‘Manthan 2022’ was held in New Delhi on Friday with the goal of brainstorming with top leaders of public sector banks and unlocking next-generation reforms while continuing the EASE journey.
Sanjay Malhotra, the Financial Services Secretary, addressed the bankers and expressed confidence that public sector banks will continue to strive and perform better on all metrics, including profitability. Malhotra urged banks to strengthen themselves further and raise capital from the markets. He also suggested that PSBs explore more collaboration among themselves, and that larger banks share their best practices with smaller lenders and guide them in areas where they require more expertise. Malhotra also suggested that banks investigate long-term profitability strategies and a more customer-centric approach.
Accordingly, six groups were formed to look and suggest measures for key focus areas including customer service, digitisation, HR incentives, governance and collaboration.
Earlier, Atul Kumar Goel, chairman of the Indian Banks’ Association, welcomed the participants and expressed hope that Manthan will bring about a turnaround in the industry. Sunil Mehta, CEO of the IBA, expressed hope that this initiative will help to share best practices while looking for innovative solutions.
