Public sector lenders, including Punjab National Bank (PNB), Bank of Baroda (BoB) and Corporation Bank, organised a two-day consultation process at branch level, seeking suggestions to make the sector future ready and be a catalyst in economic growth.
The consultations were held on August 17-18, under the direction of Department of Financial Services, Ministry of Finance.
“As a result of the initiative, a number of implementable and innovative suggestions have been arrived on how public sector banks in general, and our bank in particular, may improve their performance,” Bank of Baroda said in a statement.
The meeting was also attended by Debasish Panda, Additional Secretary, Department of Financial Services.
The consultations for generation of ideas was conducted in a bottom-up process, which will be further discussed at the state-level and final meetings will be held at the national-level to compare intra- and inter-bank performances for way ahead implementation across banks, BoB said.
Punjab National Bank conducted this exercise across the country to seek ways and means available to increase credit to various sectors of 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 of farmers, small industrialists, entrepreneurs, youth, students and women.
PNB managing director Sunil Mehta emphasised the need to encourage aspirational bankers to use innovative methods, and out-of-the-box thinking for better and improved banking.
According to Corporation Bank, the consultative process has resulted in a renewed sense of involvement at the grass-root level with the national priorities. “The bank is geared towards implementing the suggestions and ideas which have emerged out of this entire process of consultations, so that it may fulfil its mandate of prosperity for all,” it said.
Delhi-based lender Punjab & Sind Bank said that deliberations were with the focus to align itself with national priorities and partnering with Indian growth story.