Under Ajay Kanwal's leadership, Jana Small Finance Bank thrives and sets sights on universal banking licence

1992: When the Harshad Mehta securities scam shook India, electronics engineer Ajay Kanwal, with a management degree from University of Mumbai, was in a cushy job at Citibank. He watched the scam unfold and saw how deeply troubled rival Standard Chartered Bank in India was. The UK-headquartered bank had to sell a couple of its buildings and bring in money to stabilise its operations in India. But Kanwal admired its resilience when the chips were down. It stood firm throughout the crisis. So, amid this turmoil, Kanwal took up a job at StanChart.