Left Menu
Development News Edition

Assess core strengths before scaling up operations, banks told


Assess core strengths before scaling up operations, banks told

Finance Minister Nirmala Sitharaman on Saturday said banks should assess their strength and weakness before planning to scale up of operations. "Institutions like banks should understand their core strengths and offer benefits to people like providing value- added features like phone banking facilities or rolling out of chat bots to serve customers and should not take up unnecessary scaling up of operations", she said,at the 116th Foundation Day celebrations of Tamil Nadu-based City Union Bank here.

"Scaling up (of operations in banks) is becoming like a disease. (There is a trend) that every body should scale up, tomorrow I should be three times the current size. Today, I am in this state and in six states. I am planning to expand presence across the country. Whether it will add to my core or make it weak. That is the assessment banks should do", she said. To check whether the banks have the ability to scale up operations, then the regulators like Reserve Bank of India come into play, she said.

Sitharaman said if a financial institution in the present situation has a name ending with 'Bank' doubts are raised on the functioning of it and heaped praise that City Union Bank has been functioning steadily for the last 115 years. Stating that even a small error caused by an employee would raise questions on the functioning of a bank, she said, "Even if there is a corruption complaint against a cooperative bank, sometimes questions are raised on whether the public money is safe there". Referring to a recent media report on City Union Bank MD and CEO N Kamakodi comments that the bank's focus area was on providing 'consistency' and 'stable' operations and having 'people's trust', she said, "it is good principle (for the bank)".

She said banks speaking about 'consistency' is a good quality and added that banks should run on stable operations. "If there is no stability, then the economic activity surrounding it will get affected," she said and added having people's trust is very important because if a bank loses people's trust then it is bad for the bank and also to the country.

Earlier, Sitharaman released the bank's chat-bot facility that would help bank customers enable to transfer funds, block cards or take up any other banking service..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

SDG13: How you can reduce global warming by changing your food habits

The mega narratives of various international organizations give the impression that fighting global warming is only a job of government agencies. However, the European Investment Bank EIB has designed a questionnaire which besides making th...

SDG2030: Challenges of technological applications in advancing Global Goals

Application of contemporary and future information technologies may go milestones in advancing sustainable development goals SDGs provided the challenges are overcome and implementation is ensured....

Videos

Latest News

Heat edge Kings, improve to 7-0 in OT

Rookie Kendrick Nunn scored a game-high 25 points and reserve James Johnson added a season-high 22 points to lead the host Miami Heat to a 118-113 overtime win over the Sacramento Kings on Monday night. Miami improved to 7-0 in overtime gam...

UPDATE 1-China confirms person-to-person spread of new virus as fourth death reported

The Chinese official investigating a pneumonia outbreak stemming from a new coronavirus said the disease can spread from person to person but can be halted with increased vigilance, as authorities on Tuesday confirmed a fourth death. Zhong ...

Punjab CM, NHAI Chairman agree on expeditious commencement of work on Delhi-Amritsar-Katra Expressway project

Punjab Chief Minister Captain Amarinder Singh and National Highways Authority of India NHAI chairman Dr Sukhbir Singh Sandhu on Monday agreed to expeditiously start the work on Delhi-Amritsar-Katra Expressway project. Acquisition of land fo...

Look at these cowards, 31 going to Jammu and only five to Kashmir: Mani Shankar Aiyar on Centre's outreach to J-K

Congress leader Mani Shankar Aiyar, who is known for making controversial remarks, on Monday launched an attack on 36 Union Cabinet ministers visiting Jammu and Kashmir, by calling them cowards. Addressing a public gathering on CAA here, he...

Give Feedback