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'Retail banks need to transform'

Retail banks now need to transform from medium to large considering the changes in the next five years. Central Bank Governor Ajith Nivard Cabraal said at the World Savings Bank (WSBI) and National Savings Bank (NSB) 18th Asia Pacific Regional Group Conference at Cinnamon Grand Hotel Colombo yesterday.

Delivering the keynote address at the two day conference on 'The Competitiveness of Current Retail Banking of WSBI Members,' he said retail banking is different from others on the circumstances where even a small one can become big through the support of someone else.

Cabraal said to meet this challenge retail banks have to be conscious about access to markets by recruiting people with necessary culture.

Banking beyond branches is another factor. As the internet has the access to everything required today there is no need to go for branches. But developing youth and continuous investment of R and D is a must. In the meantime a new IT structure also will be required in three years time. Referring to the challenges of Central Bank Cabraal said that regulating is another challenge because the CB has to ensure customer protection and prudential controls. It is necessary to mandate certain sections such as having debt counselling and regulating connected institutions to ensure no risk to the overall system.

He pointed out that these issues will have no permanent answers but continue to stay and therefore it is necessary to stay abreast to be successful in the competitiveness. WSBI represents 23 member institutions from 16 countries in the Asia Pacific Region and functions as a platform to build relations with national, regional and international institutions and to exchange experiences with peers from within and beyond the region.

This year's meeting in Sri Lanka is significant as it coincides with 40th anniversary celebrations of NSB bringing together more than 40 delegates from WSBI member institutions and the NSB .

Senior Minister of International Monetary Cooperation Dr Sarath Amunugama was the chief guest and Chairman of WSBI Asia Pacific Regional Group Adinan Maning, Director Training and Consultancy WSBI and Chairman NSB Pradeep Kariyawasam were present.

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