Finance Minister P Chidambaram announced the Union Budget 2005-06 in Parliamnet on Monday.

In his Budget speech the finance minister said Reserve Bank opf India will prepare a roadmap for banking sector reforms and the government will introduce a comprehensive amendment to the Banking Regulation Act.

The roadmap will aim at improving competition among nationalised banks as India's top bank SBI [Get Quote] ranks only 82 in the world in terms of business.