New norms for foreign players not to hit Indian banks: Union Bank

Opening up of Indian banking industry for foreign players will not harm local lenders, who have been operating in the country for nearly 100 years, asserts a senior executive of Union Bank. "The presence of more players does not mean we will be weaker. We are ahead of them in terms of local experience and customer relationship," said K Subrahmanyam, executive director of the bank at a press meet here.He was in the city to donate Rs 1 crore to the Chief Minister's relief fund to help the victims of cyclone Phailin and floods in Odisha. The new banking entrants will ensure more competition in the market and ultimately, will provide benefit to the consumers, he explained."The competition will pave way for introduction of more financial products at competitive prices. At the end, it is the consumer who will benefit," said Subrahmanyam....Read more >> Click here