Bancon 2011 will serve as a platform for the Indian banking sector to frame strategies to face the challenge of competition and exploit the opportunities for growth over the next decade, according to Mr M. Narendra, Chairman and Managing Director, Indian Overseas Bank.
Addressing a curtain raiser press conference on the eve of the inauguration of the annual event of the Indian Banks' Association, he said opportunities are opening up in the domestic and foreign markets for the Indian banks. This presents an opportunity to build on the progress that the sector has seen over the last decade. The sector will also be ‘truly opened to competition' as traditional players expand and non- traditional players enter the banking sector.
The three-day event is framed on the theme ‘Competing in the defining decade for Indian banking'. IOB is hosting Bancon this year as it coincides with its own Platinum Jubilee celebrations.
The conference is to be inaugurated on Friday by Mr Namo Narain Meena, Minister of State for Finance. Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, will deliver a special address on ‘Gearing up for competitive impulse in Indian banking'.
Nearly 70 leading personalities from banking, financial services and corporate sector will address the participants, Mr Narendra said.
The events on the second day are to begin with an address by Dr C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister, on ‘Competing in the defining decade for Indian banking — Outlook and imperatives for banking 2020'.
IOB will make significant announcements including strengthening its banking network. This will relate to opening of 75 ATMs and 50 new branches mostly in rural and semi-urban areas. This will add to its more than 2,250-strong branch network, Mr Narendra said.