Acclamation poured for the former governor of Reserve Bank of India Bimal Jalan on Thursday from a room full of commercial and investment bankers. It seemed like they couldn't say enough.
Finance Minister Jaswant Singh illustrated the mood by presenting Jalan with a caricature wherein the former Governor is seen balancing the local currency against the almighty greenback, and -- if the angle of the symbolic barbell is anything to go by -- winning.
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Indian Banks Association chief Dalbir Singh said Jalan indeed was instrumental in steering the Indian economy through bad times -- he cited the Kargil war, the Asian crises and the Pokharan nuclear blasts and the sanctions that followed. "He saw that the economy flourished in the period," he added.
Bankers, though they were pushed to meet best international practices, said Jalan played a vital role in the transformation of the Indian banking industry. He persuaded banks to clean up their balance sheet, and thereby fumigate the banking system, said ICICI Bank CEO and managing director K V Kamath.
"He was constructive in nudging down interest rates and pushing technology into the banking arena. The Indian banking system is now capable of flying long and reaching greater heights," Kamath added, praising Jalan's pragmatic, yet firm role as regulator.
A K Purwar, chairman and managing director of the country's largest bank -- State Bank of India -- pointed to Jalan's adoption of a consultative decision-making process, and transparency in the credit policy.
HDFC chairman Deepak Parekh perhaps gave him the highest praise when he compared Jalan to all the other central bank regulators and said he would win a poll hands down on being the most affable of RBI regulators.
At the same time Corporation Bank chairman and managing director Cherian Varghese commented on Jalan's smile while Parekh pointed to his "mastery in the art of saying no, by laughing it off."
Jalan in his acceptance speech said he could not have done it without the efforts of his colleagues at RBI, especially Rakesh Mohan, deputy RBI Governor.
Mohan in his praise of his former boss said that as he had got so used to Jalan being his boss three times round, he would need to become member of Parliament once Jalan heads the body.
Wishing him well in his second innings, Parekh said that the financial world would now see Jalan in more glamorous company -- of Hema Malini, and wrestling icon Dara Singh.
