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Public Sectors will be with the people during hard times, Private Banks will be there only during boom – Prof. Raja Sethu Durai

New Delhi, 27 Aug, 2021: All India Bank Employees’ Association invited Dr. Prof. Raja Sethu Durai University of Hyderabad, to add his views on the AIBEA’s ongoing National Seminar series and share his perspective on the Future of Banking –economic perspective, under the theme People’s Money for People’s Welfare.

The speaker threw light on the very reason of establishing the foundation of banking and the fact that it was built for people. “The Bank was created to offer loans to poor, miserable or needy persons,” said Dr. Prof. Raja Sethu Durai. Sustainable banks start by determining basic human needs to be met and then deliver financial services which meet those needs.

Elaborating on the success of public sector banks, “in the short run, the credit channel of monitory transmission was found to be stronger in respect to public sector banks than that of private sector bank,” he added.

He discussed how none of the Indian banks is on the list of top 10 global banks due to lack of government support. While the government-operated banks in China file the best patents in the Fintech category.

Furthermore, he exposed various common myths related to the industry like

  • The Business of Government is not to run the Business
  • The free market develops technology and innovation
  • The role of government is limited to national security & Law and Order

“30% of patents file in the US are funded by the government so the role of government in technology and innovation is very important,” he concluded.

In the national seminar series, AIBEA has showcased the views and perspectives of renowned industry people. The seminar has unfolded facts and figures backing AIBEA’s fight against the privatisation of the banking sector.

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