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

Equity markets also discount PSBs

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, it said.

“India’s banks are disproportionately small, compared to the size of its economy. 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 and is