Bank of Baroda must bridge technology divide between parent company and local operations

Dec 08, 2019 News

– Central Bank Governor

By Kemol King

The Bank of Baroda has been charged by Central Bank Governor, Gobind Ganga, to bridge the technological divide between the Bank’s operations here in Guyana and its Indian headquarters. He made this charge, during a customer meeting, held by Baroda at the Georgetown Club, on Friday evening.

Governor, Bank of Guyana, Gobind Ganga

The bank, which has been operating in Guyana for decades, has been a commendable force in the financial market in its earlier decades here, according to Ganga.
“Baroda is not just the little Bank.”
For it to remain a force, the Governor posited that it will have to start doing more.
He said that a recent visit to Baroda’s headquarters in India opened his eyes to the impressively modern technologies offered by the Bank to its clients there, and the disparity in what is provided here.
He explained that the technologies used in India allow the Bank to give its customers better ease of banking.
“You can take your pass book and just throw it into a machine without even looking at the page, and you can pick it up at the other end, all updated… The machine does everything.”
“An account can be opened with an Ipad anywhere in the country. There is total financial inclusion. You could go to the ATM and do whatever business you want. You could use your phone, ask for a certain amount of cash, then

Baroda’s customers at Friday’s Meet

you will be told to drop in at this bank in the next 10 minutes to take your cash away.”
“Those are what we were able to observe in India. So what happens in Guyana?” the Governor asked.
He said that he was astounded that customers in India are so well tended to, “but we [Guyana] haven’t had the kind of services out of Baroda.”
Dr. Ganga and Finance Minister Winston Jordan are both supportive of Baroda being a proactive bank in this country.
“We want to see it grow and offer the kind of services that are being offered in India.”
Dr. Ganga said that where expansion and modernisation are concerned, Baroda will benefit.
First Oil is just days away, and Dr. Ganga is sure that the revenues accrued from that sector will be a catalyst for that growth.
The Governor said that, in India, he learnt that the Central Bank of India has been very instrumental in the facilitation of the provision of services by banks across the vast expanse of India. He said that the Bank of Guyana wants to have a similar harmonious relationship with Baroda, and help it to expand.
Dr. Ganga’s delegation was received by the Central Bank India, who reportedly gave assurance that it will help, as one aspect of the bank’s role is ensuring that services are provided for the Indian Diaspora.
Guyana already has the regulation and legislation necessary to modernise the banking system, Dr. Ganga told the gathering, for the provision of better services for big customers as well as smaller retail customers.
He said that there will be policies in place to ensure growth and stability of the financial system.
The Bank of Baroda had made an announcement that it intended to sell off its local operations, but then reneged on that decision just a few months ago.
The Bank’s Directors told its customers on Friday that it is “here to stay!”
Dr. Ganga said that its Indian Director told him the bank is committed to Guyana. It was relayed to the audience that it intends to move its headquarters, and open several branches across the country.
Guyana is awaiting Baroda’s strategic plan, which will detail its plan to revolutionise its operations.

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