The government has asked state-run lenders to explore consolidating their overseas business currently done through foreign branches in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech (Gift) City.
It has initiated initial discussions with lenders, a senior official told, adding that State Bank of India, Punjab National Bank, Bank of Baroda, and Indian Bank have been directed to share their detailed inputs and strategies.
“There was a suggestion that in order to further scale up operations at Gift City and compete at a global level, public sector banks (PSBs) can consolidate their businesses. We sought views from banks, and it is being looked at,” an official said.
Source:
Economic Times
