Banking and finance sector Budget 2020

This sector has an important role in reinvigorating the sagging economy. The Budget speech of the Finance Minister will contain roadmap for the reforms in the sector. The upcoming Budget would also provide direction to the consolidation journey in the public sector banking space, started last year by effecting first three-way merger. The Union budget for 2019-20 is likely to spell out roadmap for banking reforms, including consolidation of the state-owned lenders, with a view to enable the sector to play a pivotal role in pushing India towards $5 trillion economy. The maiden three-way amalgamation is the first step in the consolidation of the public sector banking industry, recommended in 1991 by the Narasimham Committee report. Through this merger, the government has created an institution of global scale and size, thereby providing significant benefit to all stakeholders.

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