A Centralizing force

"Central Bank of India needs to wake up from the deep slumber and break the chains of stagnancy,” urged Homai Daruwalla in her mission statement spelt out within a month of taking over as chairperson and managing director (CMD) of the 94-year-old Bank on June 30, 2005. "What the mind can conceive, it can achi­eve… Hope sees the invisible, feels the intangible and achieves the impossible. You never know what you can do till you try… While success comes from doing the right things, true satisfaction comes from doing them with exce­llence…More than the financial loss, it is the loss of credibility that is hurting organizations. Success with integrity lasts longer. It makes success more worthwhile,” Daruwalla enunciated her expectations from her Bank colleagues.

Daruwalla: "success with integrity”

Heading a work force of 39,000 employees (with seven unions) and overseeing the functioning of 3,157 branches, 79 regional offices, 16 zonal offices and 23 regional rural banks, as she rapidly mouths the figures Daruwalla reminds us, "We have a wealth in the shape of our network of branches/retail outlets spread all over India with true Pan India presence and the most important, the huge store of manpower resource which is the prerequisite energy for driving any growth engine. What is required is the will and the leadership to channelize these energies in the right direction.”

Realizing that the Central Bank which once stood second only to the State Bank of India had come down to the seventh rank, the chairperson has set before the team a tough challenge: ending the current financial year with a total business of over one hundred and ten thousand crore rupees, net profit of seven hundred and fifty crore rupees, three lakh new savings accounts and seventy-five thousand new current accounts. "I intend to hit the capital market with an IPO (initial public offer),” she declares. "Accelerated growth pace can be attained by technological upgradation matching industry levels, regaining of market share, introducing innovative products, systems alignment and human resource development,” she is convinced. Rather than sit in an ivory tower as CMD she understands the need to "prioritize your working hours; ensure that the staff is part of the team.”

Not one to lose hope, Daruwala says, "I can take the horse to drink water…” Thereafter she expects her subordinates to "wake up and do something.” As she candidly refers to her short temper she admits, "I have no patience. I have to make up for lost time.”

"Not only should one work hard but should work smart. Our jobs have been quietly transformed from that of a government babu to a proactive customer-centric employee with focus on profit and cost cutting…” she pointed out unable to empathize with the "rartaa chanawala (spoilsport)” attitude of Parsis. In this once ‘Bawaji Bank’ there are hardly Parsi faces to be seen now, she laments. Similar is the case at Union Bank where she spent nearly three decades starting as officer Grade-I (senior) and assuming various responsibilities including that of field general manager heading different departments like planning and development, central audit and inspection, risk management, central accounts…until she was promoted as executive director, Oriental Bank of Commerce in August 2004.

"Known for their integrity, Parsi bawajis spent their aakhi jindagi (entire working lives) as cashiers. ‘Mama boodha chhè, né papa…(mother is old and father is...)’ were the excuses frequently cited for not accepting any outstation postings and promotions. Kamaalna Parsaa chhè (Parsis are unbelievable),” she trails off. Referring to her own postings in different regions of Maharashtra, Gujarat, Calcutta, Delhi, she states, "There would be hardships but you have to surmount them and forge ahead.”

Having put in "too many long hours and hard work,” the 57-year-old banker has learnt how to optimize performance and command respect in this male dominated scenario. From the security guards on the ground floor of Chander Mukhi, the head office building at Nariman Point, to the general managers who directly report to her, it is clear that all are in awe of "Madam” as the CMD is addressed. In the history of Central Bank, she is the first Parsi lady to hold this post. The only female incumbent before her was Ranjana Kumar who subsequently took over as chairman of National Bank for Agriculture and Rural Development (NABARD). She is aware of certain sensitive ladies who "thori boom paari tau rari parsé (will burst into tears when repriman­ded)…I never consider myself as being a female. I know that work has to be done. My duty is to give directions and lead.” Through review meetings with regional, zonal and branch officers, video conferencing, touring branches, she makes it her business to ensure that employees do not lose sight of their targets. As she says, "I periodically shoot out letters to them. When I am touring I make it a point to address the staff, talk to them about contemporary banking, have customer meetings…”

Just as a framed photograph of Sir Sorabjee Pochkhanavala, the founder of Central Bank, adorns the chairman’s office, Daruwalla says that there is one of him at every branch and invariably when she visits the branches, the first thing they make her do is light a lamp and garland his frame. Last August the Bank celebrated his 125th birth anniversary. Admiring his guts and foresight to start a swadeshi bank, Daruwalla noted, "Unfortunately today’s generation think the oldies are a bunch of jokers.” Describing herself as "a choost (staunch) Zarathoshti” with implicit faith in the prayers, the fire, the tenets as taught by the religion, Daruwalla who is single frowns upon interfaith marriages: "You cannot eat the cake and have it too…If I wanted to, I could have done the same thing; but I didn’t. If our religion has said that, who are we to question it?” she maintains. Likewise, the system of dakhmenashini too has to continue in the absence of vultures for how else can a community which reveres fire dispose its dead? she questions.

From left: Ketayun, Homai, Rati and Vistasp Daruwalla

She remembers well the influence of Parsi and non-Parsi institutions and individuals in shaping her career: Her school J. B. Vachha where she had the good fortune to study, her teacher Ms Adrianwala who inspired in her the love for reading, Podar College from where she graduated in commerce, Kal­ya­niwalla and Mistry from where she did her articles for her chartered ac­countant’s qualification. Her preference was for a job in a corporate office but destiny led her to Union Bank where she gained substantial exposure and confidence until the Government of India, department of banking nominated her as executive director of the Oriental Bank of Commerce. In recognition of her administrative capabilities, within 10 months she was assigned the charge of Central Bank.

Outside the Bank’s purview Daru­walla, a Certified Associate of the Indian Institute of Bankers, was elected on the board of directors of The Institute of Internal Auditors, Florida, as the region of India director, and as a director on the board of Maharashtra Industrial and Technical Consultancy Organisation Limited. Additionally she has been associated with a host of committees constituted in the direction of corporate governance, banking technology solution, performance, etc.

Whilst answering Parsiana’s queries, Daruwalla was simultaneously keeping an eye on the plasma screen facing her to feel the financial pulse of the Indian market on the morning of November 23, 2005. Her TV viewing though is not restricted to business news. She enjoys watching serials, soaps and movies when she finds the time and narrates how as an infant barely a few months old, she was carried inside a cinema house, and surprisingly kept beautifully quiet, allowing everyone to enjoy the movie! Her fondness for the TV commenced during her out-of-Bombay postings. Returning to an empty apartment, the first thing she would do was switch on the TV to make her feel that she had some company, she relates. In Bombay she resides with her widowed mother Rati, sister Ketayun and brother Vistasp. Her siblings too are pursuing their respective careers and "unluckily all three of us are not married.” Her father Ardeshir who worked for the Life Insurance Corporation of India roused her interest in banking. Traveling, good food and good music are her other recreations. She enjoys reading but for want of time does not know "when was the last time I read a good book.” Indira Gandhi, Margaret Thatcher, John F. Kennedy are the prominent international statesmen whose good qualities she would like to imbibe.

"Self discipline does not kill joy but builds it… Our privileges can be no greater than our obligations… We should assume responsibility for our actions and insulate ourselves from excuses,” were some of the gems of advice she meted out in the course of her address as chief guest at the annual function organized by The Bombay Parsee Association on November 19, 2005 urging the "youngsters to emulate our ancestors and their virtues…The biggest hurdle is ego which is self intoxicating; results in arrogance. A big head gives more headache while a big heart gives more happiness…Well defined goals give a sense of accomplishment. Purpose and vision give meaning to life.”