New Delhi, Mar 8 (PTI) The most critical issue of the 2019 amalgamation of regional rural banks (RRBs) was that of technology, systems and procedures, as different banks followed different systems and procedures despite the same core banking platform, says a new book.
In his memoir "Banker by Chance, Leader by Choice", veteran banking professional Shiv B Singh, who has served over three decades in various capacities in the regional, national and international arena of banking, says the 2019 amalgamation of regional rural banks was peculiar in the sense that the perks and allowances of the sponsor banks were only to be made applicable after the merger.
"The most critical issue was that of technology, systems and procedures, as different banks followed different systems and procedures despite the same core banking platform. These issues were important because they could impact business continuity in a significant manner," he writes.
He also says that when he looks back at the hectic schedule of those amalgamation days, it gives him a feeling of immense satisfaction and fulfilment.
"Being at the helm of affairs, this challenging amalgamation exercise was a great and unique learning experience, which broadened and sharpened my creative, imaginative, managerial and mental faculties, and enabled me to deal with many improvised situations and enriched me tremendously on the personal, academic and professional fronts," he writes.
Singh worked as an ad-hoc lecturer at a government college and with the Income Tax department before joining the banking sector.
"Banker by Chance, Leader by Choice", published by Rupa, is the story of his rise as a banker - from being a junior-level officer at a public sector bank to becoming its chief general manager. Recently, he has transitioned to the position of executive director at a public sector bank.
Singh built his career in the banking industry, "which satisfied me both in terms of my financial standing and the social recognition I received".
He says the operational banking landscape has significantly changed since 2001.
"The most significant change was the treatment from the customers' point of view, where the customer became the bank's customer instead of the branch's customer," Singh writes.
"Another change was the introduction of alternative delivery channels in the form of automated teller machines (ATMs) and Internet banking, making banking 'anytime anywhere anyhow banking', which provided operational flexibility to customers," he adds.
During his nearly 30 years in banking, Singh has worked for about 12 years in the treasury - in foreign exchange and overseas, two years as AGM of a metro branch and two years as deputy zonal manager of a zone that drew most of its business from the metropolitan region.
"So, my last 15 years of work had been confined mainly to treasury operations, foreign exchange business, overseas assignments and the metro city with some amount of agriculture and MSME lending during my tenure as deputy zonal manager," he writes.