| by admin | No comments

When are the big banks going to wake up?

Finance Minister Santander has said the banking system in India will be “the most resilient” in decades if a “good deal” is done to reform the banking sector. 

In an interview with the Financial Times on Thursday, Santander said the bank was still “trying to figure out the exact way to do things.”

He said the banks would have to improve their efficiency and the quality of their products, and to “be smarter in their lending decisions” and “not just do things by the book.”

Santander said there was an urgent need for a “banking revolution” in India, in which banks would operate more like private businesses and reduce their reliance on cash to ensure the sustainability of the financial system.

The minister said that while it was time for the government to “re-examine” the banking industry, the banks were not going to fall on their swords in order to do so.

The Financial Times said he is likely to take up the issue of reform in his speech to parliament later this week.