Kerala - Kannur   

Stress on banks’ role in development

KANNUR: Banks can play a decisive role in the development of the country, Union Bank of India chairman and Managing Director M.V. Nair has said.

Delivering his speech as the chief guest at the Bankers’ Club here the other day, Mr. Nair said that the growth of banks would help the country record further growth in the economy. He said that efficiency improvement, staff re-training, and retaining talent would be major challenges facing the banking sector in the country.

Non-governmental organisations and micro-finance institutions could play a great role in ensuring total banking service, he said. adding that 60 crore people in the country were outside the coverage of banking services.

Mr. Nair also said that retail financial services in rural areas had great scope in the country. Only those banks that were adaptable to change would be able to survive, he said adding that information technology, marketing strategy, and infrastructure assistance would be the major components of banking success.

He also said that mergers of banks would enhance opportunities.

Bankers’ Club president P.A. Premkumar presided. Vice-president K.T. Sudheer and secretary K. Chandrashekaran were present.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Two die in accidents
Student bags five A grades
Stress on banks’ role in development
State needs a major surgery, says Mani

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu