ENA Sectors 2025-10-29 17:28:22 <p><span style="font-size:14px"><strong>New Delhi, Oct 29 (KNN)</strong> Indias banking leaders have stressed the need for larger, globally competitive banks to meet the nations goal of becoming a developed economy by 2047. </span></p> <p><span style="font-size:14px">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 worlds top 20 to support its growing economy.</span></p> <p><span style="font-size:14px">State Bank of Indias 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. </span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Union Bank of Indias MD &amp; 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. </span></p> <p><span style="font-size:14px">They must be able to fund large-scale projects worth Rs 10,000 15,000 crore and facilitate complex international transactions.</span></p> <p><span style="font-size:14px">Bank of Indias MD &amp; CEO Rajneesh Karnatak highlighted that Indias economy is expanding rapidly, adding its third trillion dollars of GDP in just two years. </span></p> <p><span style="font-size:14px">He called for three or four Indian banks to rank among the worlds top 100 by assets and market capitalisation, while smaller banks continue to serve regional needs.</span></p> <p><span style="font-size:14px">Bank of Barodas MD &amp; 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 worlds financial giants.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 43922 https://knnindia.co.in/news/newsdetails/sectors/india-needs-global-scale-banks-to-power-viksit-bharat-2047-vision-bfsi-leaders 2025-10-29 17:28:22 knnindia.co.in