1. India will have 8-10 “very competitive” state-owned banks after consolidation: Jayant Sinha

India will have 8-10 “very competitive” state-owned banks after consolidation: Jayant Sinha

Jayant Sinha said India would have 8 to 10 "very competitive" state-owned banks after an ongoing consolidation phase, a sharp reduction from the 27 currently in existence.

By: | Published: May 27, 2016 4:03 PM
Jayant Sinha, MoS Finance Jayant Sinha’s comments come as state-owned banks have been struggling under a weight of bad loans. (PTI Photo)

Minister of State for Finance Jayant Sinha on Friday said the country would have 8 to 10 “very competitive” state-owned banks after an ongoing consolidation phase, a sharp reduction from the 27 currently in existence.

“When the dust settles, I think we will have maybe 8 or 10 very competitive banks,” Sinha said at a symposium on Fin Tech in Bengaluru on Friday.

“Some of them are going to be large-scale global players. Some of them are going to be differentiated banks.”

The comments come as state-owned banks have been struggling under a weight of bad loans.

Earlier this month, State Bank of India said it would merge operations of five of its subsidiary banks with itself, marking the first move of consolidation in the sector.

  1. S
    sivadasponathil
    May 27, 2016 at 5:22 pm
    It is a great idea. If many of these banks can be consolidated total efficiency will improve. It will be a fast move to digitisation. Let us watch.
    Reply

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