$5 trillion economy target needs doubling of banking credit: SBI chairman

At present, the Indian banking credit outstanding is nearly Rs 99 trillion

State Bank of India (SBI) chairman Rajnish Kumar on Sunday said banking credit would need to be doubled from the current level if India were to achieve its ambitious target of becoming a $5 trillion economy by 2024.

“At present, the Indian banking credit outstanding is around Rs 99 trillion and for India to become a $5 trillion economy, it needs to be at least doubled over the next 5 years,” Kumar said here.

He observed that Indian banks had the capacity to cater to such high volume demand from industry and other sectors. Kumar was talking to journalists this