More big banks needed to meet India’s needs, says finance minister

Indian finance minister Nirmala Sitharaman. Picture: BLOOMBERG/T NARAYAN

“The economy is shifting to a different plane altogether,” Sitharaman said. “Even before the pandemic the driving force for amalgamation [of banks] was that India needs a lot more banks, but a lot more big banks.”She did not give details, but the government has been consolidating state-run banks to combat the pandemic slowdown and create bigger and stronger banks while it also looks to sell its stakes in, and privatise, at least two state-run banks.

“You cannot any more be in digital silos,” she said. “All of your systems should be speaking to one another.”

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