k c chakrabarty : empowering msmes for financial inclusion and growth – issues and strategies keynote address by dr k c chakrabarty, deputy governor of the reserve bank of india, at the central bank of india sme conclave, mumbai, 20 december 2011. * * * assistance provided by smt l vadera in preparation of this address is gratefully acknowledged. shri m. v. tanksale, chairman and managing director, central bank of india ( cbi ), smt v. r. iyer, executive director, central bank of india, shri chadrakant salunkhe, president sme chamber of india, shri a. ramesh kumar, md & ceo – asia pragati capfin pvt ltd, sme entrepreneurs, staff members of cbi, distinguished guests, members of the print and electronic media, ladies and gentlemen. it is my pleasure to be here at this conclave on the eve of the conclusion of centenary year celebrations of central bank of india. as you all may be aware, central bank of india, which was established way back in 1911, has a glorious past and would be celebrating its foundation day on december 21, 2011. i take this opportunity to congratulate shri tanksale, cmd, smt iyer, ed, all employees and customers of the bank and all the other stakeholders on completing a remarkable hundred years of exemplary service to the nation. the bank was the realization of the dream of shri sorabji pochkhanawala, a visionary, a philanthropist and a rare breed of people who richly deserve our tributes. it was the first commercial bank which was wholly owned and managed by indians. central bank of india, over the years, has won the trust and confidence of its clients and it comes as no surprise then that it has become one of the most prominent banks in india. but more importantly, the bank had a rich tradition of promoting small and medium entrepreneurship and played a sterling role in the industrial development of the bombay presidency region. however, over a period of time, this zeal of promoting entrepreneurship development appeared to have dimmed a bit and, therefore, i am extremely happy that as their centenary year draws to a close, central bank of india is bringing the limelight back to smes and rededicating themselves to the cause. i congratulate shri tanksale for organizing this conclave on “ empowering smes for inclusive growthstrategies and

these challenges and have emerged stronger from a difficult phase. while the banking sector has responded well so far, there are several challenges that lie ahead. our banking system needs to equip itself to deal with emerging challenges and be prepared to cash in on the opportunities unleashed by higher growth. in dealing with the needs of small and medium enterprises, banks have to look for new delivery mechanisms. they must economise on transaction costs and provide better access to the currently under - served. to serve new rural credit needs, innovative channels for credit delivery will have to be found. the proud history of your bank should inspire you to seek greater heights of professional glory. in the end, i once again congratulate central bank of india and the sme chamber in jointly organizing this conclave. i also convey my best wishes to every employee and entrepreneur customer of your bank on the eve of the conclusion of your centenary year, to your customers and well - wishers, and wish you a great future of growth and development. you have had a glorious hundred years. you now have a great opportunity. may the next hundred be even better! bis central bankers ’ speeches