The issue of globally competitive banks was deliberated during the first day of the two-day-long PSB Manthan 2025, organised by the Department of Financial Services here, One of the key points discussed was how to make at least two banks globally competitive and that too organically, the official said.
New Delhi: India aims to establish two globally competitive banks, with assets that would rank them among the top 20 lenders in the world as part of its ‘Viksit Bharat 2047’ vision to become a developed nation, according to a senior official.
The issue of globally competitive banks was deliberated during the first day of the two-day-long PSB Manthan 2025, organised by the Department of Financial Services here, he added.
Currently, the country’s largest lender State Bank of India (SBI), is the 43rd in the world in terms of assets, while private sector lender HDFC Bank is the second Indian bank to appear in the top 100 largest banks at 73rd place.
One of the key points discussed was how to make at least two banks globally competitive and that too organically, the official said.
India needs its two banks in the top 20 list, and the scale and size have to be achieved as part of the Viksit Bharat journey, the official added.
Asked if the consolidation of public sector banks was also discussed, the official said there was no discussion on the topic.
The meeting was chaired by the Department of Financial Services (DFS) Secretary M Nagaraju, along with other senior ministry officials and top executives of public sector banks, including State Bank of India Chairman CS Setty and Punjab National Bank CEO Ashok Chandra.
During the first day, the MD and CEO and top management of the public sector banks were addressed by Chief Economic Adviser V Anantha Nageswaran, RBI Deputy Governor Swaminathan J, former DFS Secretary and ex-IRDAI Chairman Debasish Panda and MDI Gurgaon director Arvind Sahay, among others.
There were discussions about readying PSBs for the next phase of growth, keeping in mind the goal of ‘Viksit Bharat’ by 2047.
The latest round of PSB Manthan is being held in the backdrop of PSU banks’ cumulative profit rising to a record level of Rs 1.78 lakh crore in the fiscal year ended March 2025, a growth of 26 per cent over the previous year.
All 12 public sector banks had earned a total profit of Rs 1.41 lakh crore in FY24.