The Hindu Business Line : `Competitiveness key factor for success of a bank'

A Corporation Bank release said here on Tuesday that Prof Zacharias was speaking at the corporate award ceremony, organised by the bank at Goa recently. He said that the Indian banking scenario has vastly changed in the liberalised environment. In such a situation, competitiveness of the bank is a key factor for its success.

"People have done successful business in the past. But to be a successful businessman in the present competitive environment is a challenge," he said.

Congratulating the award winning staff of Corporation Bank, he exhorted them to work more smartly and exploit the full potential of the market opportunities.

Mr B. Sambamurthy, Chairman and Managing Director of the bank, said that Indian economy is booming and is now very robust. The banking system has made its significant contribution to the growth of Indian economy. In the last three years alone, the banking system has lent more than Rs 8 lakh crore, which is far higher than the past records.

Banking system is not only a propeller of economy but is also a beneficiary of economic progress. He attributed the outstanding achievements of Corporation Bank to the committed workforce.

He said that the bank is reorienting itself to the present competitive environment. Recently, it has taken a new initiative of forging a business alliance with Oriental Bank of Commerce and Indian Bank. These three banks will collaborate with each other and exploit the business opportunities, combining the individual strengths and exploiting the scale of economies and operations, he added.

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`Competitiveness key factor for success of a bank'