Finance minister Nirmala Sitharaman opined that india needs to set up at least four or five banks of a size sufficient to meet the needs of the growing lender, state bank of India. He said banks had been merged before the epidemic to meet new, changing and growing needs in the economy. Sitharaman said this at the annual meeting of the Association of indian Banks on Sunday.
She said the economy was reaching a completely different level and the driving force in india had increased with the merger of the banks that preceded the Corona epidemic. "There is a need for such big banks," Sitharaman said. He explained that there was a need to set up three or four more banks like SBI. He said there was an opportunity to bring in big banks through the merger of public sector banks.
It is a known fact that in 2019, 4 large banks were formed by the merger of the six weak public sector banks. minister Nirmala directed the banks to develop good business models with a view to exporting $ 2 trillion by 2030 in the current financial year. On this occasion, she announced that the government would set up an agency to promote the infrastructure sector and formulate duty policies related to it.
Sitharaman lauded the banks for successfully merging without causing inconvenience to clients during Corona, but said the internal systems of the banks should be able to communicate with each other regularly. He said there was a need to set up banks in many parts of the country. He said there was an opportunity to provide banking services digitally in areas where bank branches could not be set up.
