The Finance

India plans for the next phase of public sector bank consolidation . In the words of Finance Minister of India , said" a lot of big, world class banks" to meet the growing needs of a fast expanding economy. Further the Minister said " We will need to sit and talk with the Reserve Bank of India and banks on how they want to take it forward and also discuss with the Reserve Bank of India how they want to build larger banks." It is reported that discussions with the Reserve Bank of India and other concerned banks are already underway. The undergoing process of consolidation of public sector banks is not just for amalgamation, but for creating an environment in which banks can operate and grow together. The last major bank consolidation was completed in 2020 whereby 10 public sector banks were merged into four larger banks . With the next phase of bank consolidation India aims to build stronger larger banks for competing with global scale banking entities. The propo...