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BFSI Chronicle, 11 Edition September2022
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Sankara Prassd, MD& CEO, UCO Bank. of public sector bank chiefs, their relatively shorter
tenure vis-à-vis their private peers , inability to
Shri S.S.Prasad while talking about whether the reward their employees for performance etc.
objectives of nationalization has been achieved,
opined that one of the objectives of nationalization Shri C S Ghosh talked about the scopes of private
was to ensure that the entire population in India banks and said that private banks like Bandhan banks
has access to banking. And they have succeeded as are trying to reach the rural population, specially the
Jan Dhan account has been launched and greater agriculture sectors and provide them with access to
penetration has been reached which is a great financial services and capital. He also mentioned that
success after nationalization. As the 2nd objective the private banks while making greater profits, also
he pointed that the public sector banks have played contribute to the society from the profits by giving
a major role in providing credit to all the sections be greater returns to the depositors and also on the ESG
it SMEs or agriculture, which was limited of a few issues. He however deplored that step motherly
section of the society before nationalization. The treatment is being meted out to the private banks
3rd objective he identified is easy, transparent and while opening government accounts with them.
cheap banking services which are also achieved by While talking about the extra charges by private
PS Banks. When asked about how do public sector banks, he said that by this the private banks are
banks manage between making profits and providing trying to educate the customers to transact and use
affordable banking services, he mentioned the the digital mode more and more. Shri Ghosh talked
hidden social costs, which are taken care of by the about the cyber-crimes and the security measures
public sector banks while ignored by the rest. He which the customers need to take and also said that
accepted that capital has been infused by the Govt, without the checks and balances the banks cannot
but also mentioned the big picture as to how much survive. He stressed on cost accountants’ requirement
the public sector banks have contributed by way of in the banking industry due to their cost assessment
tax, dividends and profits over the past 50 years for skills and trainings.
social upliftment. Shri Prasad, said that Govt will
not privatize all the banks as by that they would After a satisfying and elaborate question answer
lose control over such a key and strategic sector but session, the program was wrapped up by vote
at the same time he also stressed on the importance of thanks by CMA Chittaranjan Chattopadhyay,
of the private banks. In candid discussion Mr Prasad Chairman BFSIB.
also raised relevant issues such as poor pay package

The Institute Of Cost Accountants Of India

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