About the Book
Indian
banking today is at a tipping point. Banks are burdened
with non-performing assets, incurring significant
losses due to provisioning and unable to sustain credit
growth, and therefore changes are both necessary and
inevitable. There are possible strategies with very
different implications: many leading banks could be
restructured with state support and encouraged to
regain the status they had as major instruments of
development policy in the two decades after nationalization;
or they could be allowed to weaken further, only to
be swallowed up by large domestic and private players
at bargain prices. The second option would take the
sector back to the pre-1969 years when banks were
instruments of private aggrandizement rather than
of social advance, so it is not even the beginning
of an alternative. This report suggests that the first
option is the necessary and desirable strategy, and
further that it needs to be accompanied by other measures
that would correct the damage wrought by misguided
policies over the last two and a half decades, as
well as place Indian banks on a footing that enable
them to play a leading role in a larger transformation
of both economic policy and the nation's development
path.
About
the Authors
C.
P. Chandrasekhar, is Professor at the Centre for Economic
Studies and Planning,School of Social Sciences, Jawaharlal
Nehru University, New Delhi. Besides being engaged
in teaching and research for more than three decades
at JNU, he has served as Visiting Senior Lecturer,
School of Oriental and African Studies, University
of London and Executive Editor of Deccan Herald Group
of Publications in Bangalore. He was a member of the
Independent Commission on Banking and Financial Policies
constituted by AIBOC in 2004 and released in 2006.
He has published widely in academic journals and his
most recent book titled "Karl Marx's Capital
and the Present" was published in 2017. He has
also co-authored many books, including, “India in
an Era of Liberalization”; “Crisis as Conquest: Learning
from East Asia”; “The Market that failed: A decade
of Neo-Liberal economic Reforms in India”; and “Promoting
ICT for Human Development in Asia: India”. He is a
regular columnist for Frontline and Business Line
brought out by The Hindu group of newspapers and a
contributor to the H.T. Parekh Finance Column in the
Economic and Political Weekly.
Jayati
Ghosh is Professor of Economics at the Centre for
Economic Studies and Planning, School of Social Sciences,
Jawaharlal Nehru University, New Delhi. She has authored
and edited a dozen books and more than 180 scholarly
articles. Recent books include Demonetisation Decoded:
A critique of India’s monetary experiment (with CP
Chandrasekhar and Prabhat Patnaik, Routledge 2017),
the Elgar Handbook of Alternative Theories of Economic
Development (co-edited with Erik Reinert and Rainer
Kattel, Edward Elgar 2016) and the edited volume India
and the International Economy, (Oxford University
Press 2015). Her research output has been recognised
through several prizes in India and abroad. She has
advised several governments and consulted by many
National and International organisations. She is a
regular columnist for Frontline and Businessline,
and also writes occasionally for the Triple Crisis
Blog, The Guardian newspaper and The Indian Express
and other outlets. She has been closely involved in
working with progressive organisations and social
movements.
CONTENT
Foreword
Introduction
From Independence to neo-liberal reform: The evolution
of Indian banking
Changes in banking policy and bank performance since
the 1990s
Bank credit and growth of economic activity
Dealing with NPAs
The failure of financial inclusion
Demonetisation and the role of the Reserve Bank of
India
Defining the Challenge
Reforming personnel management practices
The way forward
References
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Indian
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