Barons of Banking

Bakhtiar Dadabhoy

Description

Barons of Banking highlights the contributions of six distinguished personalities from the world of banking-Sir Sorabji Pochkhanawala, Sir Purshotamdas Thakurdas, Sir Chintaman D. Deshmukh, A.D. Shroff, H.T. Parekh, and R.K. Talwar-who not only played a pioneering role in the growth of the institutions which they founded, or were actively associated with, but left an indelible mark on the banking industry as a whole. Through the narration of the history of five key institutions - the Central Bank of India; the Reserve Bank of India; the State Bank of India; the Industrial Credit and Investment Corporation of India Ltd; and the Housing Development and Finance Corporation Ltd-the author gives us a keen insight into the contributions of these luminaries to banking in India. Also included is a narration of the recommendations of important committees and commissions which influenced the course of Indian banking. Divided into four parts, the book uses hitherto unused archival material recently put in the public domain by the RBI. Of particular interest is a discussion of the acrimonious relationship between Sir James Grigg, the Finance Member of the Viceroy's Executive Council and Sir Osborne Smith, the first Governor of the RBI, which throws fresh light on a spat which remains unprecedented not only in the bank's history, but possibly in all of banking history. Meticulously researched and engagingly written, this book will be of interest to both the academic and general reader and, of course, to the professional banker interested in a selective peep into the history of his profession.

Sujets

• Banking
• Economie gestion
• Bank
• India

Informations

• Publié par: Random House Publishers India Pvt. Ltd.
• Date de parution: 18 septembre 2013
• Nombre de lectures: 2
• EAN13: 9788184004762
• Langue: English

Extrait

Praise for the Book
Scintillating and insightful, Barons of Banking is a brilliant exposition of the contribution of eminent role models in the unfolding of historic events in India s financial sector. Absorbing, enlightening, enlivening, and informative this book is a unique and scholarly homage to these select heroes from India s financial sector. It will be of immense and abiding interest to serious scholars, economists, historians and inquisitive readers - Y.V. Reddy, Chairman 14th Finance Commission, and former Governor, Reserve Bank of India
Barons of Banking is an exceptional book which is one-of-a-kind. What makes this book stand out is the lucid narrative chronicling the history of five key Indian financial institutions and the interesting way in which the author brings to life the towering personalities of six of India s financial doyens - each of whom has deservedly earned his place in India s financial history. This, and the inclusion of interesting anecdotes and insights, makes the book a must read for anyone connected with India s financial system - Deepak S. Parekh, Chairman, HDFC Limited
There is no shortage of books on India s banking system, but Barons of Banking is truly remarkable in terms of scope, linguistic simplicity, and factual authenticity. The author has expertly intertwined India s banking history with the pioneering efforts of six eminent personalities. I recommend this book to all concerned, particularly students, researchers, policy-makers and banking professionals who are interested in knowing more about the history of our financial system - Dr Bimal Jalan, former Governor, Reserve Bank of India
This outstanding book is perhaps the first of its kind, dovetailing as it does the history of five important financial institutions with the contributions of six illustrious personalities. It covers Indian banking history over a period of a century and I am truly amazed at the enormity of the task and the ease with which it has been accomplished by the author. Barons of Banking is eminently readable even by a person who is totally unfamiliar with banking and finance. It is a must read for those who are interested in the Indian financial sector and the economy, and value the lessons history has to offer in resolving the current problems faced by the country - N. Vaghul, former Chairman, ICICI Limited
This is an excellent and well-researched biographical history which while recounting the life and times of some legendary personalities in Indian banking and finance in the last century, brings to life the history and evolution of the institutions of central banking, commercial banking, and India s interaction with international financial institutions. Altogether, an interesting and valuable record of the events of that period and the part played in shaping these events by the leading dramatis personae - M Narasimham, former Governor, Reserve Bank of India, and Chairman Emeritus, Administrative Staff College of India
Barons of Banking is a captivating narrative of the evolution of banking in India, spun around the contributions of six legendary institution builders. The contribution of these great doyens of Indian banking is not generally known and this book is a welcome attempt to bridge this gap. Traversing an entire century, the author admirably traces the stellar efforts of these individuals, set against the tribulations and travails of a nation in the making. Peppered with several interesting anecdotes, the book is as much a treatise on institutionbuilding as about the personal struggles of the individuals contributing to the process. I strongly recommend this book to anyone interested in the history of Indian banking and finance - Shyamala Gopinath, former Deputy Governor, Reserve Bank of India

