Former economic affairs secretary Shaktikanta Das claimed that it was time to set up a 'holding company' for public sector banks (PSBs), in the wake of the recent economic reforms. Das said "It is my personal opinion that the government should make a holding company for public sector banks. There are around 21 such banks. I feel that around ten should be retained as it is, and the rest should be merged or taken over. The creation of a holding company will allow shares of these PSBs to be transferred."