Bakhtiar K. Dadabhoy - Barons of Banking

Praise for the Book

Scintillating and insightful, Barons of Banking is a brilliant exposition of the contribution of eminent role models in the unfolding of historic events in Indias financial sector. Absorbing, enlightening, enlivening, and informative this book is a unique and scholarly homage to these select heroes from Indias financial sector. It will be of immense and abiding interest to serious scholars, economists, historians and inquisitive readersY.V. Reddy, Chairman 14th Finance Commission, and former Governor, Reserve Bank of India

Barons of Banking is an exceptional book which is one-of-a-kind. What makes this book stand out is the lucid narrative chronicling the history of five key Indian financial institutions and the interesting way in which the author brings to life the towering personalities of six of Indias financial doyens each of whom has deservedly earned his place in Indias financial history. This, and the inclusion of interesting anecdotes and insights, makes the book a must read for anyone connected with Indias financial systemDeepak S. Parekh, Chairman, HDFC Limited

There is no shortage of books on Indias banking system, but Barons of Banking is truly remarkable in terms of scope, linguistic simplicity, and factual authenticity. The author has expertly intertwined Indias banking history with the pioneering efforts of six eminent personalities. I recommend this book to all concerned, particularly students, researchers, policy-makers and banking professionals who are interested in knowing more about the history of our financial systemDr Bimal Jalan, former Governor, Reserve Bank of India

This outstanding book is perhaps the first of its kind, dovetailing as it does the history of five important financial institutions with the contributions of six illustrious personalities. It covers Indian banking history over a period of a century and I am truly amazed at the enormity of the task and the ease with which it has been accomplished by the author. Barons of Banking is eminently readable even by a person who is totally unfamiliar with banking and finance. It is a must read for those who are interested in the Indian financial sector and the economy, and value the lessons history has to offer in resolving the current problems faced by the countryN. Vaghul, former Chairman, ICICI Limited

This is an excellent and well-researched biographical history which while recounting the life and times of some legendary personalities in Indian banking and finance in the last century, brings to life the history and evolution of the institutions of central banking, commercial banking, and Indias interaction with international financial institutions. Altogether, an interesting and valuable record of the events of that period and the part played in shaping these events by the leading dramatis personaeM Narasimham, former Governor, Reserve Bank of India, and Chairman Emeritus, Administrative Staff College of India

Barons of Banking is a captivating narrative of the evolution of banking in India, spun around the contributions of six legendary institution builders. The contribution of these great doyens of Indian banking is not generally known and this book is a welcome attempt to bridge this gap. Traversing an entire century, the author admirably traces the stellar efforts of these individuals, set against the tribulations and travails of a nation in the making. Peppered with several interesting anecdotes, the book is as much a treatise on institutionbuilding as about the personal struggles of the individuals contributing to the process. I strongly recommend this book to anyone interested in the history of Indian banking and financeShyamala Gopinath, former Deputy Governor, Reserve Bank of India

Published by Random House India in 2013

Copyright The A.D. Shroff Memorial Trust 2013

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EPUB ISBN 9788184004762

In memory of my father

Contents

Sir Purshotamdas Thakurdas
and
Sir Chintaman D. Deshmukh

Acknowledgements

T HE SEED FOR THIS BOOK was sown by Minoo R. Shroff, Chairman of The A.D. Shroff Memorial Trust, Mumbai, when he asked me some three years ago if I was interested in writing a book on the history of banking in India. His idea was to showcase the achievements of a few important banking personalities, including his uncle A.D. Shroff. I knew nothing of banking or banking history at the time, and was understandably hesitant about accepting his offer. (I still know nothing of banking, and only slightly more of banking history, and trust me this is no Socratic preface of ironic modesty.)

My interest in history and biography, and the chance to learn more about a subject which would have otherwise remained unexplored, led me to consider the offer. Aware of the challenges involved, I nevertheless accepted his offer and have spent a happy three years in the company of Sir Sorabji Pochkhanawala, Sir Purshotamdas Thakurdas, Sir C.D. Deshmukh, R.K. Talwar, A.D. Shroff, and H.T. Parekh the barons of this particular banking history. Researching and writing this book has been an arduous task but it has also been an enormously rewarding one. Writing history involves organizing masses of facts into a coherent story and communicating the results in a manner which will interest more people than just the writer. Thus, while writing may be a solitary activity, the publication of a book such as this must remain a collaborative effort. My efforts have received support from a variety of people and institutions, and it gives me great pleasure in acknowledging their assistance.

It is said that it takes a whole village to raise a child. It is the same for a book. My first acknowledgement goes to Minoo R. Shroff and his entire team both at the Trust and at the Forum of Free Enterprise who have been most supportive in every way. Minoo R. Shroff, with energy and enthusiasm which belie his octogenarian status, read my drafts and offered valuable suggestions and warm encouragement. It was a pleasure to discuss the book with him and listen to his fascinating anecdotes and stories of the financial world, including some involving the barons of this book. I hope he takes my suggestion of writing his memoirs seriously. And of course, he remains the ultimate authority on his uncle A.D. Shroff. I cannot thank him enough for affording me this opportunity for intellectual invigoration.