President Shri Ram Nath Kovind on February 12, 2020 addressed the Golden Jubilee celebrations of the National Institute of Bank Management (NIBM) in Pune Maharashtra.
- The President said that after independence banks were also considered part of a social contract of ensuring growth with equity. Considering importance of banks in the economic system of the country, Banking Regulation Act was implemented in 1949.
- He also said that founding fathers of our Nation were very conscious of the role banks have to play as holders of public trust. He urged all bankers to judge their actions by this touchstone given to us. He said that as custodian of public money, banks have significant fiduciary responsibility in the economy. They have to take all possible prudential measures to ensure that trust is not betrayed in any manner. Recent proposal to enhance Deposit Insurance Coverage from Rs 1 lakh to Rs 5 lakh is a positive step in the direction of assuring savers.
About National Institute of Bank Management
- National Institute of Bank Management (NIBM) was established in 1969 by the Reserve Bank of India, in consultation with the Government of India, as an autonomous apex institution for research, training, education and consultancy in bank management.
- Its mandate is to play a proactive role of “think-tank” of the banking system. NIBM is part of the grand vision of giving a new direction to the banking industry in India and making the industry a more cost-effective instrument for national development. Therefore, helping the managers in their endeavour to make their organizations competitive both in domestic and international markets is the mission of the Institute.
- NIBM, an autonomous academic institution, is governed by a Board, its highest policy-making body.
- The Governor of the Reserve Bank of India (the central bank of the country), is the Chairman of the Governing Board.
