Financial Daily from THE HINDU group of publications
Saturday, Aug 28, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 28, 2004 |
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Money & Banking
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Events `Banking sector heading for consolidation' Our Bureau
Kochi , Aug. 27 THE Indian banking sector is heading for a consolidation but the existing banking regulatory framework in the country ensures that there is little room for banks' failures, Mr M. Damodaran, Chairman and Managing Director of the Industrial Development Bank of India (IDBI), has said. "With the kind of regulatory framework we have, there is very little room for failure. Not all banks can get away with the things that one or two have got away," Mr Damodaran said here after presenting the Kerala Management Association (KMA) Management Leadership Award 2004. He said rumours are being sent out through even SMS that even some of the larger banks are in trouble. "Such rumours should be killed effectively." The KMA award was conferred on Mr K.P. Padmakumar, Chairman of the Federal Bank.
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