Discussing the two-day bankers' retreat, which saw PSU banking officials conduct various seminars and group discussions on key issues such as ensuring greater autonomy for banks, improving risk management practices, their recapitalization needs, improve asset quality and curb black money among others, Sangapure said a lot of positive comments have come from the summit, especially Prime Minister Narendra Modi's statement making it clear that there will be no interference from PMO. "The PM was categorical on autonomy of banks," he said.
VR Iyer, CMD, Bank of India , said the exercise was to draw blueprint to improve efficiency and discussions included improving performance management system.
Also Read: Gyan Sangam: PM promises greater state bank autonomy
Below is the transcript of Ram Sangapure and VR Iyer's interview with Sonia Shenoy & Reema Tendulkar on CNBC-TV18.
Sonia: What exactly the Finance Minister committed to whether they was any commitment to the PJ Nayak recommendations or report? What took place really at that Sangam?
Sangapure: This Sangam was a first-of-its-kind in the history of public sector banking in India. Wherein Finance Ministry, Reserve Bank of India played a host to all the top level banking executives and they were perfect host actually. The State Minister of Finance was there continuously for a two days along with us he was in fact participating in all the group discussions which we had.
The Finance Minister was there and he also participated in discussions, he gave advice on certain issues. Honorable Prime Minister participated in it and he had lot of expectations from the banking industry. This was unique in its nature and wasa moral booster to the public sector banking. In fact for a last couple of quarters public sector banks were receiving a brickbat from all quarters for increasing non performing assets (NPA). From that background probably this can be considered as a morale booster to PSB executives.
Sonia: Is it true that the complete autonomy of public sector undertaking (PSU) banks was something that a Prime Ministers spoke about and if yes how would this be achieved going ahead?
Sangapure: Prime Minister made it very clear that there will not be any interference from the Prime Minister's (PMOs) Office. That itself is an indication that not only from a PMO but from all other government offices there should not be any interference in the banking day to day administration. So far as political interventions are concerned Prime Minister was categorical saying that where ever a necessary political intervention is needed and it is good for the development of banking industry and the economy. So, from perspective of autonomy he is very clear that banks will function as professional entities, government will not interfere in day to day administration and from that perspective there is a one step forward towards autonomy of public sector banks.
Reema: What was the discussion surrounding the PJ Nayak Committee recommendations? Has the finance ministry agreed to them? Can you walk us through the specifics?
Sangapure: The recommendations and the decisions taken by the ministry were not supposed to discuss on those issues because the ministry has a prerogative to announce those decisions in a particular point in time. However, I can only emphasise that all bankers were spilt into groups and major issues facing by the public sector banks were discussed by different groups.
Representatives from Reserve Bank of India, experts from industries (including members of the Nayak committee), department of financial services, Centre for Advanced Financial Research and Learning (CAFRAL), from National Institute of Banking Management (NIBM) all participated in a thorough discussion on all these issues. After almost about a whole day of discussion, in the evening probably one agenda was submitted to the Prime Minister. The agenda was before discussed with the minister of finance as well.
When Prime Minister came we finalised certain points and only those points were discussed in his presence. Prime Minister assured that Finance Minister will look into all the suggestions given by banking industry and in due course of a time probably the Finance Minister and the Prime Minister and the ministry will make an announcement on some of these issues.
Though it is not very clear that whether all recommendations or some will be accepted by the ministry but definitely there was a very positive intention of the ministry, even Prime Minister, even honorable Finance Minister, even RBI governor. They were very positive about the discussions which happened during this conclave and the suggestions given by the banking industry. There will be a positive development going forward definitely.
PNB stock price
On January 05, 2015, at 11:14 hrs Punjab National Bank was quoting at Rs 220.20, up Rs 0.75, or 0.34 percent. The 52-week high of the share was Rs 1135.60 and the 52-week low was Rs 216.05.
The company's trailing 12-month (TTM) EPS was at Rs 19.57 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 11.25. The latest book value of the company is Rs 198.28 per share. At current value, the price-to-book value of the company is 1.11.
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