If you thought a woman’s economic and mathematical skills are limited to managing home finances and dealing with children’s homework, think again. For some years now, women have been heading some of India’s biggest banks, both public and private, pipping male counterparts to the top posts. And when the country’s largest lender, the State Bank of India (SBI) announced the appointment of Arundhati Bhattacharya as its first woman managing director, the glass ceiling was well and truly shattered. Bhattacharya takes over from Diwakar Gupta, who retires this month. Bhattacharya, whose last posting was as managing director of SBI Caps, began her career in 1977 with SBI as a direct recruit officer.
“Women started joining banks only in the late 70s and mostly at clerical levels. With career progression reaching an apex, the industry is likely to have more women at the top in the years to come. And when they do come, they are not just considered women, but as leaders and role models,” says Subhalakshmi Panse, chairperson-cum-managing director (CMD) of Allahabad Bank, who took over the reins in 2012. Panse started her career with Bank of Maharashtra as a trainee officer in 1976.
India’s first tryst with a woman at the helm dates back to 1996, when Tarjani Vakil took over as head of Exim Bank. Tarjani’s appointment was followed by Ranjana Kumar, who was appointed CMD of Indian Bank in 2000. Kumar raised eyebrows with her skilful turnaround of the loss-making bank. “Irrespective of the sector, women are considered to be more effective employees and possess superior leadership skills,” reasons Dr TR Madan Mohan, managing partner, Browne & Mohan Consultants.
The government has reportedly zeroed in on Usha Ananthasubramanian, executive director, Punjab National Bank, to head the country’s first all-women bank–Bhartiya Mahila Bank–which is expected to commence operations from November with six branches across the country. Armed with all the right skillsets, Ananthasubramanian was made executive director of PNB in 2011. In her three-decade-long career, she has worked in various capacities in several banks, including the Bank of Baroda.
The nationalized banks seem to be increasingly hiring women leaders of late. Consider Pense at Allahabad Bank, Vijayalakshmi R Iyer, who helms the Bank of India as its CMD, and Archana Bhargava, who heads the United Bank of India. Sector watchdog RBI too has its share of women in top slots namely Shyamala Gopinath, K J Udeshi and Usha Thorat as deputy governors. Other notable women leaders spearheading banks include Chanda Kochhar, managing director and CEO of ICICI Bank, Shikha Sharma, CEO of Axis Bank, Naina Lal Kidwai, country head of HSBC India, Kalpana Morparia, CEO of JP Morgan India Pvt Ltd and Vedika Bhandarkar, managing director, Credit Suisse.
Of the 250-odd banks operating in India, 21 are public sector banks, 22 private sector, 36 foreign banks and the remaining include cooperative and regional rual banks. “The number of women leaders as of now is just a handful, but the story has only begun,” says Mohan. Industry analysts commend the enhanced role of women in banking sector especially given that the rise of women in the general corporate sector has been slow. Of the top 100 companies listed on BSE in 2012, who collectively have 1,112 directors, women comprise just one per cent i.e. 120. According to Future Insights, the research arm of the Future Group, if India’s total workforce sees of 35 per cent more women, the country could be richer by Rs 1.74 lakh crore. “The banking sector was once perceived as safe for women to seek employment. Now, women are entrusted with the role of safeguarding the bank’s success,” says M G Sanghvi, ex-CMD, Syndicate Bank.