The relief measures announced by the Reserve Bank of India to tide over the economic stress caused by the Covid-19 pandemic will act as a much-needed tonic to the Indian economy, said Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank.

Delivering his first address of FY2020-21 to the bank’s staff across the country via video streaming on Wednesday, he said bankers have to show their commitment in this war-like situation by extending the benefit of the RBI relief package to all borrowers expeditiously.

Recession

Praising the services of the bank employees, especially those at the frontline at branches during the pandemic, he said it is now almost certain that the world will enter into a temporary recession, and India will not be an exception to this.

Advising a cautious business approach centred around the principle of ‘conserve and consolidate’ to his employees, Mahabaleshwara said bankers’ role is very critical in such a situation. They should encourage customers to transact more on digital channels, reduce cash transactions and minimise visits to the branches to arrest the spread of the Covid-19 pandemic.

Outlining the blueprint for 2020-21, he said the bank has posted a total business turnover of ₹1.29-lakh crore during 2019-20 as per provisional figures. The bank will target a total business turnover of ₹1.40-lakh crore for the 2020-21, he added.

comment COMMENT NOW