Page 127 - BFSI CHRONICLE 3092022.indd

BFSI Chronicle, 11 Edition September 2022
th

BANK NATIONALIZATION AND BEYOND

he Banking, Financial Services and branches in villages and towns. Nationalization has
Insurance Board of the Institute of Cost shifted banking from class banking to mass banking
Accountants of India observed July 2022 as and has also strengthened the green revolution. Its
Tthe Banking Month and hence organized on aim was to make the country self-reliant in food
29th July, a National Banking Symposium on “Bank security. Despite critical conditions and turbulence
Nationalization And Beyond” at Hotel Hindustan in the Indian economy, the public sector banks have
International. The event was streamed live through been successful in meeting the mandate with the
Institute’s official YouTube channel for all its support from the government and the RBI. CMA
stakeholders worldwide. Basu applauded the private and public sector banks
for their performance in time of crisis including the
The program was graced by Shri D.N.Ghosh, former Covid-19 pandemic
Chairman of State Bank of India and the founder
and first chairman of ICRA as the chief guest. Sri CMA Chittaranjan Chattopadhyay, Chairman, BFSIB,
Chandra Shekhar Ghosh, the founder, MD and CEO in his address, welcomed the dignitaries and said with
of Bandhan Bank and Shri Soma Sankara Prasad Nationalisation, Banks have moved from regulated
MD and CEO of UCO Bank were also present and times to an unregulated era with easing controls on
participated in a fire side chat. interest rates, autonomy etc. Banks have to survive
in today’s world of intense competition. Every
Shri Tamal Bandyopadhyay, an award winning bank is deeply concerned with their bottom line.
business columnist and author, was the moderator Technology, products, services being the same, cost
of the talk show. optimization is the only way to protect their margins.
The world is moving towards the only panacea
CMA P.Raju Iyer, President, ICAI, welcomed for profit conservation. CMAs are well trained in
the guests and expressed his thrill for organizing Costing and have hands on experience to assist the
the symposium on such a pertinent topic. He banks in their war again cost escalation in every
mentioned the importance of cost management product, service, transaction they offer. CMAs can
accountants in the banking industry and provided a excel as CEOs, CFOs, CCOs in any organization with
sequential illustration as how economy is powered their costing, audit and management skills coming
by management professionals. to the fore. The future of banking revolves around
Technology and every bank shall be upgrading their
CMA Biswarup Basu, Immediate Past President, ICAI, technologies with Block chain, Artificial intelligence
addressed the august presence and congratulated and machine learning. But, the cutting edge is going
ICAI, for the symposium. He said the banking system to be ultimately cost optimization.
is the powerhouse of any economy and the rise and
fall of the economy largely depends on the health Shri DN Ghosh in a conversation with Tamal
of its financial sector. One of the major objectives of Bandyopadhyay, took the audience down the
nationalization of banks was the expansion of banking memory lane and shared many untold stories relating
into rural areas to ensure financial inclusion. People’s to nationalization which enthralled the audience.
confidence was very low in banking which was a
major obstacle in the expansion of banking in India. This session was followed by a fireside chat with
Nationalization of banks changed the fate of rural two top bankers of Eastern India, Shri C S Ghosh,
areas. Banks started coming out of cities and opening Founder, MD & CEO, Bandhan Bank and Soma

The Institute Of Cost Accountants Of India

127