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IN the banking industry an SBI official commands a premium, being a
stride ahead of the crowd. Despite ICICI Bank, SBI and its seven associates
continue to be a lap ahead of the pack, having been vetted in the virtues and
vices of over 200 years of existence in banking. SBI, LIC and the Indian
Railways are the three familiar corporate logos enjoying prime place in every
district of India and every family album. Going by its birth certificate, SBI's
British origins can be put down to SBI is also the banking face of the country abroad, having raised a
few billion dollars in tough times from international markets. One is not sure
whether on June 4 the speakers will remember Raj
Kumar Talwar, who started as a probationary officer
in SBI in late 1943 at If SBI is what it is today, the kudos goes to Talwar,
according to bankers including those inside SBI. Most new private banks started
with an SBI official as Chairman. Talwar put in place
systems which still work and that without the services of any foreign
consultant. SBI dropped the habit sometime ago when it picked up a foreign
consultant to write its fate. Foreign consultants know little about Indian
banking practices and recycle banking jargon picked up from bankers. But Raj Kumar Talwar
was different, leading from the front and not from air-conditioned offices.
When M.J. Pherwani took over as Chairman of UTI, Talwar sent a hand-written note to him that said, "Manohar, in all your career,
please cling to the truth, no matter what happens to you." In the book, R.K. Talwar,
Tributes, edited by S.A. Dave and N. Vaghul , Vaghul writes: "Not many before, nor any after him,
were capable of showing such immense moral courage." From Talwar's days to Over the years, Deputy Managing Directors and Managing Directors
have come and gone, faster than tigers at Sarsika.
Mostly it is not ability but boring seniority that pitchforks officials to the
top, with the board having little say. "In that respect it is a bit like
the RBI," says a banker, though the RBI will dislike the comparison. SBI,
like others, does not believe in building expertise. Transfers are mandatory;
an official in the treasury gets transferred to the loan section or some other
after a five-year stint, learning little. In the last couple of years, SBI has forayed into retail loans and
treasury profits, like every other player in the industry. But it has not used
its financial strengths to grab the lead in farm or SSI lending. It does abide
by priority sector norms but that's not the same as making the critical
difference in the lives of the poor and landless farmers. With its reach, SBI
could have by now touched the lives of the farming community. The passion has
been missing. The bank cannot say that farm lending is unviable, as every
working group has said the opposite. The SSI sector has not been a favoured client as the books turn NPAs, but is that worse than funding Dabhol
(was it mandated?) and then providing for the losses from profits? In fact, the
players in the banking industry have been battling each other for 5-star
clients alone and SBI has just been an important player. With technology any
loan application should not take more than a week, but is that the case with
SBI with its massive database? If farm lending continues to be a no-no for
banks, For SBI to be an effective intermediary, the RBI has to shed at
least 24 per cent of its 56 per cent equity stake in favour of the public. SBI
has mostly been used by |