CHENNAI: Banks were nationalised in 1960s as private banks lent money only to big businesses and not the larger population; 50 years later, nationalised banks are favouring big businessmen again, said Uday Kotak, founder and CEO of Kotak Mahindra Bank on Tuesday, speaking at the KS Narayanan oration 2018.
The event convened by Sanmar group of companies, was themed on the topic “Doing business in India today - does it call for compromises?” Speaking about nationalised banks and government sector, he said unethical compromises have to be prevented by reducing discretion and introducing a regulatory framework that works independent of the government. “We need a framework independent of government, that ensures transparency,” he said.
Kotak entered banking when he was 26 and started a small bill discounting business. Now he owns a company worth US$7 Billion and has 45,000 employees.Anu Aga, former Chairperson of Thermax Ltd., said corruption and compromises can be reduced easily if corruption reduces at the top.
Bankers, bureaucracy and politicians should not compromise on values as it will trickle down as harassment leaving little options for small players, she said. “My company’s balance sheet does not give me as much pride as my employees telling me that they work for a company with high culture,” she said.
Aga, now works on social issues and is the chair on board for Teach for India. She was awarded the Padma Shri for social work in 2010.