Ever since Indian prime minister Narendra Modi announced the privatization of two state-owned banks in his budget speech in February, the Indian banking community has been engaged in a diverting game: guess the banks.
India has 12 state-owned lenders, which stem from Indira Gandhi’s nationalization of 14 in 1969 and another six in 1980, and they are varied in size and health.
State Bank of India is the biggest and by almost any metric the most successful – and, Modi has said, is systemically important and not up for sale in this new initiative.
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