New Delhi/IBNS, Nov. 7 -- Union Finance Minister Nirmala Sitharaman has said the work for the next round of bank consolidation has begun, underlining "India needs a lot of big, world-class banks".

Speaking at an event of CNBC TV 18, Sitharaman said, "We will need to sit and talk with the Reserve Bank of India (RBI) and banks on how they want to take it forward, and also discuss with the RBI how they want to build larger banks."

"Work has commenced. We are discussing with the RBI and banks. This is not just about amalgamation. We need an environment where banks can operate and grow," she added, hinting at an effort that would go much beyond the bank consolidation.

In 2020, 10 public sector banks were merged into four larger entities in ...