Finance Minister Nirmala Sitharaman told CNBC-TV18 on Thursday, November 6, that the next phase of public sector bank (PSB) consolidation is already underway. One hopes this time the government attempts a seminal overhaul of the ownership, control, and working of PSU banks, rather than simply stop at consolidation.

There is a small turn in the finance minister’s words that emboldens one to hope.

Speaking at the SBI annual summit, the minister said India needs “a lot of big, world-class banks” to meet the growing needs of a fast-expanding economy. She added, “Work has commenced. We are discussing with the RBI and banks. This is not just about amalgamation. We need an environment where banks can operate and grow,” she noted.

The last sentence of the above quote is what gives one hope that

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