The Hindu Business Line : ‘Competition will promote economic development’

Madurai, Oct. 7 Competition is necessary to promote economic development. When the country had a lower rate of growth, only a few choices existed. Since the introduction of competition in the economy, a higher growth rate of 9 per cent has been registered and people have started experiencing a plethora of choices and with improved quality, said the Union Finance Minister, Mr P. Chidambaram, here on Sunday.

He was inaugurating the 78th branch of Bank of India in Coimbatore Zone and the third in Ramanathapuram district.

The benefits of competition are witnessed in the telecom sector, with five crore landlines and 15 crore mobile connections and in the aviation industry, more operators have emerged.

The banking sector has expanded and developed manifold. While both the public and private sector should compete with each other, he would welcome competition within the respective sectors, he said to sustain the growth process.

Today, there is lot of competition among the leading public sector banks and in consequence, more number of branches have been opened across the country, even in the interior areas.

Earlier, the Chairman and Managing Director of the Bank, Mr T.S. Narayanasami, said that with a wide network of 2842 branches, the bank has crossed a business volume of Rs 2,20,000 crore. All the branches have been fully computerised and 1,300 of them have been brought under core banking solutions, he added.

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