Mumbai : As RBI readies for licensing of some niche-segment banks, global banking giant Citibank’s India chief Pramit Jhaveri said there is a room for larger number of banks in the country, but it also needs banks that are large in size to compete on a global stage. “It is my view that India remains under penetrated from the perspective of our industry.
Jhaveri, CEO of Citi India, also said that banks in India remain smaller than their peers globally and therefore there was a strong case for larger banks. “At this point, sensible consolidation would be one way to achieve scale,” Jhaveri told PTI.
His comments come at a time when home-grown Kotak Mahindra Bank has announced a Rs 15,000-crore deal to merge ING Vysya Bank into it through an all-share transaction.
Citi India posted Profit After Tax of Rs 2,893 crore for fiscal year 2014.
