The Hindu Business Line : ‘Banks need to think of larger scale for growth’

Image makeover: Mr P. Chidambaram, Union Finance Minister, and Mr M.B.N. Rao, Chairman and MD, Canara Bank, at the launch of the bank’s new brand identity in Bangalore on Saturday. —

Our Bureau

Bangalore, Dec. 29 The Union Finance Minister, Mr P. Chidambaram, on Saturday said the financial services sector had a key role in helping the country sustain its high growth. He said high growth needs large scale financing and banks, mutual funds, insurance companies, and provident funds among other financial services had to gear up to meet the needs of the economy.

Speaking at a function to unveil the new logo of Canara Bank here, Mr Chidambaram said banks need to think in terms of larger scale, size and reach to maintain the growth momentum.

‘Growth needs funds’

“Our 9 per cent growth and the capability to become the world’s third largest economy twenty years ahead needs financing not only from banks but also from others such as insurance companies, provident funds, pension funds, and mutual funds,” he said.

In his welcome address, Mr M.B.N. Rao, Chairman and Managing Director of Canara Bank, said the logo created by Ray Kesavan & WPP — a symbol of two inter-connected triangles — underlines the idea of a “bond and togetherness and is representation of the close ties between the bank and its stakeholders, from customers and employees to investors, institutions and society at large”.

Mr Rao said the bank had kept in tune with changing customer needs by offering innovative products.

Canara Bank, he added, has been granted RBI licence to open five international branches and the new tag line of the logo — “Together We Can” — was to enhance the brand recall in a competitive environment.

Infant customer

The bank felicitated long standing customers. However, the highlight of the event was when an infant of less than a month old was introduced as the youngest account holder in the bank.

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