Speech by Mr V Leeladhar, Deputy Governor of the Reserve Bank of India, on the occasion of the centenary celebrations of the Corporation Bank, Bangalore, 12 March 2005. * * *
It gives me great pleasure to be in your midst today. A hundred years is, indeed, a landmark event in the history of an institution and as Corporation Bank celebrates its centenary, it joins the rank of the ‘venerables’. The establishment of the Corporation Bank with its humble beginnings in 1906 was during an eventful period in India’s economic history. It was a brave new era which saw a flurry of activity when a host of what were then termed ‘native’ banks were set up in India, spurred, in no small measure, by the forces of a resurgent nationalism and the yearning for self determination. These forces, later coalesced into the Swadeshi Movement, helped draw out the latent entrepreneual talent of the time in the field of banking to set up banks oriented towards the indigenous communities which they sought to serve. With the onset of liberalization, banks in India are under pressure to change the ways in which they do business. They now face an increasingly competitive environment not only from banks but also from non-bank financial institutions. Explosive growth in IT has changed the way individuals interact with banks and the way banks respond. In the changed scenario, success will depend on the ability of banks to leverage the human potential and capabilities. This speech is an attempt to reflect on the new challenges facing banks in the management of human resources. The period 1904 to 1913 saw a bank being set up virtually every year – prominent amongst these were the Bank of Burma established in 1904, the Bank of India, the Corporation Bank and the Canara Bank in 1906, the Indian Bank in 1907, the Bank of Baroda and the Punjab and Sindh Bank in 1908, the Central Bank of India in 1911 and the Bank of Mysore in 1913. The Corporation... [continues]
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