‘Number of public sector banks to come down to 8-10’

As per the Minister of State for Finance Jayant Sinha, India will have 8-10 very competitive public sector banks once the “dust settles” and the consolidation phase ends. Presently, the country is having 27 state owned banks. He added that the government is doing things necessary to ensure that PSU banks are vibrant competitors. Mr. Sinha also stated that the problem with public sector banks in India was that they have “massive” fixed costs and 75% of it is labour. 

Speaking at an event organised by Indian Software Product Industry Round Table (iSPIRT) Mr. Sinha also stated that they have gone through governance and management reforms and also done asset quality review, now they are in the consolidation phase where they are really trying to ensure that at the end of this consolidation phase, they will have a set of competitive banks. Some of the bank are going to be large scale global players, some of them are going to be differentiated banks.

So let’s discuss some questions related to this post :
1. As per the Minister of State for Finance, the 27 public sectors bank will come down to what number ? 
2. Who is the Minister of State for Finance ?

Courtesy : The Hindu


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