The Hindu : Karnataka / Bangalore News : ‘Tide turning for public sector banks'

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Saturday, Aug 28, 2010
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‘Tide turning for public sector banks'

Staff Reporter

Bangalore: The tide is turning for public sector banks as customers have begun to acknowledge their proficiency in the “nitty-gritty of banking”, said Shubhalakshmi Panse, Executive Director of Vijaya Bank.

Public banks have seen three or four revolutions, the most dramatic one being the early 1990s when they witnessed a veritable “exodus” of customers to private banks, she said. “But public sector banks rose to the challenges of globalisation and demonstrated our capabilities. Our basic banking knowledge is bringing back customers.”

Ms. Panse was speaking at the inaugural session of the 14th general body meet of the All-India Vijaya Bank Officers' Association on Friday.

“We were initially compared to private banks — and unfairly so — and even faced customer ire. Private banks were, after all, fully computerised and had young people manning their counters. It was not easy to computerise an existing bank that has been around for 80 to 100 years. But we did it,” she said.

The big challenge before public sector banks is to draw a younger generation of customers, said Ms. Panse.

“This can only be done through good customer service. ”

In his inaugural address, Albert Tauro, Chairman and Managing Director of Vijaya Bank, said that the milestones that the 80-year-old bank had crossed was because of the work of its Scale I, II and III officers.

“These officers are the backbone of the bank and have converted into action what the board conceives.”

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