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<a href="http://www.businessinsider.in/searchresult.cms?query=Fortune+magazine+">Fortune magazine </a>has ranked Indian bankers Chanda Kochhar and Arundhati Bhattacharya as the top two in a list of most powerful women in <a href="http://www.businessinsider.in/searchresult.cms?query=Asia+Pacific">Asia Pacific</a>. 
 
Kochhar, 53 heads the country's largest private sector lender <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Bank">ICICI Bank</a> stands tall at Number 1 on the list. The magazine has recognized Kochhar who has revolutionized Indian banking and for making <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Bank">ICICI Bank</a> into the "nation's largest and most profitable private sector lender". 
 
Kochhar is closely followed by Arundhati Bhattacharya, the chairman of the country's largest lender bank - <a href="http://www.businessinsider.in/searchresult.cms?query=State+Bank+of+India">State Bank of India</a>. Bhattacharya has shot up from the fourth spot from last year. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Hindustan+Petroleum+Corporation">Hindustan Petroleum Corporation</a>'s chairman and managing director Nishi Vasudeva is the 3rd Indian on the list at fifth rank. India’s third largest private sector bank <a href="http://www.businessinsider.in/searchresult.cms?query=Axis+Bank">Axis Bank</a>'s managing director and CEO Shikha Sharma comes in ninth. 
 The list includes top executives from over 6 countries in the <keyword id="119132" type="COMPANY" weightage="20" keywordseo="Asia-Pacific">Asia Pacific</keyword>. Chinese women lead the list with over 11 entries.

Indian bankers top Fortune's most powerful women list

Government is considering giving a one-year extension to <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> chief <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> amid the lender's consolidation with its associate banks. 
 
"There is a need for continuity at a time when the process of consolidation is going on," sources told an agency. 
 
In this regard, the government is looking at the proposal of granting extension to the current chairperson whose three-year term comes to an end this month, sources added. 
 The government has also received views of the <keyword id="2748088" type="UNKNOWN" weightage="20" keywordseo="Bank-Board-Bureau">Bank Board Bureau</keyword> (BBB) on the extension issue and an order in this regard is expected in the next few days, according to the news agency. 
 Earlier this year, the <keyword id="6355513" type="ORGANIZATION" weightage="20" keywordseo="cabinet">Cabinet</keyword> gave its nod for the merger of <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) and its associate lenders and <keyword id="6560712" type="UNKNOWN" weightage="20" keywordseo="Bharatiya-Mahila-Bank">Bharatiya Mahila Bank</keyword> (<keyword id="423104" type="ORGANIZATION" weightage="20" keywordseo="BMB">BMB</keyword>) that would make the state-owned lender a global-sized bank. 
 SBI has five associate lenders -- <keyword id="229649" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Bikaner">State Bank of Bikaner</keyword> and Jaipur, <keyword id="6560713" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword>, State Bank of Patiala, State Bank of Mysore and <keyword id="143585" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword>. 
 
Among the associate banks, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed. 
 
The merged entity will become a banking behemoth, which could compete with the largest in the world, with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers. 
 
SBI had said that all its associate banks and BMB will be merged into it that will add an additional Rs 8 lakh crore to its assets. 
Presently, SBI has close to 16,500 branches, including 191 foreign offices across 36 countries. 
 SBI first merged <keyword id="82725" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Saurashtra">State Bank of Saurashtra</keyword> with itself in 2008. Two years later, State <keyword id="269823" type="COMPANY" weightage="20" keywordseo="Bank-of-Indore">Bank of Indore</keyword> was merged with it.

SBI chief Arundhati Bhattacharya may serve for another year

India’s largest bank, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<a href="http://www.businessinsider.in/topic/SBI">SBI</a>) is currently facing a lot of backlash for imposing penalty on customers for non-maintenance of minimum balance in their accounts. However, it has justified the <keyword id="512003" type="UNKNOWN" weightage="100" keywordseo="penalties">penalties</keyword> by saying that it’s needed to balance the "burden" of managing a large number of <a href="http://www.businessinsider.in/shocking-rs-74610-croredeposited-in-jan-dhan-accounts-after-note-ban/articleshow/56850719.cms">Jan Dhan accounts</a>, which are opened with no frills, not even these penalties. 
 
