Author: Sandip Sen
Publisher: Rupa Publications
Genre: Nonfiction
Length: 276 pages
Rating: 4.5/5 stars
Renowned journalist cum author Sandip Sen's 'The Inside Story of Indian Banking' provides a thumbnail view of India's economic history, with special attention to the Indian banking sector from pre-independence till the Post-Covid Era of 2020. Divided in three sections, the work minutely analyzes the rise and growth of Indian banking sector and the changes and challenges it has faced over the years. The book provides a detailed review of the various financial policies and initiatives taken by the goverment to help the readers understand its impact on the indian economy in a better way.
The first section of this work deals with the emergence of the RBI initially as a currency regulator and reveals some unknown and interesting facts. For instance, the original choice for the RBI emblem was the East India Company 'Double Mohur' with the sketch of a lion and a palm tree. The sketch of lion was later changed with the sketch of a tiger, the national animal of India. The section contains interesting details about the bank failures of 60's and the politics and economics behind bank nationalisation by the then Indian goverment led by Mrs. Gandhi.
Wheas the first section gives us a brief idea about the legacy, the second section deals with the problem it faced due to various other factors such as poverty and illiteracy that paved the way for bank frauds. The second section talks about the rise of cooperative banks with the passing of the Cooperative Credit Societies Act in 1904 and their spread across rural india with people from the agricultural and rural sectors as their customer and its subsequent fall due to lack of regulation. The work also discusses in detail about the various reasons behind the rise of retail banking and Non-Banking Financial Companies (NBFC) such as Sanchayita group in 70's, Sahara group in the 90's and Sharada Group of bengal, which used the chit fund method to extract money from millions.
The third section provides an idea about the future of Indian banking sector and what changes or reforms it needs to function properly. It discusses about Mass banking and class banking and tries to analyse what changes post-covid era will bring in this sector. Finally, the book provides seven measures that can reshape the indian banking to a great extent.
The work contains some real stories and experiences from high level financial officers which provide the actual picture behind various goverment policies. There are almost no use of complicated financial jargons which makes it easier for people with little or no knowledge of Indian financial or banking sector to go through the work and understand it.
Overall, it was a fantastic experience. I give this phenomenal work 4.5 stars and highly recommend it.
Happy Reading
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