Banks should adapt to changing customer needs to remain competitive: CEA

Chief Economic Advisor to the Centre, V Anantha Nageswaran has said banks should adapt to changing customer preferences and market dynamics in order to remain competitive.

He highlighted the crucial role of agriculture in driving economic growth at an event organised by public sector Indian Bank here on Saturday.

In his remarks on the topic 'Indian Economy and Banking: Growth and Trends", Nageswaran stressed on the importance of technological advancements in driving growth and innovation in the industry.

The CEA, in a press release issued by the Bank, emphasised the need for banks to adapt to changing customer preferences and market dynamics to remain competitive.

He hailed the Indian Bank for its efforts to invest in knowledge sharing and excellence and lauded it's initiative under the MSME Prerana programme which is aimed at training the entrepreneurs.

In his address, Indian Bank Managing Director and CEO S L Jain said, "We are delighted to have Dr Nageswaran sharing his insights on the Indian economy and its implications on the banking sector."

The interaction would undoubtedly benefit all the participants and help them better understand the challenges and opportunities facing the industry, he added.