Daijiworld Media Network - Mangalore (SB)

Mangalore, Dec 19: The private sector banks if given the needed freedom and licence to function effectively have the potential to do wonders for Indian economy, said All India Bank Officers' Association general secretary R J Raghavan. 

He was delivering his inaugural speech at the 16th general body meeting of Karnataka Bank Officers' Organisation at PVS Kalakunj Auditorium here on Saturday December 19. During his speech also analyzed the recent trends in the banking sector.

He observed that the banks in the nation were nationalised to hold the financial resources under control, but in fact the nation has failed to deploy the resources properly,” he added.

“Indian banking can’t be compared to the banking system in USA, as the Indian banks intend to reach even the poorest in our society unlike American banks which aim to trade worldwide," he said.

Karnataka Bank managing director and chief executive officer P Jayarama Bhat said that the banking sector is facing several challenges despite the positive change in the Indian economy.

A comprehensive Service Condition book was also released on the occasion. As part of two-day conference a delegate session will be held on Sunday December 19.