India's 'PSB Manthan 2025' Aims to Rank Two Public Banks in World's Top 20 by 2047
The Indian Finance Ministry has unveiled 'PSB Manthan 2025', an ambitious plan to rank at least two public sector banks (PSBs) among the world's top 20 by assets. This initiative, aligning with the government's 'Viksit Bharat 2047' vision, aims to boost credit in agriculture and MSMEs while fostering global competitiveness.
Key players in this mission include State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Canara Bank, and Union Bank of India. They aim to achieve this through expansion, modernization, and technology adoption, rather than further mergers. The plan emphasizes organic growth, AI integration for personalized services and predictive risk management, and global expansion.
To strengthen governance and preserve management autonomy, PSB Manthan 2025 also involves restructuring board composition. This marks a shift in Indian banking reforms, focusing on innovation, technology, and strategic growth. To reach the global top 20, Indian PSBs must scale up, embrace digital banking, and expand their global footprint.
PSB Manthan 2025 is set to transform Indian banking, with the goal of positioning at least two PSBs as world leaders by 2047. By boosting rural development, job creation, and entrepreneurship, and by embracing AI and global expansion, Indian PSBs are poised to serve national priorities while competing globally.
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