India will make banking system world class: Chidambaram

June 1st, 2008 - 11:42 pm ICT by admin  

A file-photo of P. Chidambaram

Chennai, June 1 (IANS) Finance Minister P. Chidambaram said here Sunday that one of top five banks in the world would be from india by 2018. Speaking at the 13th triennial conference of UCO Bank, he said: “Our plan is to make six public sector banks reach the top 100 banks in the world.”

According to him the government will make the Indian banking system world class in ten years to achieve the two targets.

Reiterating the government’s commitment in retaining majority ownership in its banks, the minister said additional capital would be infused for this purpose.

Expressing satisfaction at the turnaround achieved by the UCO Bank from a loss making unit to a profitable bank, he asked the officials to improve on the industrial sector business-deposits and advances.

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