Further, stressing on the operations of banks Sitharaman said that there are quite a few banks in the economy but we need banks which will be able to scale up.
Recollecting the move where the government had merged 10 PSU banks into 4 major entities last year, she said: "We need more banks of the size of the State Bank of India (SBI) to meet the aspirational needs of the country."
She emphasised that even those banks which are likely to be privatised, the institutions too will continue to function after privatisation.
The minister also took a jibe at senior Congress leader Rahul Gandhi's tweet earlier in the day where he had accused the government of "privatising profit" and "nationalising loss".