Banks need to identify roadmaps for timely capital raising: DFS secretary Nagaraju

DFS secretary M Nagaraju

M Nagaraju, secretary of the department of financial services (DFS) on March 17 said that banks need to identify roadmaps for appropriate and timely capital raising.

He also said that banks also need to do efficient allocation of resources besides striving to bring down intermediation costs.

"Each bank also needs to identify its focus on building capacity and planning roadmaps for appropriate and timely capital raising or efficient allocation of resources besides striving to bring down intermediation costs." Nagaraju said during Indian Banks' Association 77th Annual General Meeting.

He added that banks will need to step up their efforts, not only to make these good services more robust and user-friendly, but efforts will need to be made for extending the collaboration, alliance umbrella or more synergy usages.

"Initial and more productive initiatives need to be worked upon for cyber security, technological platforms for risk management, introducing and strengthening applications of AI analytics, fintech incubation, acceleration, and cloud services. Most importantly, the gains achieved in the last year's programme, we need to consolidate, strengthen, and ensure that we are not lost right now," Nagaraju said.

DFS Secretary added that public sector banks are well-poised to share best practices among themselves as well as collaborate on business and efficiency gain processes due to inherent similarities among them on multiple matters.