BoI holds meet to make India 5 trillion economy

| | Ranchi
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BoI holds meet to make India 5 trillion economy

Monday, 19 August 2019 | Mrituanjay Kumar | Ranchi

With the aim of making India a 5 trillion dollar economy, the Ranchi Circle of Bank of India (BOI), Jharkhand’s leading bank held a two-day strategic discussion programme following instruction of Department of Financial Services (DFS), Government of India. The programme concluded on Sunday.

The Bank held the meeting in the State Capital for its Brach Managers of all 108 branches in Jharkhand to gather suggestions for accelerating its key policies.

Joint Secretary DFS, Madnesh Kumar Mishra visited the State Capital to inform the bank officials and branch managers about importance of the programme. BoI Jharkhand and Chhatisgarh, Circle General Manager, Chandrashekhar Sahay motivated all the branch managers to accelerate approval of Education Loan, Mudra Loan, Farmers Welfare Schemes and to accelerate other Social interests banking facilities and services during the meeting.

Addressing a press meet on Sunday, Sahay said that in a first of its kind consultation, the branches were engaged in self assessment and deliberations on the issues, and they also generated ideas on future strategy.

“The meet was focused on the ways and means to increase credit to various sectors of the economy with greater Information Technology content to bring about innovation. The idea is to make banking as citizen-centric as well as more responsive to the needs and aspirations of senior citizens, farmers, small industrialists, entrepreneurs, youth, students and women,” he added.

“Several topical themes such as Digital Payments, Corporate Governance in Public Sector Banks (PSBs), Credit for Medium Small and Micro Enterprises, Agriculture, Export Credit, Establishing Financial Grid and Enabling Bank Credit towards a dollar five trillion economy were discussed during the meeting with a view to chart out specific roadmap for PSBs,” said Sahay.

Elaborating the issues that were discussed during the meeting, Sahay said that the meet also reviewed the bank’s contribution to various national priorities in areas such as credit support for economic growth, infrastructure, industry, farm sector and blue economy, Jal Shakti, MSME sector and MUDRA loans, education loans, export credit, green economy, Swachh Bharat, financial inclusion and women empowerment, direct benefit transfers, less cash and digital economy, ease of living, and leveraging local potential.

Lauding the effort of DFS, the General Manager said that such a comprehensive exercise facilitated conception of a number of implementable and innovative suggestions as to how PSBs in general and Bank of India in particular, can play a more effective role in nation building.

“These suggestions were collated and have been sent for further discussions at the State Level Banking Committee (SLBC) meeting along with comparative performances assessment of the branches under each region.

After discussion at SLBC level, final consultation will be held at the national level to compare both intra and inter-bank performances, and to finalise the suggestions regarding the way ahead for implementation across PSBs,” he added. The consultative process has resulted in a renewed sense of involvement and purpose even at the branch level and Bank of India is geared up for implementation of the roadmap for the future, improve its performance and further align itself to Jharkhand and national priorities, Sahay said.  

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