Opportunities will open up for Indian banks, says Narendra

The next decade will present a unique opportunity for Indian banks to capitalise on the gains of the last decade and to be globally competitive and relevant, according to M. Narendra, Chairman and Managing Director, Indian Overseas Bank.

Briefing press persons at the curtain-raiser function of BANCON 2011 (Bankers Conference 2011), here on Thursday, Mr. Narendra said “several opportunities will open up for Indian banks, both domestically and internationally, as India becomes even more integrated with global markets. Over the next decade, the banking sector will see true opening up of competition from ‘traditional' players, non-traditional players (telecom) and large global players who are eager to be part of Indian growth story. In this context, banks in India will need to develop sustainable sources of advantage to stay ahead.”

Indian Overseas Bank is hosting the BANCON 2011 to coincide with the platinum jubilee celebrations of the bank.

The conference will be inaugurated by Namo Narain Meena, Minister of State-Finance on November 4.

The inaugural function will be held at the Chennai Trade Centre, Nandambakkam, which will be followed by a special address by K. C. Chakrabarty, Deputy Governor, Reserve Bank of India (RBI).

He said the objective of the event, to be held between November 4 and 6 at Le Royal Meridien, Chennai, was to organise a congregation of leaders in the banking industry to share the thoughts and strategies in different banking spaces and segments to enable and evolve suitable strategies for the future growth.

He said the theme of this year's conference was ‘Competing in the defining decade for Indian banking'. There would be 22 events and in all, 120 speakers would address and present their views.

Another special address by H. R. Khan, Deputy Governor, RBI, will be held at Hotel Le Royal Meridien on the same day.

Other eminent speakers who are going to address the conference are: C. Rangarajan, Chairman, Economic Advisory Council to Prime Minister, D. K. Mittal, Secretary, Department of Financial Services, Anand Sinha, Deputy Governor, RBI, Subir Gokarn, Deputy Governor, RBI, M. S. Swaminathan, M.S. Swaminathan Research Foundation, Debendranath Sarangi, Chief Secretary, Government of Tamil Nadu, and Lakshmi Narayanan, Vice-Chairman, Cognizant Technology Solutions.

BANCON 2011 is an annual event conducted by Indian Banks' Association with a sponsor bank.

For further details visit www.iobbancon2011.com

Keywords: Indian banks

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