With quite a few people set to retire in the next two to three years, there is a need for the banking industry to address the issue of the vacuum that is likely to be created, according to Mr M. D. Mallya, Chairman and Managing Director, Bank of Baroda.
“In the banking industry quite a few number of people are set to retire in the next two to three years. There would likely to be a big vacuum or big gap as far as the management structure of the banks are concerned. It is imperative that we need to ensure that this is addressed appropriately. This is whether in attracting fresh talents, inducting them seeing them remain in the bank,” he said.
The Chairman and Managing Director urged the need to create a culture which is conducive for the people to continue to remain in the bank, and to ensure a proper succession plan is drawn to meet the challenges of the future.
‘Harness technology'
The robust technology that the banks have should be harnessed to get business. Business should be driven by technology, he said.
Mr Mallya also stressed the need for the inculcation of sales and marketing culture as far as operations of banks are concerned.
Banks should benchmark growth based on the potential available, he said.
Replying to the felicitations offered to him, Mr M. Narendra, Chairman and Managing Director of Indian Overseas Bank, urged the bankers to align their strengths for the growth of their organisations, and asked them to have a sense of owning their bank.
He stressed the need for thinking big, taking on daunting tasks, and focusing on excellent performance.
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