GUYANA’s economic development is currently not up to the level at which it is expected, but it does have the potential to develop at a rapid rate, once there is integration of common people into the banking system.

This was disclosed by Managing Director of the Bank of Baroda (BoB), Amit Kumar, before the company held its financial literacy exercise at its Mon Repos, East Coast Demerara branch on Wednesday last.

The exercise was geared at sensitizing persons from the area, such as small traders and people who are not too financially educated.
Kumar highlighted that the bank will be moving to integrate persons into the banking system so as to contribute to the financial progress of the country.

“We will assimilate all the people who do not have big ideas about banking. For instance, the common businessman who is not integrated with the bank… We are going to focus on our newly launched regular income plan, and how this will enhance the saving habit of people,” the company’s managing director has said.

Highlighting that India’s savings rate is at 35%, he said that while this level of percentage is low, it cannot be seen in the Western World. He noted, “Saving is not prevalent in the Western World, which in turn contributes to the financial crisis.”
In promising the company’s commitment towards the development of Guyana’s economy, Kumar mentioned that the bank is trying this initiative everywhere, so that it will reach to the people directly, rather than by advertising. He said they thought it best to reach with persons themselves.

Given that they have met with President David Granger, they will be dedicating themselves towards serving the public by going out and serving them in order to grow the bank and improve the financial system.

Asked about his views on the current economic state of the country, Kumar said that business was slow, but it is picking up and moving apace.

He noted, “After the budget passed, business has become stable; and now that the festive seasons are coming, business is expected to pick up more.” (Navendra Seoraj)