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New Delhi, Oct 29 (KNN) India’s banking leaders have stressed the need for larger, globally competitive banks to meet the nation’s goal of becoming a developed economy by 2047. Speaking at the Business Standard BFSI Insight Summit 2025 in Mumbai, senior executives from top public sector banks said that India must have at least two banks among the world’s top 20 to support its growing economy. State Bank of India’s Managing Director Ashwini Tewari noted that as Indian businesses scale up, banks must also expand their capacity to finance mega projects and handle higher risks. He pointed out that Indian banks’ cost-to-assets ratio of 1.5–2% is still higher than the global average of 1%, indicating room for efficiency improvements. Tewari added that both large and niche banks will play a role in driving the next phase of growth. Union Bank of India’s MD & CEO Asheesh Pandey said that as India moves toward greater self-reliance and a reduced dependence on the dollar in trade, banks with strong balance sheets are essential. They must be able to fund large-scale projects worth Rs 10,000–15,000 crore and facilitate complex international transactions. Bank of India’s MD & CEO Rajneesh Karnatak highlighted that India’s economy is expanding rapidly, adding its third trillion dollars of GDP in just two years. He called for three or four Indian banks to rank among the world’s top 100 by assets and market capitalisation, while smaller banks continue to serve regional needs. Bank of Baroda’s MD & CEO Debadatta Chand emphasised that Indian banks must build strong global operations and diversify into wealth management and capital markets to secure their place among the world’s financial giants. (KNN Bureau)