The bank also said that the government has not sent any "formal communication" for re-considering the penalty, and it will be reconsidered only if government says so. 
 It was only last week that <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> reintroduced these penalties along with <a href="http://www.businessinsider.in/have-a-sbi-account-get-ready-to-pay-extra-if-you-deposit-cash-more-than-three-times-a-month/articleshow/57489720.cms">revised rates</a> on other banking services, to be charged from April 1. 
 "Today, we have lot of burden such as we have 11 crore financial inclusion or <keyword id="6393559" type="UNKNOWN" weightage="100" keywordseo="Jan-Dhan-accounts">Jan Dhan accounts</keyword>. To manage such a large number of Jan Dhan accounts, we need some charges. We have considered many factors and after analysing carefully, we have taken this step," SBI Chairman <a href="http://www.businessinsider.in/topic/Arundhati-Bhattacharya">Arundhati Bhattacharya</a> told reporters. 
 
Also read: <a href="http://www.businessinsider.in/Demonetization-digest-People-depositing-above-Rs-2-5-lakhs-started-receiving-show-cause-notices-and-other-stories/Top-bankers-including-SBI-Chief-Arundhati-Bhattacharya-had-no-clue-of-demonetization/slideshow/55510487.cms">Top bankers including SBI Chief Arundhati Bhattacharya had no clue of demonetization</a> 
 
<a href="http://www.businessinsider.in/SBI-chairperson-Arundhati-Bhattacharya-is-5th-most-powerful-woman-in-finance-on-Forbes-list/articleshow/52641242.cms">Bhattacharya</a> also said that all banks have minimum balance requirements and penalties, and comparatively, SBI has the lowest requirement. She added that only SBI had decided to withdraw the penalty in 2012. 
 
(Image source: InsideIIM)

Penalty required to bear costs of Jan Dhan accounts, says SBI

When <keyword id="6379603" type="PERSON" weightage="80" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> was the deputy general manager at <keyword id="6354731" type="CITY" weightage="80" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) in 2001, she used to wonder why the bank is spending so much to maintain foreign operations' back office overseas. She couldn't do much at that time. Now as the chairman, she worked methodically and systematically to fix problems and used technology and recovery model to transform the bank. 
 

	According to her, red tape and a rigid bureaucratic structure made even the simplest of tasks difficult. Today, she is the bank's chairman and has not forgotten her 14-year-old idea. "I did not find traction then, so I am bringing it now," Bhattacharya told the Economic Times. 
	 

	Locating bank back offices in low-cost locations like India would seem a no-brainer. The fact that SBI is doing it now may seem ordinary but it is important in the context of the bank's history, its decision making process and its structure. 
	 

	India's biggest, oldest and most venerable bank faces multiple challenges at a time when the weight of bad loans alone, not to mention competition and costs, threatens to derail its plans. 
	 

	Bhattacharya would know more than anyone else that SBI may well get bypassed by the technology revolution if it does not take serious steps. She is not sitting idle, but she is not tearing up the system and creating a revolution either. She is working to identify problems and fix them. Technology and recovery will be the pillars on which SBI rests. When she decided to transform the bank from a staid state-run lender into a customer-friendly one, she went hunting for a technology hand familiar with the ways of the West, and hired former <keyword id="6386585" type="CITY" weightage="80" keywordseo="Barclays">Barclays</keyword> executive SK Bhasin as chief technology officer. 
	 

	"I have been looking across the globe for people who have done these things well to try and replicate some of their experience," says Bhattacharya. We have done all of these through IT (information technology). Without IT none of these things could be done well." State-run bankers, intensely focused on lending and raising deposits, rarely factored in technology in their lives. Bhattacharya's efforts in targeting future businesses is reflected in its recent business arrangements with <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword>, Snapdeal and many more digital-age companies, pushing the Essars and Chettiyars to the back seat. 
	 

	New businesses are future profits. But what about the bad loans of the past, which together with restructured loans are at 10% of total loans, making the industry technically insolvent. SBI is no exception to bad loans. Its gross bad loans and restructured loans are at Rs 83,434 crore, or 8.4% of total loans, equivalent to the government's spend on social issues like healthcare and education this year. 
	 

