Finance minister Nirmala Sitharaman has said India needs more banks the size of State Bank of India, or even larger. By global comparison, our banking sector is small. It also needs efficiency. What happened to bank privatization?
According to the forum, banks are directly responsible for this fiasco, which has led to thousands of innocent depositors lose their hard earned savings through frauds using the AEPS.
The RBI governor, Shaktikanta Das, has been urged by a civil society platform to implement an information security (IS) audit mechanism for banks that have mobile banking apps.
Niti Aayog had reportedly recommended privatisation of The Central Bank of India and the Indian Overseas Bank to the disinvestment department in April 2021, but no final decision was taken