Daijiworld Media Network – Mangalore (AF)

Mangalore, Feb 19: Banks need to prepare themselves to face the challenges in the future and convert them in to opportunities, said Reserve Bank of India former governor and chairman of Economic Advisory Council to the Prime Minister Dr C Rangarajan.

He was delivering the Founder’s Day lecture on ‘Challenges before the Indian Banking System’ here on Sunday February 18.

He further said that though small and medium sized banks have done well so far in terms of profitability and non-performing assets, they still needed to simplify their transaction processes with customers and make it accessible to them. He warned that the necessity to invest in technology may pose danger to the survival of small banks.

Bank Chairman Ananthakrishna presided over the programme and urged RBI to bring in reforms in rural banking that would facilitate large banks to open kiosks in the rural areas.

There was also a Jugalbandi performed by Pravin Godkhindi on flute and Mysore M Nagaraj on violin.

Among those present were Mangalore University vice-chancellor K M Kaveriappa, Syndicate Bank former CMD Dr N K Thingalaya and other RBI officials.