 "M O Rego")
M O Rego, the new managing director and chief executive officer of Bank of India speaks to Abhijit Lele about his priorities. Edited excerpts:
You are taking charge at a time when Bank of India’s performance has faltered for two quarters in a row. What will be your priorities?
Obviously, the top priority is to improve asset quality. In the present environment, this is true for all banks. Bank of India’s performance has suffered in the past two quarters. Being a pan-India bank with wide international presence, I see tremendous potential for the bank going forward.
In your view, which area needs urgent improvement?
Risk management is one area where the bank will have to strengthen system, skills and culture. We will work towards making the systems robust.
The government has announced plans for injecting capital in public sector banks. What is your take on capital adequacy?
While capital infusion by the government is a booster, our capital requirements are large. The bank also has to raise equity from the market on its own standing. We will work towards improving our profile and getting better valuations.
