Bhubaneswar: Union Finance Minister Nirmala Sitharaman has said that India requires a greater number of large, world-class banks to meet the country’s growing economic ambitions and support its expanding financial ecosystem.
Speaking at a recent event, the Minister said that the government is in discussions with the Reserve Bank of India (RBI) and various financial institutions on measures to strengthen the banking sector. One of the key proposals under review involves merging public sector banks (PSBs) to create stronger entities capable of competing on a global scale.
Sitharaman noted that some groundwork is already underway in the area of financial technology (IT integration) to enable smoother consolidation and digital transformation within the sector.
“India needs several world-class banks that can support its growth story and cater to large-scale infrastructure, industry, and technology investments,” the Finance Minister said.
Experts believe that the move could help improve operational efficiency, credit capacity, and global competitiveness among Indian banks — a crucial step as India aims to position itself as a major financial hub in the coming decade.
-OdishaAge
