NIBM ready for first meet to chalk out reform in public sector banks

NIBM has been chosen as the venue of the two-day conference of the chairmen and managing directors (CMDs) of public sector banks.

The conference, which will start on January 2, will have Modi addressing the CMDs on Saturday. NIBM sources said all 30 CMDs would be attending the meet that would also see the top echelons of insurance and finance sector in attendance. Officers associated with the Ministry of Finance said the meeting would discuss reforms in the country’s banking sector.

Top officials from the finance ministry are involved in drawing up the schedule of the meeting.

“Other than the PM, the finance minister and other ministers will be attending the meeting. Though there has been CMDs’ meet earlier, a meet for reforms which will see the participation of all top leaders of the banking and finance sectors has not happened before,” said a senior officer of the Ministry of Finance.

In keeping with the profile of the meeting, security and other arrangements are being made on a war footing at the NIBM.

SPG officials have taken over the security of the establishment and most of the officers are already stationed on the NIBM premises.

While the ministry has not circulated any fixed agenda of the meeting, officials said the CMDs would be discussing issues like financial inclusion, consolidation, methods to increase capital efficiency and others.

“Reform in itself has many facets and we have been told this will be a brainstorming session. The outcome of the session will act as a guideline for the policy makers,” said an official.