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Money

Indian Women at the Helm of Banking and Financial Industry

Dr. Jasbir K. Grover
Nov 2010

In the recent financial crises the sector which was highly affected in the West was the financial services. The crises which began with the sub-prime properties in the United States soon spread its tentacles to the other sectors, including financial sector,

The contagion then spread like fire and took into its fold almost all countries of the globe.

The Indian economy held on to its own and what came to the fore was the high resilience of the Banking Sector and in a larger sense the entire financial services .This was a testimony to the careful calibrated opening up of the Indian economy

While the system stood on a firm footing, the role of those who manned the Banking sector cannot be undermined. A unique fact in this drama is that some of the top banks were manned by women, such as Naina Lal Kidwai, Chanda Kochchar, Meera Sanyal, Manisha Girotra, Shikha Sharma and Kalpana Morparia.

If not better then their record beat their predecessor and their male counterparts in private and state run Banks. While their professional deftness is what comes under public glare, they also managed their households is a little known fact that thee world doest not know, or bother, these are issues which in modern lexicology private affairs.

It is also a co-incidental fact that the two of the Deputy Governors of RBI are women, namely Usha Thorat and Shyamala Gopinath.

The systematic management of the global crises that the Central Bank played was a crucial role in ensuring that the banking sector
swam across the global storm.

The RBI has maintained its autonomy and yet dovetailed the monetary and fiscal policy credibly! In the Developing countries, the Indian Central Bank stands tall and if this is the case then those who man it, including the two women at the helm, cannot be lost sight of.

Yet each one is an individual in oneself and it is in the fitness of things that they should be discussed separately.

Usha Thorat

The adage grace with brains go together is so true of her She is the Deputy Governor of RBI since 2005 for a term of five years term and shall be retiring this November. She has, however, not been given an extension.

Currently her specific responsibilities include Banking regulation ad supervision, currency management and certain currency areas. She represents the RBI at the Basel Committee on Banking Supervision (BCBS). She is the RBI's representative nominated by the Government of India on the Board of Securities and Exchange Board of India (SEBI), the country's securities market regulator.

She is also the Chairperson of the Bhartiya Reserve Bank Note Mudra Private Limited (BRBNMPL) which manages two of the four currency note printing presses in the country.

Thorat joined the R.B.I. in April 1972 .In her career spanning over 37 years in the Central Bank, she has had a stint in virtually each and every area of the institution. Her experience covers Foreign Exchange and Reserve Management, Debt Management, Government securities Markets, Rural Planning and Credit, Co-operative Banking, Customer Service and Grievance Redressal payment and Settlement System.

Throat was also on the Faculty at the Reserve Banks's Staff College. She has held all operations with élan, making a mark everywhere and leaving her footprints in all areas.

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