	"There is no point in getting impatient," says Bhattacharya. "It has to be done diligently. When the finance minister wanted to know the one thing that was my priority, I said we wanted a bankruptcy law." The Indian judiciary is notorious for prolonging decisions on disputes, and the promoters of companies, especially wealthy ones such as United Spirits' <keyword id="14678" type="PERSON" weightage="80" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> whose <keyword id="6373962" type="CITY" weightage="80" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> owes more than Rs 7,000 crore, have exploited the loopholes. But because the <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> government unlike previous ones does not provide defaulters with protective shields, bankers such as Bhattacharya are emboldened to take action. "We have a lot of angst against these promoters, who we believe are taking the system for a ride," says Bhattacharya. "If the promoter has taken money he has to give it back. There are no two ways about it. If they don't, their lives are going to be miserable. I have deep pockets to do it. There is no point in messing around." All this is not lost on foreign investors. SBI is the only top PSU lender where foreign funds are raising stake even as they have cut them in <keyword id="62034" type="CITY" weightage="80" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> and Bank of India. "I would say SBI is a private sector bank because the new CEO is phenomenal," says <keyword id="105152" type="PERSON" weightage="60" keywordseo="Avinash-Gupta">Avinash Gupta</keyword>, managing director and head of institutional equities at <keyword id="122772" type="CITY" weightage="80" keywordseo="Bank-of-America-Merrill-Lynch">Bank of America Merrill Lynch</keyword>. Gupta deals with a lot of foreign investors, many of whom are impressed by Bhattacharya's firmly-in-control attitude and her desire to change things. When Bhattacharya took charge in 2013, profits were sliding, bad loans were climbing, the economic climate had deteriorated and the private sector was poaching its clients . There was no point in waiting for the tide to turn. "I couldn't expect the external environment to suddenly turn around and give me good results," says Bhattacharya. What did she do? "Like any good housewife who will husband her resources when the chips are down to ensure every rupee helps make her go further," SBI turned prudent, she said. "When I talk about cutting expenses, I mean unwanted expenses. Not what is required to build business," she says. "All expenditure has to be controlled to yield the best results. A lot of us were travelling <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> (class) for quite a while." 
	 

	Lawyers and landlords are at the receiving end of Bhattacharya's measures to contain waste. The days of branches negotiating rent for branch offices are over. It is no longer done at the 11th hour, which often gives property owners the upper hand. Alerts come up 18 months before the lease expires, and the head office monitors and ensures it is done a year in advance. 
	 

	It is no secret that the judiciary and the system are as responsible for banks' ills as the banks themselves. While disputes run for months, bankers remain observers. But this is not the case with SBI anymore. Its advocates have been made accountable. "There are some advocates who keep taking adjournments, and there are others who move fast," says Bhattacharya. 
	 

	"I know every advocate's performance." While a lot of these issues are administrative in nature, what is the scene when it comes to its core business — lending? "She has a very clear-headed approach," said <keyword id="85088" type="PERSON" weightage="80" keywordseo="Romesh-Sobti">Romesh Sobti</keyword>, MD &amp; CEO of <keyword id="46717" type="CITY" weightage="80" keywordseo="IndusInd-Bank">IndusInd Bank</keyword>. "It's a well-defined approach to many issues the banking industry is facing. She is forthright in her ability to articulate issues not only facing SBI but also the banking industry," said Sobti. There is a paradigm shift. Tractor loans, treated as crop loans, are now automobile loans. Instead of waiting for the harvest to repay, the borrower has to pay on a monthly basis, like with equated monthly instalments in a car loan. 
	 

	"When a farmer gets money from a crop, it first goes to others — the teacher, grocer... banks are last on the list," says Bhattacharya. "Make them EMI-based. Can I give them loans which will yield a regular stream of income? We were lacking the customer connect." 
	 

	Many current and former SBI customers would agree. The question now is not just how quickly she can change perceptions about the bank but also how soon she can make the bank's cash machine churn out profits. With non-performing loans assuming alarming proportions, it will take all of Bhattacharya's combativeness to stem the rot.

	 
	(Image: Reuters)

Know how SBI chief Arundhati Bhattacharya changed India's largest bank for the better

PM Modi's move to scrap out old Rs 500 and Rs 1000 notices have invited criticisms from <a href="http://www.businessinsider.in/?r=US&amp;IR=T">various quarters</a>. With the<a href="http://www.businessinsider.in/?r=US&amp;IR=T"> SBI chief </a><keyword id="6379603" type="PERSON" weightage="20" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> saying that even top bankers had no idea of this move to economists signaling a staggering growth in the next quarter, this move seems to be one that the government never expected it to be. However, good thing is there are news reports coming from around the country that people having deposited unexplained amount of money above Rs 2.5 lakh are already sent show cause letters by the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> dept. 
 
Here are the details of demonetization consequence recently.

