They enthuse equity markets on strength of performance
"Banks should upgrade human skills and resources" "They should induct quality workforce at the entry level" "PSBs needed to focus on campus recruitment and offer competitive salaries"
CHENNAI: Indian banks have become some of the most profitably managed institutions in the world, as seen in the peaking of profitability to over 1.12 per cent in 2004-05, T.T. Rammohan, professor, Indian Institute of Management, Ahmedabad, said on Friday.
There had been an improvement across several indicators and public sector banks (PSBs) had passed the ultimate test of capitalism, the ability to enthuse equity markets on the strength of performance, he said while delivering the Tarakeswar Chakraborti Memorial Endowment lecture organised jointly by the All-India Bank Employees Association and the University of Madras.
Calling upon bank unions to take responsibility for customer service, Mr. Rammohan said banks needed to upgrade human skills and resources and there was a dire need for induction of quality workforce at the entry level.
PSBs needed to focus on campus recruitment and offer competitive salaries. There was also a need for organisational diversity and different business models had to be fostered in a given setting, he added.
PSBs played an important role in national development and had to concentrate more on providing high quality services to customers and becoming more professional, Anne Mary Fernandez, Registrar, the University of Madras, said.
The middle classes and lower middle classes constituted a burgeoning market that needed to be tapped and bank employees had to be technologically oriented to cope with competitive challenges, she said. The Central Government's move to privatise 90 per cent of banking services would create a network of intermediaries between banks and their customers and foster monopolies within the banking sector, Rajen Nagar, president, AIBEA, said.
AIBEA also honoured three students who had done exceptionally well in academics this year.
Thameem Ansaria, who had topped among Corporation school students in the State in the Plus Two examination was given a sponsorship for all her higher educational expenses. Bharat Ram, the State Plus Two topper and J. Ganesan, the State topper in the Civil Services Examination for the year, were also felicitated.
C.H. Venkatachalam, general secretary, AIBEA; Udhuman Mohideen and R.Arunachalam, head and professor respectively in the Department of Economics, Madras University, spoke.