Mumbai: India’s largest state-owned lender, State Bank of India, on Saturday announced the launch of CHAKRA — a Centre of Excellence for financing sunrise sectors critical to India’s economic transformation.
It will serve as a knowledge led platform to enable financing for next generation, technology driven and sustainability focused sectors.
The centre will focus on eight sunrise sectors including renewable energy, advanced cell chemistry and battery storage, electric mobility, green hydrogen, semiconductors, decarbonisation, smart infrastructure and data centre infrastructure, a statement said.
By 2030, these sunrise sectors are expected to entail capital investment of over Rs 100 lakh crore, it added.
The bank focuses on enabling these capital-intensive sectors by directing capital flows responsibly, strengthening risk assessment and developing innovative financing structures.
“India’s growth over the coming decades will be anchored in innovation, sustainability and advanced manufacturing. With CHAKRA, SBI is strengthening its institutional capability to understand emerging sectors, design specialised financing solutions and partner with the ecosystem,” said Challa Sreenivasulu Setty, Chairman, SBI.
The Centre of Excellence reinforces SBI’s leadership in new-age technologies and climate finance, enhancing India’s integration into the global value chain, Setty added.
“The vision of the Centre to become a coordinated ecosystem platform covering knowledge sharing, project appraisal, capacity building, and evidence based policy engagement will meaningfully accelerate India’s progress towards Viksit Bharat 2047,” said M Nagaraju, Secretary, Department of Financial Services (DFS).
State Bank of India said that ‘CHAKRA’ will produce white papers, sector reports, knowledge series, industry roundtables and policy dialogues, supporting informed decision-making for clients, investors, and policymakers.
The Centre will facilitate structured engagement with development finance institutions, multilateral agencies, banks, NBFCs, industry bodies, corporates, start-ups, academia and policy think-tanks.
Through CHAKRA, State Bank of India aims to build strong capabilities, support innovation focused enterprises, and improve the flow of capital to sectors driving India’s sustainable and technology-led future.
(IANS)
