Bank Merger: Public sector banks to merge! Indian banking will get a global face in 2026
PSU Bank Consolidation: Currently, there are 12 public sector banks in the country. Only the State Bank of India (SBI) is among the top 50 banks globally by assets. SBI ranks 43rd globally by assets. PSU Bank Consolidation: The process of consolidation among public sector banks may accelerate in the coming year, as the government has expressed its desire to create more large, world-class banks in the country as part of its goal of a “developed India” by 2047. Finance Minister Nirmala Sitharaman stated last month that India needs several large, world-class banks, and work in this direction has already begun. She stated that the government has initiated discussions with the Reserve Bank of India (RBI) and public sector banks in this regard, which clearly signals the consolidation of public sector banks. The Challenge of Breaking into the World’s Top Banks Currently, there are 12 public sector banks in the country. Only the State Bank of India (SBI) is among the top 50 banks g...