Chairman's Desk

    Dear Members,

    The Global growth is projected at 3.1% in 2024 and 3.2% in 2025 on account of greater than expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China. Whereas, The Indian economy experienced a robust growth rate of 7.6% in Q2 of FY24, surpassing expectations. This growth was primarily driven by increased government capital spending, sustained domestic demand, a thriving manufacturing sector, expansion in construction and an overall positive economic sentiment. Generation of e-way bills grew at 17% in October 2023, pointing to enhanced movement of goods and economic activity. Growth in India is projected to remain strong at 6.5 percent in both 2024 and 2025, reflecting resilience in domestic demand.

    On the Banking side & Finance side, Financial Services firm JP Morgan has informed that it will include Indian Government Bond (IGB) in their Global Bond Index – Emerging Market starting from 28th June 2024. The IGB shall be getting 1% weight starting June 2024, staggered over 10 months, with a 1% increment every month, reaching the maximum weight of 10% on the index by March 2025. The inclusion of Indian Government Bond will be a big boost as it can potentially channel wise inflows worth $20 billion to $25billion and will also provide gateway for private entities to raise capital at lower costs.

    RBI in order to promote responsible lending conduct among banks has come out with various guidelines relating to penal interest as well as release of property documents which will help the borrowers upto certain extent. Further, NPCI has increased UPI Limit transaction for medical and educational services upto Rs 5 Lacs.

    Our bank's has recently introduced WhatsApp Marketing Channel which will boost customer service by providing timely updates on products and offerings. It fosters direct communication, ensuring personalized interactions and efficient support for our clients.

    The Bank has introduced a new Term Deposit Scheme for 555 Days, offering attractive rate to its customer for a limited period. I request the members to take maximum benefit of the same.

    I again sincerely thank all our members for their continued faith in our strength and capabilities, our customers valuable support and trust in us. I assure you that Bank shall persist it’s effort to make continuous improvement in the service provided in tune with the changing banking dynamics.

    With warm regards,
    Narendrakumar A. Baldota