Daijiworld Media Network – Mangalore (KM/NR) 
Pics: Dayanand Kukkaje

Mangalore, Feb 9: Banking sector in India is undergoing tremendous changes and this trend has given rise not just to opportunities but also to challenges, opined M V Nair, chairman and managing director of Union Bank of India, while delivering a lecture on 'Emerging Challenges in Indian Banking Industry' held at the meeting hall of Kanara Chamber of Commerce Industries (KCCI) here on Friday February 8. 

Speaking after being felicitated at the function Nair informed, 'One of the significant developments noticed as a result of the changing trend in the banking sector is the introduction of a large number of new customers, giving rise to an exponential growth in consumers credit.' 

In his opinion, 'The structure of the banking sector must be reshaped to meet these growing changes. In other words, banks must be well-equipped to deal with the new customers and the emerging challenges,"  he added.

Banks cannot expect customers in traditional form any longer, unlike earlier, as customers have grown above the traditional paradigm. Under such circumstances banks should reach out to the changing consumers' needs and explore newer opportunities, he advised.  

Moreover, according to him in the near future the Indian banking sector will be opening up to global banks. This does not mean that it will pose problems only, it will yield opportunities too. Hence, banks need to prepare themselves now to face the shift effectively and efficiently, he averred.  

Kumble Narasimha Prabhu, president of KCCI and other office bearers were present on the occasion.