India needs to consolidate its public banks to three to five large banks to support manufacturers and exporters in the international markets, Piyush Goyal, Minister of State for Power, Coal, New and Renewable Energy, told a Singapore forum on March 18, 2016.
But he also stressed the need for a number of smaller banks to serve the rural and small town consumers.
Speaking at the “Emerging India Forum 2016”, Goyal acknowledged that India has created over the years many banks and none of them are of international standards.
There is a possibility of consolidating some of the country’s banks into three to five large banks to support India’s manufacturers and exporters to compete among the best in the global market, said Goyal in a video conference.
India has around 28 public sector banks.
But India needs more focused or specialized banks in the niche consumer segment, he said in response to a question on public sector banks.
The forum was attended by some 300 Singapore-based Indian businessmen and foreign investors. fii-news.com
