India needs 4-5 more banks like SBI: FM

India needs more banks that can match the scale of its largest lender State Bank of India (SBI), Union finance minister Nirmala Sitharaman said on Sunday.

Sitharaman also highlighted the need to scale up banking to meet the changing requirements of the economy and industry, according to a statement released by the Press Information Bureau (PIB). The finance minister was in Mumbai to attend the 74th annual general meeting of the Indian Banks’ Association (IBA).“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 said.

Sitharaman said that industry should imagine how Indian banking has to be in the immediate and long-term future. “If we look at the post-covid scenario, India’s banking contour will have to be very unique to India, where there has been an extremely successful adoption of digitization,” she said.

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