The impending competition from new banks and the large number of new accounts opened under the PMJDY Scheme are two instances that readily come to mind of the challenges that could be turned into opportunities. Besides this, banks as the key players in the country’s financial system also carry the responsibility of supporting economic growth, once the economic cycle turns favourable.
But as we call upon our inner strength and seek the mental toughness required to cope with the current uncertainties, it is vital that we go back to basics. This going back to basics can mean different things to different persons, groups or agencies. For the individual, going back to basics means managing your money wisely. It means spending but not over-extending oneself.