Published by Random House India in 2013
Copyright The A.D. Shroff Memorial Trust 2013
Random House Publishers India Private Limited
Windsor IT Park, 7th Floor, Tower-B
A-1, Sector-125, Noida-201301, UP
Random House Group Limited
20 Vauxhall Bridge Road
London SW1V 2SA
United Kingdom
This eBook is copyright material and must not be copied, reproduced, transferred, distributed, leased, licensed or publicly performed or used in any way except as specifically permitted in writing by the publishers, as allowed under the terms and conditions under which it was purchased or as strictly permitted by applicable copyright law. Any unauthorised distribution or use of this text may be a direct infringement of the author s and publisher s rights and those responsible may be liable in law accordingly.
EPUB ISBN 9788184004762
In memory of my father
Contents
Acknowledgements
Message
Foreword
Introduction
BOOK I
THE CENTRAL BANK OF INDIA
Sir Sorabji Pochkhanawala
Prologue
1. A Leap of Faith
2. Weathering the Storm
3. Consolidation and expansion
4. Innovations and Ideas
5. This Unfortunate Matter
BOOK II
CENTRAL BANKING IN INDIA
Sir Purshotamdas Thakurdas and Sir Chintaman D. Deshmukh
Prologue
Part I
Indian Currency and Finance
6. The Exchange Ratio
7. The Hilton Young Commission
8. Minute of Dissent
9. Government s Little Gain, People s Great Loss
10. Banking Reforms
11. Deliberations at the Round Table Conferences
Part II
The Reserve Bank of India
12. Central Banking in India: The Beginnings
13. The Politics of Monetary Autonomy
14. A Reserve Bank at Last
15. Sir Osborne Arkell Smith: The Saga of the First RBI Governor
16. Driving Force, Restraining Influence
17. An Indian Governor
18. Central Banking: The War Years
19. Towards a New Monetary order
20. The Bretton Woods Conference and After
21. The Sterling Balances
22. Nationalization of the Reserve Bank of India
BOOK III
THE STATE BANK OF INDIA
R.K. Talwar
Prologue
23 The Presidency Banks
24 The Imperial Bank of India
25 From Imperial Bank to State Bank
26 In the Public Sector
27 The Talwar Years, 1969-1976
BOOK IV
DEVELOPMENT BANKING
A.D. Shroff and H.T. Parekh
Prologue
28 The Shroff Committee Report
29 The Making of a Development Bank
30 The Maturing of a Development Bank
31 A House for All: H.T. Parekh and HDFC Limited
Notes
Bibliography
Index
Acknowledgements
T HE SEED FOR THIS BOOK was sown by Minoo R. Shroff, Chairman of The A.D. Shroff Memorial Trust, Mumbai, when he asked me some three years ago if I was interested in writing a book on the history of banking in India. His idea was to showcase the achievements of a few important banking personalities, including his uncle A.D. Shroff. I knew nothing of banking or banking history at the time, and was understandably hesitant about accepting his offer. (I still know nothing of banking, and only slightly more of banking history, and trust me this is no Socratic preface of ironic modesty.)
My interest in history and biography, and the chance to learn more about a subject which would have otherwise remained unexplored, led me to consider the offer. Aware of the challenges involved, I nevertheless accepted his offer and have spent a happy three years in the company of Sir Sorabji Pochkhanawala, Sir Purshotamdas Thakurdas, Sir C.D. Deshmukh, R.K. Talwar, A.D. Shroff, and H.T. Parekh the barons of this particular banking history. Researching and writing this book has been an arduous task but it has also been an enormously rewarding one. Writing history involves organizing masses of facts into a coherent story and communicating the results in a manner which will interest more people than just the writer. Thus, while writing may be a solitary activity, the publication of a book such as this must remain a collaborative effort. My efforts have received support from a variety of people and institutions, and it gives me great pleasure in acknowledging their assistance.
It is said that it takes a whole village to raise a child. It is the same for a book. My first acknowledgement goes to Minoo R. Shroff and his entire team both at the Trust and at the Forum of Free Enterprise who have been most supportive in every way. Minoo R. Shroff, with energy and enthusiasm which belie his octogenarian status, read my drafts and offered valuable suggestions and warm encouragement. It was a pleasure to discuss the book with him and listen to his fascinating anecdotes and stories of the financial world, including some involving the barons of this book. I hope he takes my suggestion of writing his memoirs seriously. And of course, he remains the ultimate authority on his uncle A.D. Shroff. I cannot thank him enough for affording me this opportunity for intellectual invigoration.
S. Divakara, Director General of the Forum, has been a pillar of support from the very start. He and his colleagues, Swati Kapadia and Zenobia Kalapesi, smoothed the way for me in various ways. Whether it was contacting persons for interviews or providing research material and books, Divakara and his co-workers were a constant support. It has been a pleasure to work with them on this book. I also acknowledge the contribution of Kiran Misra, who assisted me in my research and whose diligent work and intelligent sleuthing at libraries, was of immense help.
Inevitably, a book such as this with its emphasis on research, must owe a heavy debt to libraries and archives. I would like to thank the Mumbai University Library; the F.E. Dinshaw Commercial and Financial Library; the A.A. Jasdenwala Library of the Cricket Club of India; the Nehru Memorial Museum and Library, New Delhi; and the State Bank of India Library, Mumbai. My biggest debt however is to the RBI Library, Mumbai, which provided the majority of books, reports, and articles which I have used in the researching and writing of this book. This brings me to a key player whose assistance has been inestimable and whose generosity to me was boundless: Rajiv Ranjan, my friend of many years, and a senior officer with the RBI, provided me with books, reports, an