How Raghuram Rajan is remaking India's banking sector | Business Standard News

How Raghuram Rajan is remaking India's banking sector | Business Standard News

My VIEW:


Banking
sector reforms
On several
occasions in the past also, there has been serious deliberations on banking
sector reforms in India. This season, the difference is that the leadership at
the central bank together with a change in approach to policy stance in Delhi
has taken the theoretical analyses to the drawing board. Well begun, is half done.
The other half will be dependent on the continuity of leadership at RBI and
policy support from the political leadership.
The analyses of business
share and market capitalisation of public sector banks vis a vis private sector
banks is timely. In today’s environment competitors cannot remain healthy
without a level playing field. Level playing field, not only in terms of
uniformity in policy support, but also in terms of business expectations. A
change in the mindsets of both public sector and private sector bank
managements and their workforce can be brought about only by a thorough overhaul
of HR practices right from appointments to boards down the lane and revision of
remuneration packages to factor in comparative incentives and disincentives.
Making private sector to
surrender their private interests and greed in favour of public interest and
percolate into relatively tough terrains of ‘priority sector’ clientele
comprising small borrowers in certain sectors and in semi-urban and rural areas
will be an uphill task. Let us remember that there were no insurmountable
hurdles for the banks in private sector in improving their business share
except the profit motive and the inclination to remain satisfied with the
creamy layer of clientele.


M G Warrier,
Thiruvananthapuram

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