Chennai, Nov 24: Union Finance Minister Nirmala Sitharaman on Saturday said banks should understand their core strength while deciding on scaling up their operations.
“Scaling up is like a contagious disease. But institutions like banks should understand their core strength,” the Finance Minister said while speaking at the 116th Foundation Day Celebrations of the Kumbakonam-based private sector City Union Bank (CUB) here.
The banks should first ponder whether its core strength would get weakened or not. The CUB did not go in for unnecessary scaling up, she said.
She praised the CUB as a beautiful institution with unblemished record and said one should cite this bank as an example instead of citing multinational companies. An institution functioning for over 100 years without losing a day due to strike is something to be celebrated, she added.
Managing Director and Chief Executive Officer of CUB, N Kamakodi said the bank has 650 branches spread across the country. (UNI)