Banking in Punjab
ON the occasion of the opening of the new building of the Punjab branch of the Central Bank of India, Lahore, on Saturday, interesting speeches were made by His Excellency the Governor and SN Pochkhanawala, the Managing Director of the bank, on certain important features of the banking enterprise in India, with special reference to its development in Punjab. The Central Bank is one of the leading banks started and conducted by Indians and its rapid expansion of business has attracted considerable attention. After the banking crisis of 1913-14, public credit was badly shaken and there was a setback caused in the progress of Indian banking in this province. Sound enterprise subsequently soon restored lost credit and the way was paved for smooth and unhampered progress of the banking business. The Central Bank has been doing considerable business in Punjab and it has opened several branches whose main features were explained by Pochkhanawala in his opening speech. He rightly laid emphasis on the importance of creating confidence in the public and conducting banking business on proper lines without yielding to the temptation of speculation. He referred to panic that is sometimes caused among the people who, without making a study of the affairs of banks, proceed to withdraw their deposits, which could only result in undesirable results. It is certainly most desirable in the interests of sound banking development that the investing public should be induced to show discrimination and act sensibly without yielding to baseless panic caused by rumours.
