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NEW DELHI: India will aim to have at least two public sector banks (PSBs) among the world’s top 20 by 2047, aligned with the Viksit Bharat vision, a government official said. At present only State Bank of India and HDFC Bank figure on the list of top 100 global lenders by assets.Strengthening corporate governance in PSBs, improving customer experience, and making them globally competitive through modernisation — including use of artificial intelligence — are among key issues being deliberated at the two-day PSB Manthan conclave that began on Friday, the official said. Other issues on the agenda include cybersecurity, workforce transformation, risk management and personalised banking. “The aim is to prepare PSBs for the future and scale them up organically, while increasing resilience,” he said, citing global uncertainties. Improved autonomy and the next phase of growth are also on the table.Reserve Bank of India deputy governor Swaminathan J and chief economic adviser V Anantha Nageswaran were among the senior functionaries who addressed sessions on Friday.Bankers deliberated on dwindling current account-savings account (CASA) ratio and the need to improve them. MSME LendingThe need for sprucing up credit growth in priority sector areas such as agriculture and micro and small medium enterprises (MSMEs) was also a topic, according to the official.Credit growth continued to moderate in July 2025, with non-food credit growth easing to 9.9% year-on-year, a drop from 13.7%. According to a research note by CareEdge Ratings, industrial credit demand continues to underperform, with lending to large industries growing by less than 1% in July.123859147State-run lenders have substantially improved their financial performance and their gross NPAs have reduced to 2.58% as of March, from 9.11% in March 2021. During the same period, their net profit increased to Rs 1.78 lakh crore, from Rs 1.04 lakh crore, and dividend payouts grew to Rs 34,990 crore, from Rs 20,964 crore.The last PSB Manthan was held in 2022, after which the government had asked banks to set up a three-year roadmap for business strategy and suggested they explore more collaboration amongst themselves, with larger banks sharing their best practices with smaller lenders and guiding them in areas where they need more expertise.Under EASErise, the reform agenda for FY26, PSBs’ core focus will be on fortifying risk-management systems, enhancing their capacity to absorb economic shocks, and upholding financial stability.

Tomorrow, as the sun sets over Dubai and the subcontinent collectively holds its breath, some among you - let's just call you the 'hoity-toity lot' - will be tuning into the Manchester derby. Yes, that derby: 90 minutes of football between two English clubs. Meanwhile, the rest of us, who know that INDIA! INDIA-A-A! will win against Pakistan in Operation Bahut Dur in Dubai, will be engaged in a 20-over each side cathartic exercise that will, obviously, be deeply patriotic. But, no, you hoity-toities will be having 'angrezi-style' lager and tweet about Bruno Fernandes' xG while Jasprit Bumrah is busy redefining post-Nehruvian physics. To choose the Premier League derby for at least an hour-and-a-half over the Asia Cup is so seditious! It's the cultural equivalent of saying, 'I prefer Bach to Baba Sehgal,' at your cousin's wedding and exposing your colonial mindset. If you'll be watching football, not only are you an elitist but you're anti-national to boot. Let's be clear: this is really about loyalty. When Shubman Gill faces down Shaheen Afridi, it's not just a match, it's a referendum. And if you're watching Erling Haaland instead, congratulations: you've voted for irrelevance.So, go ahead, traitor. Watch your derby. But don't expect forgiveness when your neighbour's visiting hot sister-in-law asks, 'Beta, score kya hai?' and you reply, '3-1.'

Commerce and industry minister Piyush Goyal said India and the European Union are looking forward to a robust, fair, equitable, balanced and a mutually beneficial win-win partnership in terms of an enduring free trade agreement (FTA).He was speaking at the annual session of the Automobile Component Manufacturers Association of India (ACMA) on Friday. EU trade commissioner Maros Sefcovic, who was also present, said the two sides are maximising efforts to finalise negotiations for the FTA by December-end and that intensive negotiations are currently underway to achieve a “groundbreaking” deal. He said that while India and the EU may not agree on all issues, he is confident of achieving a “very good agreement”. “India, EU teams are engaged in intense negotiations for a free-trade agreement,” said Goyal.‘Potential to Encourage Innovation’“Every agreement has some give and take to make it a balanced one; there can never be a perfect situation. And we should not make perfect an enemy of the good.” “I assure you the possibilities we are trying to unlock, you will find the arrangements between India, EU attractive, exciting, and holding good potential for businesses to grow and collaborate and encouraging innovation,” the minister said.Noting that the automotive market in India is expanding and thriving, Sefcovic said, “I believe that our shared goal with minister Goyal is to ensure that the FTA would facilitate two-way trade flows between India and the EU under the condition of tariff liberalisation for all components, from engines to brakes”. The 13th round of India-EU FTA talks took place in New Delhi from September 8-12. Sefcovic and the European Commission’s agriculture commissioner Christophe Hansen were visiting New Delhi to review the progress of FTA talks with Goyal.“I believe that this would be a winwin scenario for our industries, and would, in particular, facilitate the introduction of advanced new technologies into India,” said Goyal. “I believe that by combining the power of our automotive markets, the world's third and fourth largest, we can lead the charge in developing cutting-edge combustion engines as well as electric vehicles with advanced battery technologies and smart mobility solutions that meet the needs of the changing world.”Duty Concessions in AutoThe minister’s statement assumes significance as the EU is seeking import duty concessions in the auto sector from India. India, which otherwise charges over 100% import duty on fully-built vehicles, gave duty concessions to UK-built cars under a recent FTA. Hansen also said the EU-India relationship is not just about trade but about the high-value-added investment that would create additional thousands and millions of jobs. Several European automakers such as Volkswagen and Mercedes-Benz have manufacturing units in India.“Our cooperation in this sector is also about sharing the best practices in manufacturing, in investing, in research and development, especially if it comes to the next generation vehicles,” said Sefcovic. “We would work on standards, and of course, we would jointly address global challenges like climate change through cleaner and more efficient technologies.” Noting that global trade is being severely disrupted by geopolitics, he said both India and the EU need to adjust to the new realities while seizing new opportunities in expanding market access, building resilient supply chains, and widening bilateral trade.Strengthening Supply ChainsOn the current global uncertainties, he said India and the EU are working together to unlock investments, reduce barriers, expand market access, and strengthen supply chains to guard against risks from unforeseen events. The imposition of high tariffs by the US on several countries has triggered uncertainties in global trade. The US has imposed a steep 50% duty on several Indian goods. Goyal said India will benefit from the EU's economy and innovations.“We aspire to grow from today's level of 34 cars per 1,000 persons, to possibly take it at the initial stage, to about 200 cars per 1000 people,” he said. “We are living in times full of uncertainty and volatility, but it is such times that the true strength of the nation and industry come to fore,” Goyal said, adding that the best comes out from all of us in these trying times. “We went through Covid and when we look back, we realise the current time is nothing compared to what we went through during Covid”.