The first stage of the bottom-up consultative process designed to generate ideas and review performance of Banks and their alignment with national priorities, is being conducted at Regional Level on August 17 and 18by Central Bank of India, involving all Branches within the Region’s jurisdiction. The meeting is Chaired by Worthy Executive Director of the Bank Alok Srivastava. Ajay Kumar Singh, Regional Manager along with the Executive Director will be involved in the entire consultative process & ideation.
This is a first of its kind consultation where the branches are themselves asked to review their performance, deliberate on the issues before the banking sector, and ideate on future strategy and the way forward. The meet focuses on the ways and means to increase credit to various sectors of the economy, enhance use of technology to bring about innovation and enable big data analytics, and make banking citizen-centric as well as more responsive to the needs and aspiration of senior citizens, farmers, small industrialists, entrepreneurs, youth, students and women.
As many as nine thematic papers by domain experts on various challenges facing the banking sector, is being discussed during the meet with a view to suggest reforms in public sector banks (PSBs), and the future roadmap for them. The papers include increasing digital payments by Nandan Nilekani, Corporate governance in PSBs by Uday Kotak, Credit for India’s MSMEs by U K Sinha, Use of technology in PSBs by K Subramanian, Retail lending - A great opportunity by Aditya Puri, Agriculture credit by Professor Ramesh Chand and Dr HK Bhanwala, Export credit in India by David Rasquenha, Need to Establish Financial Grid by Dr Charan Singh, Enabling Bank Credit towards $5 Trillion Economy by Soumya Kanti Ghosh.
The meet also reviewing the bank’s performance and its alignment with 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/digital economy, Ease of living, Alignment with local priorities and Corporate social responsibility.
As result of the consultations, a number of implementable and innovative suggestions come up on how PSBs in general, and our Bank in particular, may improve their performance and what the roadmap for the future should be.
These suggestions are collated and are being sent to the Zonal level for further discussions at the SLBC/State level, along with comparative performance assessment of the Branches under each Region. After the SLBC level, final consultations will be held at the National level to compare both intra and inter-bank performances, and to finalize the suggestions regarding the way ahead for implementation across PSBs.
The consultative process will result in a renewed sense of involvement and purpose down to the Branch level and the Bank will gear towards implementing the road map for the future, improve its performance and align itself to national priorities so that it may fulfil its mandate of partnering the Indian growth story.