Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said India would need four or five more banks like the SBI to support economic growth.
“The way in which the economy is shifting to a different plane altogether, the way in which industry is adapting, so many new challenges keep arising. To address these challenges, we need not just more, but bigger banks,” she told bankers at the 74th Annual General Meeting of the Indian Banks’ Association (IBA) in Mumbai.
A video of her speech has been released by the Press Information Bureau.
Exhorting the banking industry to imagine how banking has to be in the immediate and long-term future, she said, “If we look at post-COVID scenario, India’s banking contour will have to be very unique to India, where there has been an extremely successful adoption of digitisation.”
Underlining the importance of seamless and interconnected digital systems in creating a sustainable future, she said: “The long-term future of Indian banking is going to be largely driven by digitised processes.”