Union Edge: Beyond Banking Boundaries | Interview with Ms. A Manimekhalai, MD & CEO

Summary

In this insightful podcast episode, Union Bank of India's MD and CEO, Madam A. Money May Cry, shares her remarkable journey from the early days of her banking career to becoming a key figure in India's banking industry. She emphasizes the importance of leadership, dedication, and resilience, regardless of gender. Discussing challenges faced and lessons learned, she reflects on the pivotal role banking plays in shaping society and empowering individuals. Her vision for Union Bank focuses on growth, profitability, and inclusivity, especially in creating tailored financial products for women entrepreneurs and customers.

Takeaways

• 😀 Leadership and competence do not have gender. If you're good at what you do, success follows, regardless of gender.
• 😀 Female leadership in banking is gaining recognition, and inspiring other women to step up and take charge.
• 😀 The journey in banking is fulfilling, as it involves positively impacting society, from helping people fulfill their dreams to boosting the economy.
• 😀 Personal hardships and challenges, such as traveling long distances to rural branches, helped shape resilience and leadership qualities.
• 😀 Transitioning between roles within the banking sector was a learning opportunity, driven by a passion to excel and be the best in every position.
• 😀 Visionary leadership requires staying ahead of the curve, continually learning, and constantly striving for improvement and innovation.
• 😀 Female leaders in banking can break the glass ceiling, which is more of a mental barrier than an actual limitation.
• 😀 The journey from branch head to MD and CEO is built on continuous learning, hard work, and dedication to both personal and organizational growth.
• 😀 Union Bank of India has ambitious goals, such as improving profitability, reducing non-performing assets (NPAs), and boosting earnings through innovative banking strategies.
• 😀 The future roadmap for Union Bank of India includes providing specialized products for women, encouraging female entrepreneurship, and empowering women through CSR initiatives and financial products.

Q & A

What inspired Madame A. Money May Cry to pursue a career in banking?

Madame May Cry was inspired by the impact banking can have on society. She was driven by the passion to help people at the grassroots level, fulfill dreams like home ownership, and contribute to the development of the economy. The ability to provide financial resources to people, especially through initiatives like IRDP loans, motivated her to pursue a career in banking.

How did Madame May Cry navigate the challenges she faced in her early career?

Madame May Cry faced several challenges in her early career, including traveling long distances to a rural branch, often encountering tough conditions like reptiles crossing her path. Despite being the only woman in that branch, these experiences taught her resilience and toughness, shaping her leadership style and decision-making as she rose through the ranks.

What was the significance of her appointment as the MD and CEO of Union Bank of India?

Her appointment as MD and CEO of Union Bank of India was significant not only because of her leadership but also because it highlighted the rise of female leadership in banking. Madame May Cry believes that leadership and competence are not gendered, and her journey serves as an inspiration to other aspiring female leaders in the banking sector.

How does Madame May Cry view the concept of the 'glass ceiling' for women in leadership?

Madame May Cry dismisses the idea of a 'glass ceiling' in leadership. She believes that barriers to success are more about internal limitations rather than external factors. According to her, breaking through any perceived glass ceiling is about overcoming one's own mental and self-imposed limits.

What was the vision Madame May Cry had when she took charge at Union Bank of India?

When Madame May Cry took charge, she was focused on improving the bank's operational efficiency and profitability. Her vision included filling key gaps, particularly in communication, and setting clear, achievable goals. She emphasized innovation and forward-thinking strategies to strengthen the bank's position.

What were some of the initial steps taken by Madame May Cry to address challenges within Union Bank of India?

Upon taking charge, Madame May Cry focused on improving internal communication within the bank, which she identified as a key area for improvement. She also introduced 'RACE,' an initiative that targeted specific gaps and set achievable goals to improve operations. She led the way in introducing strategic reviews and departmental collaborations to enhance performance.

How did Madame May Cry contribute to Union Bank's financial performance?

Under Madame May Cry's leadership, Union Bank of India saw significant improvements in its financial performance. Notably, the bank reduced its NPA (Non-Performing Asset) ratio from 11.11% to 7.34%, raised ₹5000 crores through the largest QIP (Qualified Institutional Placement) by a public sector bank, and achieved a 16.4% growth in operating profits.

What is the meaning behind the 'EDGE' theme introduced by Union Bank of India under Madame May Cry?

'EDGE' stands for Earnings, Digitization, Growth, and Employees. This theme was introduced to drive profitability and digital transformation within the bank while also ensuring employee growth and engagement. The aim is to balance traditional banking with new, innovative ways to enhance the bank's bottom line.

What role does gender play in Union Bank of India's approach to customer service, particularly for women?

Union Bank of India has introduced several tailor-made products specifically for women customers, such as the 'Union Nari Shakti' and the 'Union Nari Saman Deposit Scheme.' The bank has also made efforts to empower women by supporting women entrepreneurs and providing resources to help them stand on their own feet.

What advice does Madame May Cry offer to aspiring professionals, especially those in the service industry?

Madame May Cry advises aspiring professionals to stay positive, committed to their growth, and focused on delivering a positive impact. She emphasizes the importance of continuous learning and staying dedicated to one's profession. She also highlights the vital role that service professionals play in the economy and the country's growth.