SBI sets up team for fintech; expands wealth management biz

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26 Aug, 2025 12:21

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With the fintech space growing rapidly, the country’s largest lender State Bank of India (SBI) has set up a dedicated team to look after partnerships with such companies.

“We have set up a team under a chief general manager who has been made responsible for evaluating opportunities in fintech spacem," Rajnish Kumar, Managing Director of SBI, said on the sidelines of a fintech event on Wednesday. "Wherever he feels that there is something SBI will like to partner with, he will take the call on it... They are closing some of the partnerships,” 

“It is a question that whether you develop everything in-house or if there is something where somebody has already applied their mind and have invested time and money, and whether you can benefit of that relationship,” he added.At the same event, Reserve Bank of India Deputy Governor R Gandhi had acknolwedged the growth of fintech companies. "Fintech companies are accelerating the pace of change and are shaping the financial services industry,"' he said. "Financial service providers like banks are recognising the potentials of the fintech. It is clear that the disruptive innovations of fintech cannot wholly eliminate the traditional banking or finance. However, I can see that there are immense ways in which fintech and banks and financial institutions can collaborate with one another to usher in best value for financial services customers." Wealth management business

SBI also plans to further expand its wealth management business by recruiting 300 people in the year ahead.

“We have recruited about 100 people so far and will recruit another 300 people in the next two months," Kumar said. "So as our requirement in the next one year, we will have 13 major centres in 2017-18. We have done reasonably well in Bengaluru where we started.” 

After a pilot in Bengaluru last July, SBI had launched its wealth management service SBI Exclusif - the first of the kind to be introduced by a public sector bank.

Any individual who has availed loans of more than Rs 1 crore from a bank or holds deposits of Rs 30 lakh, or earns a salary of Rs 2 lakh and more a month, could become an SBI Exclusif customer.