Demonetization digest: People depositing above Rs 2.5 lakhs started receiving show cause notices and other stories

There are seven candidates on a long list to replace Reserve Bank of India Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, a senior government official told Reuters on Saturday. 
 The candidates are Vijay Kelkar, Rakesh Mohan, Ashok Lahiri, Urjit Patel, <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, Subir Gokarn and <keyword id="46928" type="PERSON" weightage="100" keywordseo="Ashok-Chawla">Ashok Chawla</keyword>, the official said, speaking on condition of anonymity due to the sensitivity of the matter. 
 Of the field, the two best known are Patel, now a deputy governor of the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>, and Bhattacharya, who is chair of State Bank of India, the country's largest bank. 
 
The others are veterans of the RBI, the Indian civil service or the two major global financial bodies, the International Monetary Fund or World Bank. 
 
Image credit: Indiatimes

Who will replace Raghuram Rajan as RBI Governor?

State Bank of India (<keyword id="13222" type="CITY" weightage="60" keywordseo="SBI">SBI</keyword>) Chairperson Arundhati Bhattacharya has said that the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) is unlikely to cut interest rate in the next <keyword id="6357126" type="ORGANIZATION" weightage="100" keywordseo="monetary-policy">monetary policy</keyword> review. 
 
“The fact of the matter is that all the parameters are indicating that there will be further fall in inflation. Between November and January with the base effect it might go up a little bit. But by March it will be well below whatever the glide path that is indicated by the RBI. RBI governor has indicated that he will be data driven… may be by the end of the fiscal (cut in the interest rate by RBI),” she said. 
 “Base effects will also temper inflation in the next few months only to reverse towards the end of the year. The Reserve Bank will look through base effects,” RBI Governor <keyword id="6358908" type="PERSON" weightage="60" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> had said in his monetary policy announcement on September 30. 
 
The RBI is scheduled to come out with its bi-monthly policy announcement on December 2.

RBI May Not Cut Rate In Next
Policy Review: SBI

In a shock to the authorities, <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>’s loans worth Rs 11,700 crore have been locked up as NPAs because of 1,164 defaulters having willfully decided not to repay. 
 
These 1,164 cases of wilful default have been identified, and the total outstanding loan amount comes out to be Rs 11,705 crore, said the data collated by the Finance Ministry. 
 
The bank itself has declared Kingfisher Airlines and its guarantors UB Holdings and Vijay Mallya as wilful defaulters in November, which owes it Rs 1,600 crore. 
 
A total of 13 FIRs have been lodged against wilful defaulters with loans of Rs 13.10 crore. 
 
At the end of the December quarter, the gross NPAs of SBI were calculated to Rs 72,791.73 crore, while for the same period in last fiscal, the amount was Rs 61,991.45 crore. 
 
It has led to a deep fall in the profitability of the bank, given that the consolidated profit sank 67% to Rs 1,259.49 crore for the quarter. SBI Chairman <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> had said that bad loans are expected to further increase in the coming quarter, which may hit its profitability even more. 
 
<a href="http://www.dsource.in/resource/history-graphic-design-india/recent-times/images/800/24.jpg">Image source</a>

SBI's Rs 11,700 crore locked as NPAs with 1164 wilful defaulters

State Bank of India (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), India's largest public sector lender, has set up a fund worth Rs 200 crore dedicated for investment in IT innovations and start-ups. 
 
The fund would be extending up to Rs 3 crore for all India-registered companies so that they can promote their business in India using IT for banking. 
 "We have created an entity to promote and ensure usage of the funds for the right purposes, the entity could have one or more technical experts on board for advisory roles. The team would provide legal and financial assistance to startups as and when required,"" <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, chairman of SBI told <a href="http://economictimes.indiatimes.com/small-biz/policy-trends/state-bank-of-india-creates-a-dedicated-rs-200-crore-fund-for-startups/articleshow/52777274.cms">ET</a>. 
 
Bhattacharya also spoke about a single window banking relationship support to be offered to start-ups by SBI. It would be provided to start-ups through its dedicated Bangalore branch; the bank has been operational for last 6 months, and has already added more than 200 clients. 
 
She added that she realises the potential that nimble financial technology companies possess regarding banking services that customers want, and that future success depended on collaboration and not only competition. 
 
Talking of the fintech sector, she said that cost of small transactions should be minimised and banking should be made smoother by removing unwanted processes that erupt the way for smooth functions. 
 
<a href="http://i.huffpost.com/gen/3640590/images/o-ARUNDHATI-BHATTACHARYA-facebook.jpg">Image source</a>

SBI creates a dedicated start-up fund of Rs 200 crore

India has around 202,000 ATMs and only 22,500 have been filled with new banknotes. This is because India is falling short of components and parts required to fit in ATMs so that they can have new notes. 
 
