The Last of the Gentlemen Bankers

The generation that reached its prime in the 1960s arguably had some of the best men of substance that independent India has produced. It cut across disciplines - from industry, academia, bureaucracy, diplomacy, art, journalism, law and even politics. They were the first bunch of indigenous, wholly 'Made in India' talent.

This group of people didn't carry the 'hangover' of the British Raj. At the same time, despite being steeped in national pride, they did not wear nationalism too heavily on their sleeves. They strived for excellence while remaining rooted in a strong value system. Having lived a full life in every sense of the term, most of them could have easily hung up their boots and opted for cushy sinecures. But not these true karma yogis. Many of them are still active - distributing time evenly between grandchildren, professional engagement and not-for-profit work - contributing to the society at large from their vast cache of knowledge, wisdom and experience. D.N. Ghosh belongs to this class of worthies.

We are fortunate that people like Ghosh - who had the privilege of watching the unfolding of modern India from a vantage point - have chosen to pen down their memoirs. I include in this league some of the 'greats' from other walks of life like the iconic jurist Fali Nariman and the celebrated editor B.G. Verghese. Reading their stories - peppered with anecdotes and historical nuggets - is instructive as well as inspirational.

Ghosh's autobiography opens with the midnight saga of bank nationalisation. While in the eyes of the lay public he is well known as one of the more distinguished former chairmen of State Bank of India (SBI), he was essentially a bureaucrat who spent long years in government. He recounts how as a junior officer in the Banking Ministry, his services were marshalled by P.N. Haksar - Indira Gandhi's personal secretary - for drafting the bank nationalisation ordinance. In narrating the story, he reveals hitherto unknown details of what happened behind closed doors before that momentous decision that changed the course of Mrs. Gandhi's political destiny and, perhaps, India's economic trajectory itself (not necessarily for the better, as some might carp).

Books such as these make up, to some extent, for the dismal lack of institutional memory that is the bane of our organisational and bureaucratic culture. But often ophthalmic impairments of age or a dyspeptic sense of self-importance that is prone to bloat over time tints the accounts. Not so with Ghosh. He is faithful to the details, presenting counter points of view as they played out in the course of the events, not taking sides. In describing the protagonists - powerful mandarins of those times and others who rose to positions of eminence - he is delightfully candid without being offensive or petty, exactly in the same spirit of Spinoza, whom he quotes: "Not to laugh, not to weep, not to hate, but to understand."

Today's high-flying bankers not interested in the evolution of Indian banking and the events that shaped them may find the narrative heavy at times, but never tedious. Similarly, a lot of people - with the exception of a few like the reviewer who are fascinated by tales of epic legal battles (probably to satisfy the secret lawyer Walter Mitty in them) - would be left cold by the recounting of the Bank Nationalisation case in the Supreme Court fought between the all-time great Indian advocate Nani Palkhivala for the banks, and legendary Attorney General Niren De in tandem with the redoubtable duo M.C. Setalvad and C.K. Daphtary for the government. Only those who understand the monumental institution that is the SBI would appreciate its transformation saga.

Much of Ghosh's narrative about his trysts and travails in the passageways of power may sound alien to today's bureaucrats caught in the murky web of partisan politics and corruption - when they are expected to leave conscience and ethics back at home. Therefore, the story of how Ghosh was appointed Chairman of SBI would read like a fable as no such coveted posts are attained without lobbying, political blessings and corporate backing. However, what would be familiar to them is the age-old tussle between IAS and non-IAS officers in the government, in which - needless to say - the IAS lobby always comes up trumps.

Closer to date are the fascinating accounts of Ghosh's encounters at the crossroads of politics and business - especially in what he calls "L'Affair L&T". Equally interesting is his experience of turning around the Peerless Group at the behest of Jyoti Basu, who was keen to save one of the last surviving relics of Bengali enterprise. SBI's entry into the mutual funds business, challenging the monopoly of UTI, and setting up the credit rating agency ICRA indicates how he was always ahead of the curve from his contemporaries stuck in the past.

Ghosh regales readers with snippets about corporate politics in the chapter 'Corporate Boardrooms'. He is brutally frank in calling out promoters who expect independent directors chosen from among friends and acquaintances "to add value by keeping quiet", following the principle of noblesse oblige. There is much to learn from the few misadventures he had in the process by choosing the wrong "company" (in more senses than one).

Going back on a counter-factual journey to Bank Nationalisation - which is, perhaps, the most important and valuable part of the memoirs - Ghosh is categorical that it was the right step at that time. He is acutely aware of the cynicism with which the newer generation would view him and knowingly quotes Arthur Koestler: "They do not hate us; they are simply bored with us." But there is little chance of getting bored with this book for the nimble wit and felicity of the author's language, which is a hallmark of his generation. He also doesn't let his formidable erudition come in the way of facts.

P.L. Tandon, the legendary first Indian Chairman of Hindustan Lever, had once told this reviewer that the art of writing an autobiography was in striking a balance between being anecdotal and becoming an anecdotage. Dhruba Narayan Ghosh passes that test brilliantly.

The reviewer is a marketing professional and practising life coach for young professionals