MSMEs in Maharashtra need stronger backing: Sitharaman urges banks to step in

MSMEs in Maharashtra need stronger backing as Finance Minister Nirmala Sitharaman asks banks to support traditional industries and maintain closer customer relationships despite rapid digital transformation.

Pune, 25 April | 2026: Union Finance Minister Nirmala Sitharaman called on banks to actively identify and support traditional industries across Maharashtra, many of which fall under the micro, small and medium enterprises (MSME) sector. She stressed that strengthening these sectors is essential for achieving broader economic goals.

Speaking at the inauguration of the Maharashtra Circle headquarters of State Bank of India in Kharadi, Pune, Sitharaman highlighted the need for banks to reach different regions of the state and extend financial support to local industry clusters. The new office, excluding Mumbai operations, is expected to enhance SBI’s regional presence.

She also pointed out that while digital banking has made processes faster and more efficient, it has reduced personal interaction between banks and customers. Banks should not lose this human connection and must continue offering professional financial guidance to their clients, she advised.

Addressing concerns around cybersecurity, Sitharaman urged banks to adopt a multi-layered approach to tackle emerging threats driven by artificial intelligence. She suggested that AI-based cyberattacks should be countered using equally advanced AI tools.

Sitharaman noted that Indian banks have remained largely secure due to continuous upgrades in systems, firewalls, and customer protection measures, but warned that evolving threats require constant vigilance and innovation.

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