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special featureINDIAN INSTITUTE OF BANKING & FINANCEndKohinoor City, Commercial-II, Tower-I, 2 Floor, Kirol Road, Kurla (W), Mumbai - 400 070.Tel.: 91-022-2503 9604 / 9746 / 9907 • Fax : 91-022-2503 7332Telegram : INSTIEXAM • E-mail : iibgen@bom5.vsnl.net.inWebsite : www.iibf.org.inGOVERNING COUNCIL MEMBERSPRESIDENT - M. D. MallyaVICE PRESIDENTS - M. V. NairRana KapoorMEMBERSAnantha KrishnaS. K. BanerjiY. K. BhushanGunit ChadhaK. R. KamathS. RamanAsish SahaY. H. MalegamA. K. MisraK. RamakrishnanT. C. A. RanganathanArun KaulT. M. BhasinPratip ChaudhariS. KaruppasamyR. BhaskaranRamnath PradipDilip MavinkurveJ. P. DuaArundhati BhattacharyaMANAGEMENTR. Bhaskaran, Chief Executive OfficerP. Balachandran, Dy. Chief Executive OfficerA. R. Barve, Director of ExaminationsD. R. Wazkar, Director of AdministrationMISSIONThe mission of the Institute is to developprofessionally qualified and competent bankersand finance professionals primarily through aprocess of education, training, examination,consultancy / counselling and continuingprofessional development programs.O³es³emebmLeeve keÀe O³es³e cetueleë efMe#eCe, ÒeefMe#eCe, Hejer#ee,HejeceefMe&lee Deewj efvejblej efJeMes
editorialDr. R. BhaskaranChief Executive Officer,IIBF, MumbaiIndian Public Sector Banks have undergone a near total transformation overthe last decade moving seamlessly from manual, scale-constrained organizationsto a technologically enabled business leaders. This journey of transformation is far fromover. The changes in the market space and technology environment are continuous and thesewill be necessitating more transformation for some more time. Further the banks need to keeppace with the fast changing global environment to become globally more competitive. Thecatalysts for transformation are many, yet it is the human resource that has to play a key role.About a decade or so back, people had almost written off the PSBs. The government ownership,poor adoption of technology and traditional bank products coupled with poor customerorientation were, possibly the reasons for customers flocking to the new private banks whichcame into being in the early 90's. The new banks started with technology driven, attractivecustomer oriented service products. They had no legacy issues.Today, the PSBs are the toast of the market, post global financial crisis, thanks to the way theyhave withstood the crisis. They are as much in the forefront and adopt as much technology as theprivate banks. Products and services are almost similar. There is apparent competition amongthe banks, though the executive compensation at higher levels is not similar. The PSBs havemaintained a market share of about 75% over the last six years which clearly shows that thenovelty of new private sector banking is no more the driver of banking business. Not only in termsof business, but the PSBs seemed to be an attractive destination for job seekers also. Today, thelargest recruiter in the market is PSBs. For every one vacancy in the PSU banks, the aspirantsrun into thousands. Yet in the not so distant past it appeared that Private Banks will swamp thebanking scene in India. What happened? PSBs have transformed. The transformation has comeabout on account of a number of reasons including some good HR and leadership initiatives.Clearly, not all the transformation could be attributed to leadership initiatives as overall policyand market events seem to have played an important role. The arrival of risk as the prime moverof regulation has played a major role in the transformation. The following are some of thereasons for the transformation.In terms of importance the first and foremost reason for the transformation is adoptionof technology and consequent ability to use multiple delivery channels. Initially, the newprivate banks had started with an IT advantage and used new delivery channels. However,in the past decade the PSBs have invested heavily in automation such that IT is noThe Journal of Indian Institute of Banking & Finance July - September 2011 3
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