Summary:
“Do we need so many public sector banks? I think we need only four to five public sector banks. The banks too are doing good to clean up their system,” Shah said.When asked about the government’s decision to merge three public sector banks, Shah said that it was a good move. He, however, added that the economy is on the upswing and the GDP for this year is expected to touch 8% . The government realized it after the bank NPAs episode,” Shah added.He also admitted that demonetization and Goods and Services Tax (GST) has adversly affected the micro and medium sector enterprises (MSME)..