Commercial banks play a crucial role in a country’s economy, said Tamil Nadu Governor K.Rosaiah after inaugurating the new administrative office “Narayana” of the City Union Bank Ltd here on Monday. The health of a country’s banking system is the barometer to measure the strength of its economy, he said.
“Deposits in banks are the wealth of a nation. They promote capital formation by lending to a variety of sectors,” said the Governor.
While banks lend a lifeline to the agriculture sector in India, they should also play a key role in financial inclusion through rural banking, he said.
“I am happy to learn that 60 per cent of the branches of the City Union Bank Ltd are in rural and semi-urban centres,” he said. He commended the bank as one of the oldest private sector banks in the country. The bank is spread across 14 States and Union Territories with about 382 branches. In its 110 years of existence , the bank has gained considerable reputation amongst its customers.
The bank was built through honesty, integrity, and service. It is the trust and faith of the people that has helped the bank grow into a renowned private sector bank. The Governor also unveiled a statue of V.Narayanan, former chairman of the bank, after whom the new building has been named.
Mani Shakar Aiyar, MP; K.Baskaran, Collector; and Ko.Si. Mani, former minister; were present. M.Balasubramanian, chairman of the bank, and N.Kamakoti, Managing Director and Chief Executive Officer of the bank, spoke.