Prefer private sector banks: Pankaj Murarka

Pankaj Murarka of Axis Asset Management is of the view that one may prefer private sector banks.

Pankaj Murarka of Axis Asset Management told CNBC-TV18, "Banks have significant challenges ahead of them, clearly their asset quality issues are not fully resolved and more importantly many of these banks are completely starved of capital. The new capital allocation formula which the government has adopted from this year clearly spells out the mind of government where they really want to give capital only to efficient of the PSU banks."

"At some point of time there will be a significant consolidation in the sector that has to happen because lot of these smaller PSU banks or state owned banks will need significant capital over the next couple of years to comply with Basel III requirements. Unless and until we have clarity on that as to how these banks will be funded or we get clarity in terms of when are we closer to the consolidation, one would be better off with private sector names in the financial sector because they have done a far superior job," he said.

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