The Hindu : Tamil Nadu / Chennai News : Economic upheavals cannot hit banking system: Vasan

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Thursday, Sep 14, 2006
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Tamil Nadu

Tamil Nadu - Chennai

Economic upheavals cannot hit banking system: Vasan

Staff Reporter

Foundation Day of All India Bank of Baroda Officers' Association

Photo : M. Vedhan

HELPING THE DISABLED: Union Minister G.K. Vasan handing over an aid given by All India BOB Officers Association in Chennai on Tuesday.

CHENNAI : Union Minister of State for Statistics and Programme Implementation G. K. Vasan on Tuesday said upheaval and turmoil in the economic environment could hardly affect the banking system in the country.

Apart from inherent strengths of the country's financial structure, a distinctive feature of the banking system was the host of well-laid out internal systems, procedures and guidelines, he told the 43rd Foundation Day celebrations of the All India Bank of Baroda Officers' Association here.

Noting that public sector banks had risen to meet competition in the era of liberalisation and globalisation, the Minister said: "They are almost on a par with other banks in developed countries''.

While emphasising the role of the Congress in the growth of the banking sector, Mr. Vasan said the party firmly believed that the financial sector was the real backbone of the country's development.

Past and present frontline leaders of the party were keen on "banking reformation, which, they believed, would augur well for the country in the international arena. Their vision has already started paying rich dividends now."

He honoured veterans of the association and gave away aid, arranged by the association as part of the celebrations, to non-governmental organisations. .

Appreciating its initiatives, Mr. Vasan urged the association to continue its social welfare activities. General manager (south zone) of Bank of Baroda D. Sarkar said that apart from their official work, the officers were engaged in social welfare initiatives.

Deputy General Manager of the bank's Chennai Metro Region S. Nagpal and association zonal secretary T. K. Balasubramanian also spoke. A blood donation camp was organised as part of the celebrations.

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