Advance Praise for the Book
Tamal Bandyopadhyay is one of the foremost thoughtful journalists writing on Indian finance today. He has the knack of going beyond the obvious and asking the right questions. In this collection of articles and essays, Tamal takes the reader through a tumultuous decade, offering a ringside view of major developments in Indian banking and insights into the thinking of the major protagonists. It will be of value for anyone interested in Indias financial developmentRaghuram Rajan, professor of finance, University of Chicago, and former governor, RBI
Many of us are aware of financial developments, but to understand why they happen and what the implications are, one must read Tamals columns. He brings in a rare insight into every policy development and explains things in a very lucid way, backed by sufficient data. Most importantly, he does not take any position, but leaves it to his readers to conclude whether it is good, bad or ugly. A rare quality for a columnistDeepak Parekh, chairman, HDFC Ltd
An outstanding compilation of essays on contemporary issues in money and finance in India, reflecting Tamals amazing grasp of the interplay of issues, ideologies, individuals and institutionsindeed, a collectors itemY.V. Reddy, former governor, RBI, and chairman of the fourteenth finance commission
Authoritative and lucid, Tamals columns have made him one of the most trusted and influential financial journalists of the country. Even the very discerning turn to his writings for guidanceD. Subbarao, former governor, RBI
An exceptional book on the events that unfolded in the last decade in Indian finance by one of its keenest observers. Macro in its ambition and yet adequately micro in its detailing, a must-read for every student, practitioner and policymaker in, or interested in, IndiaViral Acharya, deputy governor, RBI
The book touches upon events right from the global financial crisis to the latest efforts of financial inclusion and demonetization in India Arundhati Bhattacharya, former chairman, SBI
Praise for Bandhan: the Making of a Bank
Tamal Bandyopadhyay is a gifted storyteller who combines the sharp vision of a finance expert with a journalists skill for observation and narrationKaushik Basu, former senior vice president, World Bank
The transformation of Bandhan, a microfinance company, into a universal bank is as unique as the transition of Tamal from a business journalist to an author. As governor of the Reserve Bank, I had grown to respect Tamal for his passion for financial journalism, his enormous talent and endearing professional integrity. He combines all those attributes to tell the remarkable behind-the-scenes story of what it takes to overcome the challenges of last-mile connectivity in Indian financeD. Subbarao, former governor, RBI
As an acclaimed journalist with decades of experience in financial markets, Tamal brings an intensity along with sincerity and integrity to his writing. In this book, he has woven a colourful canvas which draws the attention of the reader and makes him read, think and deliberate U.K. Sinha, former chairman, SEBI
This is a fascinating story, deserving to be chronicled. And who better to do so than Tamal. It is a very revealing studya must-read for those even remotely interested in this sector. The story is narrated by a person as well informed as a hands-on banker and has all the attendant nuancesVinod Rai, former comptroller and auditor general of India
Bandhan, Indias youngest bank, has a deep and long history behind it.
First of its kind, the book takes the reader through Indias journey towards financial inclusion. Tamal brilliantly captures a story of hope and what it takes to lift millions of Indians out of povertyDeepak Parekh, chairman, HDFC Ltd
Replete with fascinating anecdotes and containing perceptive pen portraits of some of the pioneers in the industry, the book makes for compulsive reading for all those who want insights into the growth of microfinance in IndiaY.H. Malegam, chairman of the RBI subcommittee set up to study MFI concerns
Tamal Bandyopadhyay brings alive one of the finest stories of Indian entrepreneurshipV. Vaidyanathan, Business Today
Arguably the best banking journalist in India, Tamal spent most of his journalistic career covering banking and finance at several newspapers... Tamal brings both a storytellers gift and an experts knowledge to bear on his subjectsR. Jagannathan, Swarajya
The name Tamal Bandyopadhyay is synonymous with banking, and his views on any aspect of the subject are compelling... He is able to keep the reader gluedMadan Sabnavis, Financial Express
An outstanding book that gave me tremendous insights into the world of finance in India. A must-readSuhel Seth
Recommended reading for those looking for inspirationAshok Chawla, former chairperson, Competition Commission of India
Praise for the Author
In a period of great financial illiteracy, its refreshing to have a book written by somebody very literate about matters relating to financeP. Chidambaram, former finance minister
Tamal has set a new trend in the dissemination of knowledgeY.V. Reddy, former governor, RBI
Tamal is able to bring two sets of skills to bear on his writing. He obviously has deep domain knowledge... He also follows a critical journalistic principle, which is to never assume that you know everything about the subject you are writing onSubir Gokarn, former deputy governor, RBI
Tamals sharp reporting instincts as well as eye for detail help him paint a profile that accurately reflects the originalT.N. Ninan, chairman and editorial director, Business Standard
Indias most-respected and well-sourced banking and financial journalistRaju Narisetti, senior vice president, strategy, News Corporation
Bandyopadhyay does not pass judgments but lays open the issues and arguments of both sides. This balancing act is quite remarkableBusiness World
To my elder brother, Tapas, who fought cancer with courage and grace.
I never knew we were so close to each other.
Foreword
T amal is a prolific writer and writes well. He has a unique ability to be witty, pithy, sharp and tongue-in-cheekall at the same time. Because of this, for a long time he has kept his readers hooked. He is a mythical bowler who can bowl left-handed, right-handed, fast, leg spin, off spin, googly, and every variation in between. His ability to dig for facts while leveraging his deep pool of contacts amongst business, government and regulators gives him a unique credibility.
This book covers a range of topics that spans what can be termed as the modern-day history of the Indian financial services industry. To see how far we have come, you need to only read Part I of the book, which gives a reference point starting fifteen years back. While reading the book for this Foreword, I felt as if I was on a voyage in time. It was almost as if the author took me back into time and then forward again.