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India Needs Only 5-7 Banks: CEA Arvind Subramaniam

October 27, 2017

India Needs Only 5-7 Banks: CEA Arvind Subramaniam

Just a day after the finance ministry announced recapitalization of Rs. 2.11 lakh crores for the ailing banks, Chief Economic Advisor Arvind Subramaniam opined that ideally, India should have 5-7 large banks only.

Subramaniam, who was present for a lecture at SGTB Khalsa College in New Delhi, said that India needs large public sector banks as well as private sector banks that can compete both within the country as well as globally. He also gave an example of China, pointing out that it has only four big banks which are also among the largest banks in the world.

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