Union Finance and Corporate Affairs Minister Nirmala Sitharaman on September said India would need four or five more banks like SBI to support the country’s economic growth.

“The way in which the economy is shifting to a different plane altogether, the way in which industry is adapting, so many new challenges keep arising. To address these challenges, we need not just more, but bigger banks,” she said while addressing bankers at the 74th Annual General Meeting of the Indian Banks’ Association (IBA) in Mumbai.

Union Finance and Corporate Affairs Minister Nirmala Sitharaman on September said India would need four or five more banks like SBI to support the country’s economic growth.

“The way in which the economy is shifting to a different plane altogether, the way in which industry is adapting, so many new challenges keep arising. To address these challenges, we need not just more, but bigger banks,” she said while addressing bankers at the 74th Annual General Meeting of the Indian Banks’ Association (IBA) in Mumbai.