FM Nirmala Sitharaman said – the country needs 4 to 5 big banks like SBI, there is a lot of scope now

Union Finance Minister Nirmala Sitharaman said that India needs 4 to 5 banks of equal size to the State Bank of India (SBI) to meet the growing needs of the economy and industry. “The industry needs to think about how Indian banking should be in the immediate and long-term,” he said at the 74th Annual General Meeting of the Indian Banks’ Association (IBA). This sector is going to be largely driven by digital processes.

‘The country not only needs banks but also big banks’
Finance Minister Sitamaran said that there is a need for an inter-connected digital system for the sustainable future of the Indian banking industry. He said that keeping in view the challenges of the future, we not only need more number of banks, but also need large banks. He said that India needs at least four SBI sized banks. We need to promote banking to meet the changing and growing needs. This was thought of even before the pandemic. Now in India we will need 4 or 5 SBI