India has set an ambitious goal: by 2047, at least two public sector banks (PSBs) should rank among the top 20 banks globally by assets. This initiative is part of the broader Viksit Bharat vision, meant to make India a developed nation by its centenary.

The plan was discussed at PSB Manthan 2025, where senior government officials emphasized achieving this ranking “organically” through business growth, higher efficiency, digital transformation and improved governance rather than simply through forced consolidation. Currently, State Bank of India is ranked 43rd globally by assets, while HDFC Bank, a private bank, is the second Indian lender in top-100.

Other issues under consideration include stronger board autonomy, cybersecurity upgrades, customer service enhancement, integrating advanced technical expertise, credit growth in priority sectors like MSMEs and agriculture, and ensuring PSBs scale in size while maintaining risk management.

While the vision is bold, achieving it will require sustained reforms, investments in technology, and consistent performance over decades especially in a highly competitive global banking landscape.