IGI Logo

Chief Economic Advisor (CEA) Krishnamurthy Subramanian has said the country’s financial sector has not really grown as fast as it should have and is still very, very small. For instance, he said, while India is the fifth largest economy in the world, the largest Indian financial institution - SBI - is ranked 55th in the world. 

On the other hand, countries which are a mere fraction of India’s size have several of their financial institutions featuring among the top 100 in the world. He said the Budget has made a significant push towards reforming the financial sector and adding vitality to it.

Further, he stressed that financial technology can play a significant role in improving both the quantity and the quality of the financial intermediation in the country. He said ‘while banks are investing in data architecture, we still have a long way to go in enabling the kind of data architecture that banks globally employ.’