Finance Minister Nirmala Sitharaman on Thursday said that the government is in discussion with the Reserve Bank of India (RBI) for the creation of an ecosystem for nurturing world-class banks.

“India needs a lot of big and world-class banks, and for that, of course, we will have to sit and talk with the Reserve Bank and also with the banks themselves to see how they want to take it forward and also discuss with the RBI about how they have an idea of building larger banks,” Sitharaman said when asked if the government was looking at further consolidation in the banking sector. She was speaking at a banking and economics conclave organised by the State Bank of India (SBI).

The finance minister said a lot of prior work is needed before a final decision is taken, but the work in this directi

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