Former Reserve Bank Deputy Governor V. Leeladhar has said that India’s public sector banking sector has the best talents but the system needs to give them more support and motivation.
Leeladhar, who was honoured yesterday with a lifetime achievement award of the State Bankers’ Club for his commitment to banking, noted: “We have the best of the people in public sector banks, but we need to give a little more motivation to them.”
He recalled that that the RBI succeeded in insulating Indian banking system from the subprime crisis that devastated US financial institutions five years ago by directing the banks well in advance to increase the risk rate of home loans.
RBI Regional Director Nirmal Chand, who felicitated Leeladhar, pointed out that along with the then RBI Governor Y.V. Reddy, Leeladhar had played a pivotal role in insulating Indian banks from the global financial crisis.
Kerala Finance Minister K.M. Mani, who presented the award to Leeladhar, said that comprehensive financial inclusion could be achieved through a joint effort of the government and the banks.