Sitharaman, Citi CEO discuss bank's staff growth in India, digitalisation

During their discussion, Jane Fraser highlighted Citi's expansion in India and expressed interest in strengthening the company's presence in the country

Union Finance Minister Nirmala Sitharaman met Citi Group CEO Jane Fraser in New Delhi on Thursday (March 20).  

 

During their discussion, Fraser highlighted Citi’s expansion in India and expressed interest in strengthening the company's presence in the country. She also spoke about the bank’s growing workforce in India and its increasing focus on digitalisation.  

Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Ms. Jane Fraser CEO @Citi group, New Delhi, today.  Ms. Jane highlighted @Citi's growth in India and sought to further deepen @Citi’s engagement in India.  Ms. Jane also discussed about @Citi growing direct… pic.twitter.com/rMckhtCORf

— Ministry of Finance (@FinMinIndia) March 20, 2025

 

 

Sitharaman, in response, reiterated the government’s commitment to economic reforms and enhancing the Ease of Doing Business to make India a more attractive investment destination.  

 

India’s expanding role in Citi’s global operations  

 

The meeting followed Fraser’s remarks a day earlier, where she stated that Citigroup is likely to assign more global roles to India than to any other of its operational centres. Speaking to CNBC-TV18, she attributed this to India’s vast talent pool.  

 

Fraser expressed optimism about India’s economic trajectory, predicting that it would continue to be the fastest-growing economy. While acknowledging the benefits of the China+1 strategy, she added that India itself presents significant opportunities due to its strong domestic market and government initiatives aimed at fostering economic growth.   

 

“The strength of this country lies in its highly skilled, hardworking, and innovative workforce. This is India’s true competitive advantage, and it should instil confidence in both the nation and investors,” she said.  

 

Citigroup’s AI integration  

 

Fraser also discussed Citigroup’s advancements in artificial intelligence, noting that the bank has deployed AI tools to over 1,40,000 employees globally. These technologies are enhancing workflows, increasing efficiency, and driving innovation within the organisation.  

 

Amid concerns about potential job cuts among Citi’s Indian IT contractors, Fraser reassured that the bank’s strategic collaborations with firms in India remain robust, underscoring the continued importance of its partnerships in the country.