Nirmala Sitharaman Urges PSBs To Launch ‘Banking For Youth’ Campaign From October 2
· Free Press Journal
Finance Minister Nirmala Sitharaman has urged public sector banks (PSBs) to take banking services directly to young Indians by engaging with colleges, universities and skill-development centres.
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She proposed a month-long ‘Banking for Youth’ campaign beginning October 2, aimed at bringing people aged 16 and above into the formal financial system.
Sitharaman said banks should develop relationships with customers from their early financial years and support them through different stages, from education and employment to entrepreneurship, investment and wealth creation.
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Speaking at PSB Confluence 2026, the finance minister highlighted the growing influence of young consumers on India's financial and economic landscape. She noted that 66% of UPI transactions are conducted by people aged 18-29, underlining the importance of offering services suited to digitally comfortable customers.
She said young users expect banking to be straightforward, personalised and easily accessible. PSBs could also introduce lifestyle-oriented benefits, including discounts or vouchers for fitness and wellness services, to make their offerings more appealing.
Rather than waiting for young customers to approach bank branches, Sitharaman asked PSBs to establish a presence on campuses and at skill-building institutions. These locations could become centres for opening accounts and improving financial awareness.
Digital-first approach to financial literacy
The minister suggested creating dedicated youth-focused facilities, such as ‘Yuva Kiosks’ or ‘Yuva Banking Mitra’, at branches. Bank employees could assist young customers with account services, credit products, credit scores and government schemes.
She also proposed a dedicated website and mobile-friendly portal providing simple information on KYC requirements, safe banking practices, education, skill development, finance and entrepreneurship.
The platform could connect users with nearby PSB branches and services such as Basic Savings Bank Deposit Accounts. Interactive tools, including quizzes, graphics and certificates, could be used to make financial education more engaging.
Sitharaman said the October campaign should serve as the beginning of a sustained effort to make PSBs the “first and most trusted choice” for young Indians as they progress through their financial lives.