Kerala - Kochi   

Bankers’ Club opened

KOCHI: Attempts for social control of banking get subverted when the economy is globalised, according to Prabhat Patnaik, vice-chairman of Kerala State Planning Board. The situation would affect the pace of industrialisation, he said. Mr. Patnaik was inaugurating the Bankers’ Club here on Wednesday.

The trends in banking were giving way to virtual collapse of development banking. Several norms for priority sector lending often posed problems for the banks that want to reach out to the peasants and the common man. States had to depend World Bank and Asian Development Bank in the wake of collapse of development banking, he noted.

President of the club L.R. Ramachandra Warrier said the club would promote friendship and fellowship among bankers. It would also promote ethical banking practices apart from passing information about frauds and malpractices.

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