India Targets Two Public Sector Banks To Be In Global Top 20 By 2047

(MENAFN- KNN India) New Delhi, Sep 13 (KNN) As part of its Viksit Bharat 2047 vision, India is setting an ambitious target to position at least two public sector banks (PSBs) among the world's top 20 banks by asset size.

The government sees this as a key step towards strengthening the country's financial system and supporting its long-term growth goals.

At the PSB Manthan 2025 conference held in New Delhi, a senior official from the Department of Financial Services(DFS) highlighted that only State Bank of India (SBI)-currently ranked 43rd globally-figures among the top 50 banks worldwide.

To achieve the 2047 goal, the government aims to significantly boost the scale, efficiency, and global competitiveness of its PSBs.

The PSB Manthan 2025 initiative will prepare a detailed roadmap to drive this transformation. The plan will focus on expanding business operations and credit growth, especially in priority sectors like agriculture and MSMEs (Micro, Small and Medium Enterprises).

It will also encourage the adoption of advanced technologies, strengthen governance structures, and improve risk management practices to match global banking standards.

In addition, efforts will be made to enhance customer experience and build strong leadership at the board level to guide banks through this transformation journey.

India has been consolidating its PSBs since 2019 to create stronger institutions capable of competing globally.

A series of mergers reduced the number of PSBs from 27 in 2017 to 12 today, which includes seven large banks and five smaller ones.

While no further major mergers are planned at the moment, the focus is on driving organic growth and operational excellence.

Experts believe this step is crucial for India, which is expected to become the world's third-largest economy in the coming decades.

(KNN Bureau)

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