India Aims to Put Two Public Banks Among World’s Top 20 by 2047

India is preparing for big changes in the banking sector as part of a long‑term plan to build a developed nation by 2047. Officials are working on a roadmap that aims to elevate two government‑owned banks into the ranks of the world’s top 20 banks. The strategy involves strengthening capital, expanding operations and making structural reforms.

Currently India does not have a bank among the global top 20. The State Bank of India (SBI), the largest lender in the country, is ranked 43rd worldwide by assets. According to sources, policymakers believe that with the right reforms and growth strategy, at least two Indian public sector banks could break into the top 20 over the next two decades.

The plan will focus on building scale through mergers or strategic partnerships, boosting digital infrastructure and improving risk management. The government is expected to support public sector banks in raising capital and broadening their international presence. Customers may see improved services and more investment in technology as banks work to become globally competitive.

Branch rationalisation and consolidation are also being considered to enhance efficiency. At the same time, financial inclusion will remain a priority, ensuring that expansion does not come at the cost of service to rural and underserved areas. The reforms will roll out gradually, with milestones to be achieved by 2025 and 2030 on the way to the 2047 target.

Bringing two Indian banks into the global top 20 would be a significant milestone, signalling the maturity and strength of India’s financial system. While the vision is ambitious, officials say it reflects the country’s economic aspirations. Success will depend on consistent policy support, market conditions and the ability of banks to adapt to a rapidly changing financial landscape.

Content first published on delhibreakings.com