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Home» World» Diaspora» Why not a global gujarati bank

Why not a Global Gujarati Bank?

By Dr.Vidyut Joshi | September 23, 2013, 03:16 PM IST
why not a global gujarati bank

Ahmedabad : Once upon a time there were several Gujarati banks. Bank of Baroda was known as Vadodara Amins' bank. DENA(Devakaran Nanji) bank was Bhatiya's bank. Most of the managers were shrimali Brahmins from Kachchh . bank of India was Gujarati Baniya's bank. Central bank of India was Parsi bank. There were several Parasis working in this bank once upon a time .To day you hardly find a Parasi in this bank. Darabar bank (later on State Bank of Saurashtra ) was  Saurashtrians' bank. There were sevaral Nagar  Brahmins in this bank. It merged with the State Bank of India ,and it's Saurashtra character vanished .

There were atleast 30 co oparative banks in Gujarat, out of which 5 were scheduled banks . To day they are closed down because of sub prime landing to relatives . The cases are well known and I need not name persons as some of the cases are pending in courts of law . Several small depositors lost their "maran Mudi" ( saving for last rites) in these co-op bank scams .

This gave a big jolt to Gujarati financial market . Prior to 1990, Gujaratis were kings of investment  40% of the total investment in share markets were by 5 % Gujaratis .This has been reduced to 25% to day . Gujarati businessmen and entrepreneurs face financial crunch and business and industrial devalopment is hempered . Gujaratis had hold on textiles , chemicals, and such other traditional sectors .These sectors have become sun set industries and erst while 'shethiyas' have come down to middle class life style.  Same is the case of Gujaratis settled down in US and running motels or stores . The story of Gujaratis in UK and Australia is no better .Gujaratis in Africa are slightly better in  the sense that their business has suffered in Idi Amin's time, but now they are doing better .

Now compare our situation with Jews. Jews are perheps the best entrepreneurial community in the world .They suffered a lot in Hitler's regime   during second world war period . After that  they are even now suffering at the hands of some Arab nations . Even then their control on world business is intact .
The reasons are two:

(1.) They have hold on world level banks and they are considered to be best investors.

(2.) they are also best researchers . Remember best scientists are Jews. This being so, their business and industrial activities are based on research and not only on fair weather friends attitudes like Gujaratis .They are successfully switch over to knowledge based economy, where knowlwdge is gradually replacing finance ("paisa") as capital.

This being so, if Gujaratis want to continue their domination in business, thay will have to have knowledge based -modern or professional- banking at international leval. Now they are a global community and only Gujarati bank willl not serve the purpose and even  old co-op structures are outdated . They need a modern, knowledge based ,professional Global Gujarati Bank.. Unfortunately, when ever NRG conclaves or seminars are being organised, thay talk of "garaba'"  "Dhokala"' or "Bhasha bachao" movement .

YS

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