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Indian banks have been quite fortunate that the crisis faced by the
international banking community has left them pretty unscathed—so far at any
rate. They have, perhaps, benefited from the fact that they have not strayed
too far from the basic ground rules governing the banking business. ‘Pure
banking, nothing else’ seems to have served the Indian banks, especially those
in the public sector, rather well. Mercifully, they remain relatively robust.
Even so, the contagion of the international banking crisis is still quite
virulent, and it is not as though the Indian banks are completely
immune to the serious afflictions besieging their international
counterparts. And it does not really need a seer to point out the
elementary fact—though many management pundits have done it—
that when faced with a crisis, the secret of survival lies in going back
to the basics and getting them right.
M Hanumantha Rao
Former Deputy General Manager,
State Bank of India.