The Hindu Business Line : `Integrity of financial institutions matters more'

THE Chairman and Chief Executive Officer of Karnataka Bank Ltd, Mr Anantakrishna, has said that the integrity of the financial institutions only will help strengthen the economy.

Participating in the 21st conference of the Karnataka Bank Employees' Association (KBEA) in Mangalore on Saturday, he said, "Mergers will not help at all."

The mantra today is: instead of a large number of small banks, let's have a small number of large banks.

He felt that a section of society - may be downtrodden or below the poverty line - will not get the banking facility if a small number of large banks come into existence. It will be difficult for that section of society to reach the big giants.

"We should grow strong. At the same time, we should be helpful to this section of society and that is our responsibility," he said.

Regarding the apprehension over the survival of old private banks, he said that they will not be wiped out even though people say so.

"They will exist and serve the people and the country better than the big giants," he said.

Inaugurating the conference earlier, Mr C.H. Venkatachalam, General Secretary of the All India Bank Employees Association, said that the current policies of the Government are not conducive for the development of the economy.

Mr P.R. Karanth, General Secretary of KBEA, welcomed the gathering.

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