MUMBAI: Finance Minister Nirmala Sitharaman has urged banks to ensure that customers are able to get their work done in branches speaking in the local language. She also called upon banks to tweak HR policies to give weightage to local language proficiency during appraisals. She asked banks to restore the human connect in customer service, insisting that technology must complement—not replace—personal interaction.Language friction between PSU bank staff has come to the fore, particularly in Maharashtra and southern India, especially Karnataka. There was recent outrage after a public sector bank manager in Bengaluru refused to speak Kannada with a customer. The incident prompted condemnation from the chief minister, a transfer of the official, and an apology from the bank. Similar cases have exposed ongoing tensions as staff from other states struggle with local languages, causing communication gaps and customer resentment.In a Q&A session with SBI chairman CS Setty at the bank’s 12th Banking and Economic Conclave, she said the sector must rethink its approach to customer engagement, especially at the branch level. “You cannot say you will do everything digitally and reach customers only online. Person-to-person contact was the strength of Indian banks, even before technology, and it helped you make big strides.” A key part of this human touch, she stressed, is language.Calling it “basic etiquette,” Sitharaman said banks must ensure customers can converse in their own tongue at branches. “Language is an important way to communicate with your customers. Even if they know Hindi or English, it gives a nice touch when you speak their language,” she said. “We Indians go abroad and say a few words in French or Spanish to please people—but in our own country, because of HR policies, staff are posted without knowing the local language. That human touch gets lost.”The finance minister linked customer service to HR policy, asking banks to incentivise linguistic and cultural familiarity. “HR policies must ensure that every staff member posted at a branch understands the customer and speaks the local language. Performance appraisal should also factor in proficiency in the local language,” she said.While acknowledging the gains of digitisation, she cautioned banks against becoming impersonal. “Technology can bring advantages, efficiency, productivity, and profit—but that human touch is what many earlier private banks had before they were nationalised. You don’t have to struggle like the old bankers who travelled to villages, but you still need that connection. Please don’t be carried away only by technology.”Sitharaman also called for restoring accountability in credit assessment, especially for small businesses. “Credit rating of a customer—particularly MSMEs—has to be your own. You should not outsource it,” she said. “Earlier, you knew your customers because the staff posted there understood who was reliable and who was not. That has gone, and it needs to be restored.” She urged banks to simplify paperwork and reduce the burden on borrowers. “Paperwork has to be simple. You cannot keep putting the onus on the borrower to keep proving and providing documents endlessly. If you simplify processes, you will be among the most appreciated institutions.”Bankers said that the language issue largely arose because the response to recruitment drives was not uniform across states. While in some states like Gujarat, young candidates were more inclined towards business, youngsters in Karnataka got more opportunities in private IT sector and preferred these jobs which were non-transferrable. In some northern states however the priority was for government jobs leading to differences in language skills.

India’s services sector saw its slowest pace of growth in five months during October, as competitive market pressures and heavy rainfall in some regions weighed on business activity.According to the monthly HSBC India Services PMI Business Activity Index, compiled by S&P Global, the seasonally adjusted reading fell to 58.9 in October, down from 60.9 in September, signalling the weakest expansion since May. Despite the moderation, the figure remained comfortably above the neutral 50 mark—which separates growth from contraction—and higher than the long-term average of 54.3, as per news agency PTI.Pranjul Bhandari, chief India economist at HSBC, said, “India’s services PMI softened to 58.9 in October, which represented the slowest pace of expansion since May. Competitive pressures and heavy rains were cited as contributors to the sequential slowdown.”The survey, based on responses from around 400 service sector firms, indicated that while demand buoyancy and GST relief helped improve business conditions, factors such as increased competition and adverse weather dampened momentum.External demand for Indian services also grew further, though the rate of increase was the weakest since March. The report noted that the GST reform had a positive influence on price pressures, with input costs and output charges rising at their slowest pace in 14 and seven months, respectively.Companies remained optimistic about future business activity, expressing strong confidence in growth prospects over the next year. To meet new orders and ensure timely service delivery, many firms added staff in October.The HSBC India Composite PMI Output Index, which combines manufacturing and services data, also reflected slower growth—dropping from 61 in September to 60.4 in October, marking the weakest expansion since May. “India’s composite PMI fell on a sequential basis from 61 in September to 60.4 last month, largely due to the slowdown in the services sector,” Bhandari added.Composite PMI indices are weighted averages of the manufacturing and services PMIs, adjusted to reflect their share in India’s GDP.

New Delhi: A social media user has asked an important question whether Rs 10 crore would be enough for a comfortable life in India after retirement. The post has sparked debate about personal finance and the cost of living in India.

The user took to Reddit with the post titled “Would Rs 10 crore be enough to retire comfortably in India today?” The user stated in the post that he was curious about the opinion of others on whether Rs 10 crore would be sufficient for a comfortable retirement in India. “Just a thought I wanted to discuss if someone inherits around Rs 10 crore (mix of land, property, mutual funds, etc) do you think that is enough to retire comfortably in India today?” the user wrote.

The user wanted to hear what others thought about the idea that if invested properly Rs 10 crore could generate solid passive income. “A single person like me would spend around Rs 1 lakh/month, and maybe around Rs 3 lakh/month after marriage with family expenses included. If invested properly, Rs 10 crore could generate solid passive income but I am curious how others view this in the current economy,” the user said.

The user asked for the opinions of others about how much money would be sufficient to retire or live comfortably in India. “What amount do you think would be enough to retire or live financially free in India?” the user asked.

Netizens Reaction

The post sparked a debate on personal finance with some arguing that the amount is more than enough and others contending that spending should be under control.

One user commented, “If your 10cr can generate 10% ROI then absolutely more than enough.”

“10 crores should earn you 70 lakhs per year. so about 5-6 lakhs a month. for a single person, should def be enough,” commented another user.

A user said, “For a single person. Who spend 1 lakh/month, any amount of money is useless. Because its obvious you dont have control on your expenses.”

One user commented, “What will you spend for 3L brother, just curious”

A user said, “To retire comfortably, you do not need calculations, you need to be comfortable with yourself.”