New Delhi, Oct. 29 -- India's banking leaders have stressed the need for larger, globally competitive banks to meet the nation's goal of becoming a developed economy by 2047.

Speaking at theBusiness Standard BFSI Insight Summit 2025in Mumbai, senior executives from top public sector banks said that India must have at least two banks among the world's top 20 to support its growing economy.

State Bank of India's Managing Director Ashwini Tewari noted that as Indian businesses scale up, banks must also expand their capacity to finance mega projects and handle higher risks.

He pointed out that Indian banks' cost-to-assets ratio of 1.5-2% is still higher than the global average of 1%, indicating room for efficiency improvements. Tewari adde...