BANK NEWS

Government seeks to demand for more banking facilities corresponding to SBI dynamics

  • by Psu Connect
  • Date: 05-02-24

As per the Finance Ministry India is growing at a good enough pace to develop and fulfil the potential growing needs of the economy and industry which ultimately demands large and effective banking facilities to suit the nation’s needs corresponding with the domain of largest lender State Bank of India.

Government seeks to demand for more banking facilities corresponding to SBI dynamics

As the country aspires to be the world’s third largest economy it needs more SBI-sized banks in India, which might be three times the size of the respective bank as per the Finance Minister. The public sector largest lender in the country SBI has a market capitalization of approx Rs 5.8 trillion, an asset base of over Rs 60 trillion, and a branch spread of about 22,500. The lender is currently present in 29 countries and has over 230 overseas offices along with joint venture operations.

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In 2019, the Indian government decided to merge at least 10 public sector banks to create four large banks and after following the consolidations there are now seven large public sector banks and five smaller ones in India. As many as 27 public sector banks were there in 2017. Yet presently, no Indian bank is in the top 50 list of global banks. So therefore experts suggest that for prudent and reliable growth of the economy, it is mandatory to have at least a couple of big banks of global size and scale would be required to facilitate its growth.

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