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Public sector banks account for almost 76 percent of the total banking business in the country. In order to bring banking industry to global level, new initiatives have been introduced including consolidation of the domestic banking system in both public and private sectors on the one hand and the gradual enhancement of the presence of foreign banks in India in a phased manner on the other hand. This will be consistent with India’s commitments to the WTO. This deregulation will help the banking sector in gaining efficiency and stability of global standards.
This information was given by Shri S. S. Palanimanickam, Minister of State for Finance in reply to a question by Shri Lakshman Seth in Lok Sabha Today.
BSC/BY/DT-160/05
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