Money & Banking

BoB officials brainstorm strategies, ideas to align with national agenda

KR Srivats New Delhi | Updated on August 19, 2019

The Centre is leaving no stone unturned to ensure that public sector banks (PSBs) align their strategies with the national priorities – the top brass at the Department of Financial Services (DFS) are participating in the bottoms-up consultative meetings initiated by PSBs at the behest of the government.

For instance, the Bank of Baroda’s (BoB) consultative meeting in the Capital saw DFS Additional Secretary Debashish Panda attending the deliberations. Greater use of data analytics and making banking citizen-centric, among other issues, formed part of the deliberations of the consultative meeting that saw managers from all branches in Delhi Metro Regions I, II & III review their performance.

The consultations were held over a period of two days from August 17-18, a BoB official said.

The consultative process has resulted in a renewed sense of involvement and purpose down to the branch level, and the bank is geared towards implementing the roadmap for the future, improving its performance, and aligning itself to national priorities, the official added.

The initiative of bottoms-up consultative meeting was driven to seek ways and means available to increase credit to various sectors of the economy, enhance use of technology to bring about innovation, and make bankers more responsive to the needs and aspirations of senior citizens, farmers, small industrialists, entrepreneurs, youth, students, and women.

Thematic papers by domain experts on various challenges facing the banking sector were discussed with a view to suggest reforms in PSBs.

The meet also reviewed the bank’s performance and its alignment with national priorities in areas such as credit support for economic growth, infrastructure/industry, farm sector, Jal Shakti, MSME sector and Mudra loans, education loans, export credit, green economy, Swachh Bharat, financial inclusion, and women empowerment, among others.

Published on August 19, 2019

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