Shri.narendrakumar A. Baldota

Biography

The banking industry started its new financial year from 1st April 2017, marking the beginning of an epic chapter in the financial history of the country – a time when the Central Government has announced several path breaking initiatives for the promotion of a cashless economy in India. A cashless economy involves all transactions being carried out electronically by means of Debit and Credit cards, banking & mobile wallets and e-payments; with minimal circulation of physical currency. The economy is steadying itself after a major shake-up last year when demonetization was announced in November 2016. The Government has offered many measures for the growth of businesses in the country, particularly in the burgeoning MSME sector. At the same time, banking and finance companies have also aligned their key products and services to suit the changing needs of the business world. It is safe to say that the current economic climate in the country is ripe for the growth of business. For borrowers, the New Year definitely started on a high note. Most banks announced a cut in their benchmark lending rates spurred by demonetization leading to reduction in cost of funds for banks. Consequently, even home loan rates were reduced as much by 50 basis points (bps). Aligning with market changes, your Bank too proactively reduced home lending rates from 10.50% p.a. to a FIXED interest rate of 8. 50% p.a. for 20 years. Women borrowers get an additional relief of 10 bps i.e. home loan at 8.40% FIXED interest rate for 20 years. Both offers are for a limited period only. Most banks link their home loan rates to the Marginal Cost of Funds (MCLR) lending rates and borrowers may not have got immediate benefit from this downward revision of rates. In such scenarios, it is better for home loan borrowers to ‘switch’ or balance transfer their home loans to competitive and fixed interest rates such as that offered by your Bank, as it can significantly reduce the EMI payment or the number of years remaining to repay the loan. Your Bank has even waived the processing fee in the case of home loan switchovers. Growth and profitability is the focus for this financial year and in order to successfully execute Bank’s plans, it is imperative that the execution and delivery of services is as per customer expectations. By the end of F.Y 2016-17, your Bank has achieved decent growth rates in all financial indicators. The total Business Mix grew by 13.2 per cent to Rs. 3,410.1 crs with Rs. 2,026.7 crs as total Deposits and Rs. 1,383.4 crs as total Advances. Deposits increased by Rs. 261.2 crs over the previous year and total portfolio of loans and advances rose by Rs. 136.4 crs. Staff productivity increased from Rs. 7.1 cr to Rs. 8.1 cr. As we continue in our efforts to meet customer aspirations, I would like to thank all Members and Shareholders for their continued support to Greater Bank.

Research Interest

banking economics commerce accounting