'Banking regulations in India are not as restrictive as people make them out to be'

Part I: 'E-economy is ruthless. You don't get a
second chance'

Part II: 'In trying to be a one-stop financial services shop, we are not spreading ourselves thin'

Part III: 'Our low NPAs mean we are playing smart, not safe'

Part IV: 'A debit card is really more appropriate for the Indian psyche'

During the last six years when you were in India, did you, at any point in time, feel that you could have been better off in Malaysia or anywhere else?

No. I wanted to come back. My family wanted to come back. I've had a ball ever since. I like my dal, I like my chicken, I like my pan, I like my friends and I like my job. Why would I want to live elsewhere? I will go on a holiday perhaps, if necessary. Neither my family nor I ever thought about it.

India today offers all the opportunities that you need. As an Indian in India, I am happy. I've been an NRI, remember. Why did I go overseas in the past? There were not enough opportunities available then. Now the scene has improved tremendously. My family and I are very happy.

Are you happy with the banking regulations environment in India?

The banking regulation environment in India is not as restrictive as people make it out to be. If you take the two island-states of Hong Kong and Singapore, our banking environment is at par with, if not ahead of, all of Asia's. That is not a mean achievement. I am not saying that improvements are not required. Those will come.

There are a lot of things that are not allowed in Malaysia or the Philippines or Indonesia or even parts of Latin America. But these are allowed in India.

And what is the banking regulation that we have not liberalised? Only convertibility. That is not necessarily beneficial to India at this stage. Other than that, we have a free stock exchange, free debt market, most of the regulations have been removed by the RBI….

Are there any favourite bankers from whom you draw inspiration?

John S Reed (former chairman and co-CEO of Citibank/Citicorp who retired in April 2000) for sure. He thought in the future and executed his vision. Also Walter Riston, who was the chairman of Citibank a long time back. He was, in fact, the visionary. I think these people changed the industry they operated in.

Do you agree with the view that Netbanking is the future of this industry?

Netbanking is definitely going to be a major part of banking in future. I don't believe in extremes. There is place for everybody.

Please tell me something about yourself.

I am not a workaholic. I come to office early at about 8:30 am and leave at about 5.30 pm or 6 pm. I've a balanced life. I play my golf, I work, I spend time with my children. I read a lot. But there is no time for books. What I read is all about the companies we are dealing with, all about the Internet, BusinessWeek, five newspapers, plus all the credit proposals that I have to sign… after all this, I am a very tired man. No books.

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