associate sponsors


India will have 8-10 state-owned banks after consolidation - Jayant Sinha | Reuters

India's junior Finance Minister Jayant Sinha said on Friday the country would have 8 to 10 "very competitive" state-owned banks after an ongoing consolidation phase, a sharp reduction from the 27 currently in existence.

"When the dust settles, I think we will have maybe 8 or 10 very competitive banks," Sinha said at a symposium on Fin Tech in Bengaluru on Friday.

"Some of them are going to be large-scale global players. Some of them are going to be differentiated banks."

The comments come as state-owned banks have been struggling under a weight of bad loans.

Earlier this month, State Bank of India said it would merge operations of five of its subsidiary banks with itself, marking the first move of consolidation in the sector.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Sherry Jacob-Phillips)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: May 27, 2016 23:18 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See

{if $hideJSforEU != 'yes'} {/if}