New Delhi: In a bid to accord global status to the State Bank of India (SBI) facing critical views after Moody's downgraded credit rating, the Central Government has embarked upon the mission to enlist it in the world’s top 50 banks of international repute and strength.

According to sources in the Finance Ministry, the list of top 50 banks of international repute and strength would be finalized in the meeting of G-20 countries in Paris next month. Notably, the list would include those banks having global reach and an extensive capital base. Both the private as well as public banks would be part of the list, the sources added.

Although SBI stands nowhere to Morgan Stanley, Bank of America or BNP Paribas, if compared on the basis of assets or business, the government is of the view that the biggest commercial bank of the nation should be included in the list of G-20 banks as India has to play a significant role in global economy.

According to the Finance Ministry officials, only SBI can represent India in the G-20’s list of top 50 banks. For G-20 list, the member countries are trying to set new rules and regulations for which they would reach an agreement.

Meanwhile, the Government of India has postponed the SBI’s rights issue and is mulling over the proposal of providing financial package of Rs 8,000 crore to it.

Talking about the need of forming G-20 banks list, it is believed that there are 40 such banks across the world whose functions have effect on global economy.

The global recession of 2008-2009 is stated to be an outcome of the wrong decisions of some major banks of world.


JPN/Bureau