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Swim in the stormy sea of competition, Rangarajan exhorts banks

Andhra Pradesh Governor Dr Chakravarthy Rangarajan today said that banks will have to learn to swim in the stormy sea of competition away from sheltered waters to face challenges in the next millenium.

Speaking at a function in Bombay on the occasion of Bank of India Foundation Day, the former governor of the Reserve Bank of India reminded bankers that the challenges of tomorrow cannot be fought with instruments of yesterday. He hoped that the Indian banking system will rise to the occasion and adapt itself to the changing circumstances, remembering always that a man is limited not so much by his tools as by his vision.

Rangarajan, who received the Bank of India Excellence Award in the field of finance, said, the Indian banking system has made rapid strides in the last three decades. The geographical and functional coverage of the Indian banking system is truly impressive.

He, however said that concern has been expressed from time to time of the viability of the banking system in general and particularly the public sector banks that are deteriorating in the quality of customer service.

UNI