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• Government banks will become cool for Gen Z
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Public Sector Banks For Gen Z : To attract the tech-savvy and new-thinking Gen Z, state-owned banks are now changing their old decade-old assumptions. It looks like it is getting ready to change its old look and become more 'cool' and digital. Union Finance Minister Nirmala Sitharaman herself has announced this. He has called for transformation in public sector banks to make them youth-friendly. The plan is to build a strong economic ecosystem for the country's advanced and next-generation youth population. Exactly what changes are going to happen in this”text-align: justify;”> Hallmarking Rules For Gold : Big hit to jewelers if gold is sold without hallmark! Imprisonment or fine of lakhs of rupees? What does the rule say?

The Union Finance Minister has advised public sector banks to change their traditional image to be 'cool' and attractive to 'Generation Z'. So that this new generation will prefer government banks over private banks.

Banks should reach out to young customers themselves

Addressing the final session of the two-day PSB Confluence held in New Delhi, the Union Minister urged public sector banks to start a month-long 'Banking for Youth' campaign from October 2. The aim of the campaign is to create a 'cool' image among the youth of the country, as well as maintain the caution required for banking transactions. Banks have been advised that they need to connect with youth directly by visiting colleges, universities and skill development centers instead of waiting for them to come to their bank. So try to form a separate bond with the young public sector banks.

Public sector banks will make themselves cool

The objective of this initiative is not limited to just opening accounts and registering participation, but also to build a strong long-term relationship with the youth from campus to career and beyond. Sitharaman said public sector banks are still imaged as “government banks” and young customers often find them less attractive than private banks. He urged the public sector banks to communicate directly with the youth and understand what is expected from their banks. Due to the system of public sector banks, their working style is expected to change.

“Public sector banks should be the first and most trusted choice for young Indians,” Sitharaman said. He further said that public sector banks should accompany the youth at every stage of their financial journey, such as their first account, first salary, higher education, entrepreneurship and first investment. Banks can also collaborate with reputed educational institutions and platforms to provide free online learning materials to engage young customers through education and skill development.

A dedicated service for young people

Sitharaman has also called for the establishment of special “Yuva Kiosks” or “Yuva Banking Mitra” for youth in bank branches. This arrangement will help the youth to understand banking and financial products without any hesitation. Because of all this, they will feel this band as theirs instead of a mere identity of a government bank with the image of a public bank.

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