India Needs Few Mega Banks To Compete Globally: Krishnamurthy V Subramanian

New Delhi: Batting for PSU banks’ consolidation, chief economic advisor Krishnamurthy V Subramanian has said having a few good banks is a good idea as they can compete and their quality can get enhanced to compete globally with the best in the world. “Having a few large Indian banks is a good idea. By encouraging some of our healthy banks to become big and thereby tap into savings elsewhere, it will be a positive thing. We should have a few banks who can compete. By this the quality of those banks gets enhanced as they compete globally with the best in the world”, Krishnamurthy V Subramanian told in an interview. The Finance Ministry has been saying that India needs fewer and megabanks. The ministry had earlier called for further consolidation of India’s banking industry, saying the country needs fewer, stronger mega lenders to exploit economies of scale. (IANS)

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