WEF Davos 2026: India Needs 10 “Global Giant” Banks To Fuel 2047 Goals, Says Axis CEO

DAVOS, SWITZERLAND—As global leaders gather for the World Economic Forum (WEF), Axis Bank CEO Amitabh Chaudhry has issued a call for rapid consolidation in India’s banking sector. Speaking to media on Monday, Chaudhry emphasized that for India to achieve its “Viksit Bharat” (Developed India) target by 2047, the nation requires at least eight to ten large-scale banks capable of competing on the global stage.

Despite India’s position as the world’s third-largest economy, its banking presence remains disproportionately small. Currently, only State Bank of India (SBI) and HDFC Bank feature in the global top 100 by assets—a sharp contrast to the financial behemoths headquartered in the U.S. and China.

1. The “Scale Gap” and the Full-Product Suite

Chaudhry pointed out that “size matters” when it comes to funding the massive infrastructure and industrial projects envisioned by the Modi government.

• Current Landscape: India currently operates with 12 public-sector and 21 private-sector banks.
• The Problem: Only five to six of these lenders are currently equipped to offer a comprehensive “financial ecosystem” (ranging from retail and corporate lending to wealth management and insurance).
• The Verdict: Smaller banks must either find a specialized niche or consolidate to survive. “If they want to play across the entire spectrum, they need to be much larger,” Chaudhry noted.

2. The War for Deposits and RBI Liquidity

The CEO highlighted that the immediate challenge for Indian banks isn’t just lending, but securing the funds to do so.

• Pressure on Liabilities: With the Reserve Bank of India (RBI) beginning a cycle of interest rate cuts, the competition for deposits has intensified.
• The Timeline: Chaudhry predicts it could take 18 to 24 months for deposit growth momentum to fully return.
• Regulatory Support: He underscored a growing need for “liquidity support” from the RBI to manage the transition while overseas lenders, particularly from Japan, increase their footprint in the Indian market.

3. Axis Bank’s Strategic Position

As of September 2025, Axis Bank has solidified its position as a Tier-1 contender:

• Assets: ₹16.76 lakh crore.
• Reach: A massive network of 5,976 branches nationwide.
• Outlook: Chaudhry asserted that Axis is “well-prepared” to handle both domestic competition and the influx of foreign capital.

Indian Banking: Global Standing 2026