The banking landscape has undergone a sea change and I believe the bank of the future will have three distinguishing qualities: simplicity, humility and less leverage.

India At A Tipping Point
After the UPA government swept the polls in the most decisive Indian election since the early nineties, I penned a piece for The Economic Times, parts of which bear repeating and are reproduced here:

“This is a proud moment for Indian democracy and a historic opportunity for India to lead the world. Mr Manmohan Singh and his new government are at a turning point in world history. In terms of priorities, the agenda for the new government should comprise reviving growth in a steady manner, building infrastructure, further strengthening the financial sector, reinforcing civil institutions and uprooting corruption from Indian society. These initiatives will have to be done in the backdrop of ensuring fiscal stability in a very adverse global situation.

The new government has the opportunity to unshackle itself from the baggage which the Indian system has carried: to make India a very open and responsible society where merit is rewarded and cronyism is demolished. The pillars of civil society - whether it is the judiciary, the police, educational institutions, or the tax and the revenue administration - have come under increasing pressure as institutions. We need to transform and strengthen each of these institutions of civil society to build India for the next 100 years.

In the financial sector, our prudence over the last five years has held us in good stead. Let us now consolidate our gains, take appropriate steps of reform, based on our convictions and not necessarily on dogmas of Western financial systems. In particular, we need to spread Indian banking and insurance to every nook and corner of our country. We must develop modern day debt markets with all the checks and balances.