A. Manimekhalai’s legacy at Union Bank of India is a professional success while creating a meaningful impact in the lives of individuals and communities | Global TV
NV Paulose, Chairman, Global TV +91 98441 82044
When the so-called rich and the really poor are on the two sides of a coin; then banking was more on the side of the first; they were the foremost and the rest was the leftover. Banking was lenient on the doors of corporates. Corporate social responsibility was only for the namesake. The other side of the coin was not in the picture at all. Bankers had rigid shoes when dealing with the poor.
Banking was much like a two-way cutting of legs to fit with the clientele. When dealing with corporates, banks often cut their own legs to suit the corporates’ shoes. On the other side, the banks went on cutting the legs of the people to fit to their shoes. People were not welcomed while bankers were waiting at the doors of the corporates. We understand this is too much a generalization, but state this to present the danger that the banking sector had overcome recently.
Leadership from visionary bankers like A. Manimekhalai has played a critical role in calming the storm that threatened to destabilize the foundations of India’s banking sector. As the Managing Director and CEO of Union Bank, she brought a balanced approach that bridged the gap between financial inclusivity and corporate responsibility. She silently made a turnaround in the banking sector.
Her grassroots understanding of banking challenges and her ability to implement innovative solutions have not only stabilized the institution but also set a clear benchmark for the industry. In times when even the most seasoned leaders might have faltered, her leadership has exemplified practical wisdom, foresight, and a sincere commitment to serving all stakeholders equally.
While remaining flexible in corporate banking, she has made it a point to safeguard the bank’s interests, particularly in addressing defaults from many loans sanctioned and commitments undertaken. Her work in reducing non-performing assets (NPAs) and reorganizing stale loans stands as one of her most significant achievements. Perhaps the greatest testimony to her leadership is how she unified the top management, aligning them with her clear and forward-thinking vision.
On the other hand, A. Manimekhalai also expanded the bank’s reach by prioritizing enterprising individuals over just infrastructure. The focus shifted from securing assets to empowering people. Where banking once served as a mere security check, under her leadership, it has transformed into a platform for unlocking human potential. The bank now attracts energetic and enthusiastic individuals, drawn to its progressive vision.
A notable initiative that exemplifies this is Union Nari Shakti, a powerful program that not only supports women’s empowerment but also opens new avenues for social impact. Through this, Union Bank has amplified its commitment to nurturing diverse and untapped potential, proving that banking can be a catalyst for holistic growth.
Redefining Banking with Vision and Empathy
A. Manimekhalai has emerged in the evolving landscape of Indian banking as a visionary leader who is redefining the role of public sector banks. As the Managing Director and CEO of Union Bank of India, her journey from a rural banker to a pioneer of inclusive banking is a story of resilience, innovation, and a deep commitment to social responsibility.
A Journey Rooted in Resilience and Determination
Manimekhalai’s career began in 1988 with Vijaya Bank, where she faced the challenges of working in a remote rural branch, often traveling 120 kilometers daily on her two-wheeler. These early years were not just formative but transformational, teaching her invaluable lessons about leadership, respect, and financial inclusion. Competence and leadership don’t have a gender; she proved it being the only woman heading a branch far from the city for several years.
Her early experience grounded her in grassroots realities, which later became the foundation of her leadership philosophy. Banking is not about numbers but about people; she affirms. With a focus on creating opportunities for the underserved, she transformed Union Bank of India into an institution that blends tradition with modernity, balancing profitability with societal impact.
Banking Beyond Numbers: A Philosophy of Empowerment
For A. Manimekhalai, banking is more than financial transactions; it’s about transforming lives. “When you sell a home loan, you’re not just sanctioning a number; you’re fulfilling someone’s dream of owning a house,” she explains. Under her leadership, Union Bank of India will prioritize empowering individuals through their innovative programs like “Union Nari Shakti,” which can integrate collective home loans with self-financing revenue models.
This initiative allows women borrowers to convert their homes into productive assets, whether through service enterprises, rental opportunities, or co-working spaces. “Let Your Home Work for You,” will soon become a tagline for the entire banking sector in India. This encapsulates the transformative potential of banking when merged with the enthusiasm of collective women power in India.
Pioneering Initiatives: Empowering Communities
Manimekhalai’s focus on inclusive growth has led to several initiatives aimed at empowering communities. By leveraging banking as a tool for social change, she has championed women’s empowerment and financial literacy. Whether it’s through facilitating small-scale business loans or promoting financial independence for rural women, her leadership has consistently emphasized the importance of creating accessible financial solutions.
Her role in the development of Union Nari Shakti and other similar initiatives demonstrates how banking can move beyond mere transactions to become a force for good in society. These initiatives showcase her belief that banking is not just a corporate enterprise but a means of fostering economic and social change.
Digitization and Innovation: Shaping the Future of Banking
During her tenure, Manimekhalai has seamlessly integrated technology into banking operations, ushering in a new era of digital banking. Her advocacy for online loan applications and digital services has enhanced both operational efficiency and customer accessibility, particularly for underserved communities. This digitization drive not only makes banking more efficient but also democratizes access to financial services.
“Empowering people is my way of business promotion,” she says, reflecting her belief that leadership in banking is not just about achieving financial success but also about fostering inclusive growth through technology.
A Vision for India’s Future
Looking ahead, Manimekhalai envisions the Union Bank of India as a key player in India’s growth story. “The next 10 years will be India’s story,” she asserts. “As bankers, we have a critical role in creating a positive impact for our customers, our economy, and our country.” Her focus on sustainability, innovation, and inclusivity drives the bank’s strategy, which aims to support small businesses, empower women entrepreneurs, and foster financial literacy.
Manimekhalai sees the potential of banking to contribute to national development, and she believes that the future of the banking sector lies in its ability to adapt to societal changes while creating value for all stakeholders.
An Inspiration for Future Leaders
A. Manimekhalai’s leadership is a role model for aspiring professionals. Her journey, from a rural banker to the CEO of a leading public sector bank, shows the power of perseverance, vision, and the ability to turn challenges into opportunities. She exemplifies the idea that true leadership is about making a difference for shareholders and also for society as a whole. She has demonstrated that banking can be a catalyst for social and economic change. Her story encourages others to dream big, act with purpose, and lead with integrity.
A Legacy of Transformation
A. Manimekhalai’s legacy at Union Bank of India is not just about professional success but about creating a meaningful impact in the lives of individuals and communities. Her journey is an inspiring narrative that shows how banking can be both a profitable and purposeful endeavour while empowering people, fostering inclusivity, and shaping the future of India’s banking landscape.
