India Needs Global Size Banks To Become $ 5,000 Bllion Economy

India needs global size banks to become $ 5,000 billion economy- Chief Economic Advisor. State Bank of India (SBI) is the only Indian bank in the list of Top 100 Global Banks with 55th position. There are 18 banks in China and 12 banks in the US on this list.

India needs a large number of global-sized banks to achieve its goal of becoming a $ 5,000 billion economy by 2024-25. Chief Economic Advisor KV Subramanian said this on Sunday. He regretted that India has only one bank in the list of top 100 global banks, while there are many such banks even in very small countries.

State Bank of India (SBI) is the only Indian bank in the list of Top 100 Global Banks with 55th position. There are 18 banks in China and 12 banks in the US on this list. He said, ‘India is the fifth-largest economy in the world. Therefore, if the Indian banking sector was in proportion to the size of its economy.

India should be where South Korea is, with six banks in the list of Top 100 Global Global Banks. But in contrast, India has only one bank among the top 100 global banks. In his speech on the fifth anniversary of Bandhan Bank, he said that even countries like Finland, Denmark, Belgium, Austria, Norway, which are much smaller than India, have at least one bank in the top 100 list. Huh.

He said that Sweden’s economy size is one-sixth that of India, while Singapore’s economy is eighth in size, but he has three banks among the top 100 global banks. Subramanian said that the Indian banking system needs to meet global standards. Appeals related to Goods and Services Tax (GST) will now be settled through video conferencing. Issuing guidelines in this regard, the Central Board of Indirect Taxes and Customs (CBIC) has written a letter to GST officials.

In a letter to the Principal Chief Commissioners, it has been said that individual hearings of all types of appellate matters related to GST should be ensured through video conferencing. This will save money as well as time in settling disputes.