New York, NY: “Bank of Baroda is a premier public sector bank serving about 50 million customers through its 4,300+ branches across 25 countries spread around the globe,” Ashok Kumar Garg, who has assumed charge as the Chief Executive (US Operations) of Bank of Baroda, said in an exclusive interview with this writer in his mid-town Manhattan office here. “Ours is a top ranking bank of international standards. We are committed to augmenting stake holders’ value through Competence, Care and Concern ” he added.
Garg comes to the world’s economic capital, after having served as the Managing Director of Bank of Baroda (Uganda) Ltd. Kampala, Uganda, where he also had the distinction of serving as the Chairman of Baroda Capital Markets Ltd., Uganda, the Director on the Board of Uganda Securities Exchange (USE) and as a Director on the Board of Uganda Institute of Banking & Financial Services Ltd., Kampala.
“I have dedicated my career of 34 years to the service of the Bank,” Garg, who had joined this premier Bank in 1979, says. Having a Masters Degree in Commerce and a Bachelor’s Degree in Law from Delhi University, Garg, an aluminous of Shri Ram College of Commerce (SRCC), Delhi University, is a Certified Associate of Indian Institute of Banking & Finance (CAIIB). Committed to serving his numerous assignments around the world with diligence and dedicationt, Garg rose through the ranks with hard work and “with the blessings of God.” Over the decades, he has acquired rich experience of diverse banking operations, a thorough knowledge of Project Management, Compliance function, Training and Development, Risk Management, Financing of Retail, SME, Wholesale, Agriculture and International Trade.
Under his stewardship Bank of Baroda (Uganda) Ltd., Kampala, has been conferred with many awards and accolades in 2013. Notable among these are: International Award for Business Excellence 2013 conferred by the Global Trade Leaders’ Club, Madrid, Spain; Superbrand East Africa 2013-2014 conferred by Superbrands, the world’s largest independent arbiter of branding. Garg was conferred with the Pearl of Africa Lifetime Achievement Award 2013 by Public Opinions, Uganda. The only Banker who was honored with this award in 2013, Garg has also been accredited in the Uganda Who is Who Book of Records which was launched at the hands of the Prime Minister of Uganda.
Having served in a wide range of responsibilities in domestic as well as international operations of the Bank in various capacities, Garg had the distinction of holding key leadership positions, especially as the Deputy General Manager (Rural and Agriculture Banking) at the Corporate Office of the Bank at Mumbai, as Regional Head of Kanpur Region (UP) with 207 outfits, and Deputy Regional Head of Delhi Metro Region-I with business of around INR 160,000 million. He also had a stint of three years as Financial Controller of Bank of Baroda, London, Head of Training Institute at Baroda and Project Manager of Lending Automation Software at Corporate Office, Mumbai.
“Ours is a story scripted in corporate wisdom and social pride,” Garg says with a sense of pride “It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory. It is a story that needs to be shared with all those millions of people – customers, stakeholders, employees and the public at large – who in ample measure, have contributed to the making of an institution.”
Licensed in 1978 by New York State Banking Department (now known as New York State Department of Financial Services (NYSDFS), Bank of Baroda commenced its operations in New York in Feb1979 and has completed over three decades of excellent service in USA. The New York Branch of Bank of Baroda is a State Chartered, FDIC Insured Bank and is a designated Wholesale Banking Institution. Bank’s name spells security, safety, soundness, service with smile and swiftness in operations. Customer delight is its motto.
In his capacity as the Chief Executive of Bank of Baroda’s US operations Garg’s topmost priority is to continue to ensure that the Bank is in compliance with the regulations and is adhering to all aspects of federal banking regulations, even while making the bank more attractive and competent to its corporate clients.
Showing pictures of his close association with the local communities during his prior assignments across the world, especially through initiating eco-friendly measures that will benefit the larger society, and the social lives of the people, Garg intends to emulate some of those practices in the US. Towards this end, Garg has plans to bring the bank into the lives of the Indian American community. He plans to reach out to all sections of the NRI community, participating in the cultural, social and economic lives of the people, touching every aspect of their lives.
As compared to other banks, Bank of Baroda’s technology deployment is not restricted to only core banking solution. As Bank of Baroda, New York Branch is a Whole Sale banking entity; it is not dealing with retail banking customers, Garg points out. The Bank offers Business Checking Accounts and Certificate of Deposits to its customers as well as loan facilities for Business, Services and Industry, Syndicated Loans and Trade Finance to its constituents.
Bank of Baroda started its overseas journey by opening its first branch way back in 1953 in Mombassa, Kenya. Since then the Bank has come a long way in expanding its international network to serve NRIs/PIOs and locals. Pointing to the remittance facility for Registered remitters, called Rapid Funds 2 India, Garg says, Bank of Baroda, New York Branch provides a unique facility of Free Rupee Remittance to India. Money can be remitted instantly to an account with Bank of Baroda or to any other bank in India for credit to Savings Bank/Individual Current Account /Fixed Deposit with Bank of Baroda. For more details on the New York Branch, Please visit: www.bankofbaroda-usa.com
