Minister of State for Finance Jayant Sinha on Friday said that the number of PSU banks will come down dramatically from 27 to around 8-10. Addressing a gathering in Bengaluru , which included entrepreneurs, at an iSpirt conference, he said that when the dust settles we will have maybe 8 or 10 very competitive banks.
He added that the government is doing things necessary to ensure that PSU banks are vibrant competitors.
"We are now in the third phase of the reform process where we have gone through the governance and management reforms, and we have gone through the asset quality review and the stress testing. Now, we are in the consolidation phase where we are trying to ensure that at the end of this consolidation you will have a set of very competitive banks," he said.
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By IndianMandarins - 2016-05-30 10:19:03
Minister of State for Finance Jayant Sinha on Friday said that the number of PSU banks will come down dramatically from 27 to around 8-10. Addressing a gathering in Bengaluru , which included entrepreneurs, at an iSpirt conference, he said that when the dust settles we will have maybe 8 or 10 very competitive banks.
He added that the government is doing things necessary to ensure that PSU banks are vibrant competitors.
"We are now in the third phase of the reform process where we have gone through the governance and management reforms, and we have gone through the asset quality review and the stress testing. Now, we are in the consolidation phase where we are trying to ensure that at the end of this consolidation you will have a set of very competitive banks," he said.
