Chennai, Dec 22 (IANS) Union Finance Minister P. Chidambaram said Saturday that public sector banks would need capital infusion of around Rs.1 trillion over the next five to 10 years and the government would find ways to do that.
Releasing the book "IOB @ 75" at a function organised by the city-based Indian Overseas Bank (IOB), Chidambaram said the central government intends to capitalise the banks to meet the norms.
He said by the end of this fiscal, the central government would infuse around Rs.15,000 crore as fresh capital.
Urging the banks to look at consolidation, Chidambaram said three Chinese banks figure among the top 20 banks in the world whereas there are no Indian banks in the list.
According to him, though the banking network is growing annually at nine percent the country still remains underbanked.
Chidambaram said India needs all kinds of banks -cooperatives, regional, national- and also global-sized ones.