Banks can play pivotal role in nation's economy: Governor

Jammu, Dec 9 (UNI) Jammu and Kashmir Governor Lt General (Retd) S K Sinha today emphasised the role of banks in the development of nation's economy and said proper investments can lead to economic emancipation and overall prosperity.

Inaugurating the first ever branch of the South Indian Bank here today, the Governor called for creating awareness and banking sense among hitherto uncovered segments of the people so that its benefits can be availed for economic development.

He said proper investments could yield better dividends and the general public should be made aware about various schemes tailored by the banking sector.

The Governor said the use of technology has placed Indian banks at par with global peers.

The high officials of the Bank said that the South Indian Bank (SIB) has grown with a stunning business of Rs 18,224 crore, while its net worth stood at Rs 696 crore.

The bank is aiming to cross the net worth to the coveted Rs 1,000 crore mark by 2008, they added.

The management claimed that SIB can stand up to any other new generation bank, as it provides the facilities like global ATM debit cards, anywhere banking, mobile banking, internet banking.

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