India must have at least six banks in top 100 global list: Economic Survey

India must have at least six banks in top 100 global list: Economic Survey

Subject – Economy

Context – Being the fifth largest economy, India should have at least six banks in the top 100 global list, and at least eight would be required for a country having a $5-trillion economy, according to the Economic Survey for 2019-20.

Concept –

• Being the fifth largest economy, India should have at least six banks in the top 100 global list, and at least eight would be required for a country having a $5-trillion economy, according to the Economic Survey for 2019-20.
• Since public sector banks (PSBs) have 70 per cent share of the market, the efficiency of PSBs has to improve.
• In 2019, when Indian economy is the fifth largest in the world, our highest ranked bank—State Bank of India— is a lowly 55th in the world.