Quick Read
- SBI launched ‘CHAKRA’ on January 31, 2026, to finance India’s sunrise sectors.
- CHAKRA focuses on renewable energy, electric mobility, semiconductors, and other key future industries.
- These sectors are projected to attract over Rs 100 lakh crore in capital investment by 2030.
- SBI will revise online IMPS transaction charges for amounts over Rs 25,000 from February 15, 2026.
- Other banks like ICICI Bank, HDFC Bank, and PNB are also implementing changes to credit card benefits and KYC rules in February 2026.
MUMBAI (Azat TV) – India’s largest state-owned lender, State Bank of India (SBI), has launched a significant new initiative, CHAKRA, a Centre of Excellence designed to finance the nation’s rapidly developing “sunrise sectors.” This strategic move, announced on January 31, 2026, positions SBI at the forefront of India’s economic transformation, even as the bank prepares for a series of revised service charges on Immediate Payment Service (IMPS) transactions set to take effect for customers starting February 15, 2026. These dual developments highlight SBI’s long-term vision for national growth alongside immediate operational adjustments for its vast customer base.
SBI’s CHAKRA Initiative for Future Growth
The newly established CHAKRA centre will function as a knowledge-led platform, dedicated to enabling financing for next-generation, technology-driven, and sustainability-focused industries. According to SBI, these “sunrise sectors” are critical to achieving India’s ambitious “Viksit Bharat 2047” vision, projecting an estimated capital investment exceeding Rs 100 lakh crore by 2030. The focus areas for CHAKRA include renewable energy, advanced cell chemistry and battery storage, electric mobility, green hydrogen, semiconductors, decarbonisation, smart infrastructure, and data centre infrastructure.
Challa Sreenivasulu Setty, Chairman of SBI, stated that the initiative strengthens the bank’s institutional capability to understand emerging sectors, design specialised financing solutions, and partner effectively with the broader ecosystem. Setty emphasized that India’s growth in the coming decades will be anchored in innovation, sustainability, and advanced manufacturing. M Nagaraju, Secretary, Department of Financial Services (DFS), underscored CHAKRA’s vision to become a coordinated ecosystem platform, facilitating knowledge-sharing, project appraisal, capacity building, and evidence-based policy engagement to accelerate India’s progress. The Centre will also produce white papers, sector reports, and facilitate structured engagement with various financial institutions, industry bodies, and policymakers, as reported by IANS.
Upcoming SBI Customer Service Adjustments
In parallel with its strategic long-term investments, State Bank of India is implementing changes to its customer service charges for online Immediate Payment Service (IMPS) transactions. These revisions are scheduled to become effective from February 15, 2026. For online IMPS transactions ranging from Rs 25,001 up to Rs 1 lakh, customers will now incur a service charge of Rs 2 plus Goods and Services Tax (GST). Transactions exceeding Rs 1 lakh and up to Rs 2 lakh will attract a fee of Rs 6 plus GST, while those from Rs 2 lakh up to Rs 5 lakh will be charged Rs 10 plus GST, as detailed by Economic Times and Business Today.
These adjustments reflect a broader trend within the Indian banking sector to optimize operational efficiency and adapt to the increased usage of digital banking channels. Customers who frequently use IMPS for larger transfers are advised to review the updated fee schedules to understand potential additional costs.
Broader Banking Sector Changes in February 2026
Beyond SBI, several other prominent Indian banks are also introducing new rules and modifications in February 2026, impacting a wide array of customers. ICICI Bank, for instance, will discontinue complimentary movie benefits via BookMyShow on select credit cards from February 1, 2026, while fine-tuning reward point earnings on transport and insurance spends across various card variants. HDFC Bank is revising the reward points criteria for its Infinia metal credit card, limiting redemptions to a maximum of five times per month, also effective February 1, 2026.
Additionally, Punjab National Bank (PNB) has urged customers whose Know Your Customer (KYC) information was due for an update by December 31, 2025, to complete the process by February 2, 2026. Failure to comply may result in limitations on account operations. These collective changes across major banks are part of ongoing efforts to streamline customer experiences, ensure regulatory alignment, and adapt to evolving market dynamics.
The strategic launch of CHAKRA underscores SBI’s commitment to driving India’s future economic landscape through targeted financing in high-growth, sustainable sectors, while the concurrent adjustments to customer service charges reflect the bank’s need to balance innovation with operational realities and evolving digital transaction patterns.