India aims to establish two globally competitive banks

Currently, the country's largest lender State Bank of India (SBI), is the 43rd in the world in terms of assets

- OUR CORRESPONDENT

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.