dominated by public sector banks. I recall the early days of computerization — the government called it mechanization and gave a 'computer increment' to overcome resistance. Later, a district collector asked me for a clean overdraft, which I could not give. That shows how far we have come. Today, banking plays a crucial role in India's progress. India aspires to be a developed nation by 2047 with per capita income of $10,000. India is emerging as one of the defining growth stories of the 21st century. The most remarkable aspect is the ability to deliver transformation at scale. Banking has been a critical partner in nation-building. India's digital public infrastructure, especially UPI, handles 200 billion transactions annually; SBI handles 30% of that. Financial inclusion has expanded dramatically: microfinance borrowers have increased from 33 million to 63 million, 95% women. Banks have supported infrastructure, manufacturing, and agriculture. Looking ahead, we need to focus on rural prosperity, urban transformation, investing in people, and manufacturing. The financing required is unprecedented — estimated 200 trillion rupees by 2030. Banks must evolve: embrace technology, AI, green finance, and maintain governance. India is well-positioned. Thank you, and Jai Hind. I'll take a few questions.
Yes.
A
Anuradha Chaudhary25:55
Yes, sure. Thank you, Mr. Setty, for sharing your personal story and the pillars for India's Vision 2047. Several questions coming in. One common theme is around digital public infrastructure. How do you see the relationship between traditional banks, fintechs, and emerging technologies like AI?
C
Challa Setty26:54
I believe India will provide the largest use cases and become the biggest beneficiary of AI. The microcosm is financial services. We are early adopters of AI; we launched pre-approved personal loans using AI. Responsible AI is key. We have 530 million customers, from ultra-low income to ultra-high net worth. AI will enable hyper-personalization at scale.
A
Anuradha Chaudhary29:20
Thank you. On a related note, we spoke about inclusion. Questions around growth being led by public spending, not private. Jobs not increasing, AI may diminish job openings. Any thoughts?
C
Challa Setty29:54
Capital investment globally has led to automation, but India has a strong services sector. In IT, 99% of workforce are engineers who can be reskilled. We need skilled manpower to deploy AI. India has proven it can pivot, from BPO to global capability centers. Productivity gains will create more jobs.
A
Anuradha Chaudhary31:48
On a related subject, with global trends in cryptocurrencies, where do you see that with the financial ecosystem?
C
Challa Setty32:02
Currently, India is not focusing on crypto but on central bank digital currency. CBDC needs repurposing; for example, programmable CBDC for direct benefit transfer. Focus is on CBDC, not other digital currencies.
A
Anuradha Chaudhary33:01
Another theme: if you had the privilege to become a member of the Ministry of Finance, what three key policy measures would you enact?
C
Challa Setty33:23
We keep engaging with policy. The government has been extremely positive in developing the financial ecosystem. They focus on efficient fiscal management. For example, during the Russia-Ukraine conflict, we suggested supporting SMEs, and they provided emergency credit lines. The banking system is robust and can support credit growth.
A
Anuradha Chaudhary35:10
You spoke about healthy pipeline of loan growth. Which segments are you seeing growth? Thoughts on manufacturing and Make in India?
C
Challa Setty35:35
Pipeline from earnings call: activity in renewables, thermal power coming back, data centers, roads, hydrocarbons. Despite the conflict, no pullback on capex. On Make in India, manufacturing has been a challenge but PLI is successful in electronics. India is the second largest iPhone exporter. Good growth in EVs, public transportation electrification. Rail electrification has prevented disruptions. Manufacturing story is good.
A
Anuradha Chaudhary38:05
Many questions coming. One: given that Taiwan stock market cap surpassed India and Korea also, and currency concerns, what gives you confidence India's economy will outperform?
C
Challa Setty38:43
India's growth story is long-term. Our investment horizon must be long. I recall in 2018, SBI made a loss, but we set a goal to become a $100 billion market cap company. We achieved that. You have to be patient. Demographic dividend, entrepreneurship give me confidence. India's positioning as a long-term story is justified.
A
Anuradha Chaudhary40:34
If we meet again in 2047, what would be the most significant contribution of the banking industry?
C
Challa Setty40:59
The biggest contribution is how to gainfully employ the 1.1 billion working population. Banking can provide capital for their growth ambitions. In the past, we brought millions into economic activity. In 2047, it will be about what contribution banking made to give gainful earning capacity to those people.
A
Anuradha Chaudhary41:59
Thank you so much, Mr. Setty, for sharing your thoughts and vision. We will wrap up this session. Thank you.
C
Challa Setty42:08
Thank you. Thank you very much.