Chennai, Nov 23 (IANS) Union Finance Minister Nirmala Sitharaman said on Saturday that banks should understand their core strengths before deciding on scaling up their operations.
Speaking at the 116th foundation day celebrations of private lender City Union Bank (CUB), Sitharaman said: “Scaling up is like a contagious disease. But institutions like banks should understand their core strengths.”
She said that banks should first ponder whether it’s core strength would get weakened.
Sitharaman also said that CUB didn’t go for unnecessary scaling up.
Praising CUB as a great institution with unblemished record, Sitharaman said one should cite this bank as an example instead of citing multinational companies.
She said an institution functioning for over 100 years without losing a day due to strike is something to be celebrated.