Indian bankers aren’t always frank about bank regulation, are they?
Subscribe to enjoy similar stories. The ‘world’s banker’ Jamie Dimon, CEO of JPMorgan Chase, speaks his mind even if it means taking swipes at US regulators. At a conference last week, Dimon had some harsh words for several major US banking regulations, which he called burdensome and inconsistent.
“It’s time to fight back," he said, adding that. many banks are afraid to “fight with their regulators because they would just come and punish you more." This is not the first time that Dimon has taken on regulation. In his annual letter to shareholders this year, he had called for a review of bank regulatory and supervision processes.
Unlike Dimon, bankers in India seem to have much less to complain about. Or is it that they are just much less vocal? There was a time, such as at the start of this century, when banking veterans like ICICI Bank’s then chief K.V. Kamath and HDFC’s chairman Deepak Parekh would air their views publicly on important banking issues, including what the Reserve bank of India (RBI) should be doing on interest rates.
This continued with HDFC Bank’s Aditya Puri, ICICI Bank’s Chanda Kochhar, Axis Bank’s Shikha Sharma and Kotak Mahindra Bank’s Uday Kotak. In September 2012, State Bank of India chairman Pratip Chaudhuri took on then RBI Deputy Governor K.C. Chakrabarty in public over banks’ cash reserve requirement (CRR), or the percentage of deposits that must be kept in reserve with RBI.
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