Money & Banking

'Entry of new players in banking sector a welcome move'

L.N Revathy Coimbatore | Updated on February 12, 2013

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“India is a country of masses. The economy is vibrant unlike some of the developed ones which are yet to come out of recession. In such a situation, we do not see any constraint in our growth even if new players enter the banking space,’ M.G Sanghvi, Chairman and Managing Director of Karnataka headquartered Syndicate Bank said.

‘It is a welcome move,’ he said referring to entry of new players in the banking industry.

According to him, the move would help create large inflow of foreign capital, technological advancement in banking on par with international standards and so on.

The 88 year old Syndicate Bank is prepared to face competition he said, before adding that the bank was not aggressive or running after high growth. “We are a conservative bank and would like to grow in line with the market. By reaching a business volume of Rs 3-lakh cr as at end December 2012, we have entered the league of large banks. Our advances has grown 17 per cent (year-on-year) and deposits at around 15 per cent,’ he said.

Published on February 12, 2013

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