no vision, no accountability- our banks failed us to the core

lately, a private bank partnered with an online taxi-hailing company to help people get cash at their doorstep by just ordering the amount over mobile app and with a simple swipe of bank’s atm card. that’s out-of-the-box thinking, this is called managerial vision and an astute approach to serve customers no matter how hard the time is. but what about our public sector banks?

you must know that indian public sector banks (psbs) have a wider customer base than their private counterparts, while private banks run on principles of wise management, psbs depend on government’s budgetary allocation for their recapitalisation.

sad, non-performing assets of psbs are all-time high and they outdo the figures of private banks on this account, a clear indication of sub-standard management.

in the wake of demonetisation, when common man rushed to banks to avail of new currency notes, psbs weren’t just out of ideas on how to deal with the sudden rush, they even allowed unscrupulous elements convert black money, besides helping backdoor withdrawals by people with links.

while sbi did facilitate cash withdrawals at big bazaar outlets and some fuel stations, the scheme failed to take off- lack of proper implementation.

sudden rise in opening of current accounts and hike in deposits in dormant and jan dhan accounts is a clear indicative that banks did play foul after november 8 demonetisation announcement.

was this what is expected out of them? public sector banks could not even think of a way to ease the hardship faced by common man, their inaction in managing the drive is a question on their managerial and administrative skills, let alone the failure in checking corruption in branches.

give your verdict