Axis Bank CEO Amitabh Chaudhry said he believed a wave of consolidation is coming to India’s banking sector, and noted that India needed 8 to 10 large banks to support its economic development. Speaking to Bloomberg TV's Haslinda Amin, he also commented on the rupee’s underperformance, saying there was capital rotation to China and other markets driven by a perception that India was lagging on AI development. But he also expressed optimism that upcoming fiscal and regulatory reforms would stabilize the currency. (Source: Bloomberg)