Bank of Baroda to double balance sheet in 5 years
Business
Bank of Baroda, one of India's largest state-run banks, is aiming to double its balance sheet in the next five years.
CEO Debadatta Chand says Indian banks need more scale and financial muscle to stand out globally, a goal that fits right into ongoing talks about modernizing the country's banking sector.
Bank of Baroda assets up 75%
In just five years, Bank of Baroda's assets jumped 75% to ₹21 trillion ($219 billion), beating growth at SBI and Punjab National Bank.
The push for bigger banks also matches Prime Minister Modi's vision for India as a developed economy by 2047.
Right now, only SBI and HDFC Bank make it into the world's top 100 by total assets, while China and the US still lead the pack.