Due to paucity in machine components, new parts are being rushed to India. "These are being purchased from China,” an official told ET. 
 
"The magnetic component and the hardware, also known as magnetic spacer and wedge, are not in stock. Once we have the supplies, it should not take more than a week to get all ATMs running,” State Bank of India Chairman Arundhati Bhattacharya told ET. 
 
Moreover, the ATMs are not re-programmed to dispense Rs 50 notes. 
 
Another banker told ET that getting the parts and making changes to dispensers may take some time. "Our aim is to get at least 50,000 machines running in the next one week. If they work 24x7, we will able to manage this problem,” he said.

China will help India in easing cash crunch, recalibrate ATMs. Here’s how

State Bank of India (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) Chairperson <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> has said that the bank was mulling the option to issue Employees Stock Option Plan (<keyword id="120103" type="PERSON" weightage="80" keywordseo="Esop">ESOP</keyword>) this year. “We are now considering an ESOP, which is basically something where you give an option and they exercise the option at a later date depending upon what is the share price in the market. So, we are looking at that ESOP scheme,” said Bhattacharya. 
	SBI was earlier considering issuing Employees Stock Purchase Scheme (<keyword id="462746" type="ORGANIZATION" weightage="80" keywordseo="ESPS">ESPS</keyword>) – a share purchase scheme. “At that point, SBI’s shares were at a very low price,and it would have made sense. Since then, prices have improved, and it is difficult for our employees to purchase this,’’ she said.<o:p></o:p>

	This would be based on ‘performance parameters.’ “If you perform as per the target given to you, then you will get a certain number of options, which will be locked in for a period of time, say one year. And then subsequent to that one year, you will exercise the option if you find the value has gone up. If it hasn’t gone up, you can allow it to lapse,” she said.<o:p></o:p>

	“My intention is to make it available to all. I think we all need to work as one team. Therefore, it would be nice if we can give it to everybody. But we have to find out performance parameters for every job. That is a big job. So, we are looking at how that can be done,” she added.<o:p></o:p>

SBI Considering Employees Stock Option Plan

<keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) has offered to have a one-time settlement of the Kingfisher Airlines loan issue with India’s former liquor baron Vijay Mallya. However, the bank would like him to agree that he would repay the outstanding principal amount along with some interest and legal fees. 
 
To this, Mallya has put some conditions which are said to unacceptable to the bank, as said by SBI chairman Arundhati Bhattacharya. 
 
Bhattacharya told a parliamentary panel, set up for scrutinizing amendments to debt recovery laws, that in the past, SBI has aggressively tackled the matter and is now open to reaching one-time settlements, only if he offers to repay the principal along with a reasonable amount of interest. 
 
However, she said that while Mallya had expressed his willingness to have a settlement, he had laid down some of his conditions which were not acceptable to the country’s largest bank, which led the consortium of PSBs that had approached the court for an order against Mallya. 
 
However, when contacted by <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-willing-to-settle-kingfisher-loan-issue-with-vijay-mallya/articleshow/53041063.cms">TNN</a>, Bhattacharya said, "Parliamentary committee proceedings are privileged communications and I cannot comment or communicate on the same." 
 
<a href="http://i.huffpost.com/gen/4161714/images/o-VIJAY-MALLYA-facebook.jpg">Image source</a>

SBI offers one-time settlement of Kingfisher loans but Mallya has some conditions

Demonetisation of higher denomination of notes has resulted in a massive chaos across the countries. To make things better, the government has made point-of-sales mandatory in rural areas as well. Debit card payments have shoot up and wallet companies have got a significant boost. 
 Taking a cue from this success, head of large commercial banks and payments banks are likely to approach finance minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> to promote digital banking by introducing tax incentives in the budget for 2017-18. 
 The finance minister is already scheduled to meet bankers this week to discuss a few pre-budget topics. It has been reported by The Economic Times, the State Bank of India chairperson <keyword id="6379603" type="PERSON" weightage="20" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> will lead the delegation, which will also include representation from payments banks, small banks and even finance companies. 
 
While this is a regular thing every year, this time it will deal with lot of things including digital payment incentives. This will make people use this mode of payment to get used to it. 
 
"We had meetings directly with the finance ministry and the minister has also been looking at ways to deal with the things obstructing further up-take of digital payments. We are hoping that the government will go beyond the small hindrances and look more at the structural issues preventing the pickup in digital payments," a senior executive, who has held several meetings with the government on promoting digital payments told the ET. 
 The government is considering measures for the upcoming budget session of <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> as well, he said.

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