PSBs to get global makeover under Viksit Bharat vision
Big plans ahead: The government is set to announce a roadmap on February 1, aiming to turn India's Public Sector Banks (PSBs) into world-class players by 2047.
The focus? Upgrading tech, improving how banks are run, boosting efficiency, and modernizing the workforce—basically giving these banks a major glow-up under the Viksit Bharat vision.
Bad loans at record low
There are 12 PSBs, which reported a net profit of ₹93,675 crore in the first half of this fiscal year. Their bad loans are at the lowest in years.
Now, plans are reportedly underway to consolidate them into four large entities (SBI, PNB, BoB, and a merged Canara Bank and Union Bank entity), making them even more competitive globally.
Plus, new reforms could open doors for more foreign investment—meaning more opportunities and stronger banks for everyone growing up in this economy.