The Hindu : Tamil Nadu / Chennai News : MMA Awards presented

Online edition of India's National Newspaper
Saturday, Jul 04, 2009
ePaper | Mobile/PDA Version

Tamil Nadu

Tamil Nadu - Chennai

MMA Awards presented

Special Correspondent

CHENNAI: The common man is ultimately the reason for the existence of financial systems and, until the recent slowdown, many had forgotten the fact that the financial sector existed only for the real sector, said Usha Thorat, Deputy Governor, Reserve Bank of India here on Friday.

Delivering a guest lecture on “Managerial Excellence” at the Eighth Annual Madras Management Association (MMA) Awards for Managerial Excellence organised by the MMA and supported by Ashok Leyland, Ms. Thorat said that efficiency in banking management systems would be useful to the common man only with increased financial inclusiveness and with increased financial literacy.

She said that the RBI had taken steps to implement grievance redressal systems and develop financial responsibility among other initiatives.

A climate of openness and debate was required to ensure the RBI’s measures reached all people, she said.

She recalled the excellent institutional mechanisms that had been developed by the RBI over the years in the course of learning through various crises and said that the management at the top was responsible for encouraging junior members to take up challenges in multi-disciplinary inter-departmental groups.

This openness had, in turn, led to strong regulatory mechanisms which had protected Indian financial institutions at a time when banks were failing globally. Involving experts in the field and learning from global best practices in issues ranging from currency futures to reserves management had also made the bank a respected leader in the banking world.

Srinivasan K. Swamy, president, All India Management Association, cited examples showing how great managers had managed to beat market expectations. He said that the emphasis of the MMA had been on educating businesses on the best managerial techniques. The MMA Awards had included a seminar conducted by the awardees on their rise to excellence to ensure that other members could imbibe these ideas, he said.

Jayshree Venkatraman, president, MMA, said that this sharing of knowledge was the only guarantee for businesses to ensure continuous growth and to improve productivity. The MMA had been institutionalising these principles to help others learn from the best in the business, she said.

The awards were presented by Mr. Swamy to Titan Industries - Jewellery Division (Manufacturing category), Raintree Hotel (Services category), Prabha Engineers (SMEs category) and SRM University - School of Management (Educational Institutions category).

Ms. Thorat released a Special Issue of Business Mandate, the association’s magazine. The 53rd Annual General Meeting of the MMA was held after the awards ceremony.

Printer friendly page
Send this article to Friends by E-Mail

Tamil Nadu