Ranjana Kumar, Former CEO Indian Bank Ranjana Kumar Was The First Woman CEO of

Meet India's top women bankers
December 23, 2008
Ranjana Kumar, former CEO Indian

Bank
Ranjana Kumar was the first woman CEO of
a nationsalised bank. Kumar took over the
Chennai-based Indian Bank in May 2000. She
played a key role in turning around the loss
making bank.
Kumar has also worked as Executive Director
of Canara Bank, Bangalore.
She started her career as a probationary
officer in Bank of India in 1966. In 1995, she
was elevated as General Manager. Later, she
took over as Senior Vice-President and Chief
Executive of Bank of India, overseeing the US
operations, based in New York.
Ranjana Kumar took over as chairperson of
the National Bank for Agriculture and Rural
Development in November 2003. Kumar, who
played a pivotal role in turning around the
ailing Indian Bank, will be the first woman to
head the NABARD.
She is currently serving as Vigilance
Commissioner in Central Vigilance
Commission.
Vedika Bhandarkar, MD, JPMorgan India
Vedika Bhandarkar is the managing director of JPMorgan

India.
She has been heading the investment banking division of JP

Morgan India since 1998 and in March 2004, she was also
appointed managing director of the firm.
Bhandarkar has been in financial services for 14 years. An IIM

graduate has played a key role in many significant deals like
ONGC's acquisition of MRPL from the AV Birla group
H A Daruwalla, MD, Central Bank of India
Homai A. Daruwalla is the chairman and managing director of Central

Bank of India.
Prior to taking charge as CMD of Central Bank of India, Daruwalla was

executive director of Oriental Bank of Commerce.
Under her leadership, Central Bank of India has shown a steep growth of
110 per cent in total business between 2005 to 2008, according to a
company statement.
Daruwalla is also deputy chairperson of Indian Bank's Association with

since October, 2008. Daruwalla, a chartered accountant, started her
career with Union Bank of India as an officer
Tarjani Vakil, former chairperson, Exim Bank
Tarjani Vakil was the chairperson and managing

director of the Bank from August 1993 till October 1996.
She contributed to the development of EXIM Bank as a
unique credit agency offering finance, information and
advisory services at all stages of the business cycle.
She has also been a consultant to International Trade
Centre, Geneva (1996) and Mckinsey Inc. for setting up
an export-import institution in Egypt and MIGA (1999).
At present, she is a director on the Boards of a few
organisations in India including i-flex Solutions. She was
featured among the 50 most powerful women in the
world in the 1996 survey conducted by KPMG Peat
Marwick, USA.
Tarjani Vakil, M. A. served as Chairperson and Managing
Director of Export - Import Bank of India ('EXIM Bank") since
October 1996. Ms. Vakil has contributed immensely for
almost 40 years in the field of Development Banking.She
served at Alkyl Amines and Chemicals Limited. Ms. Vakil was
actively involved in extensive interaction with multilateral
agencies for initiation of an informed annual dialogue among
heads of Export Credit Agencies in Asia and Australia. Ms.
Vakil has been a member consultant for carrying astudy of
the feasibility for establishment of an Export Credit
Guarantee facility for GCC Countries for establishment of
Export-Import Bank of Malaysi and other developing
countries of Asia and Africa. She is a Consultant. Ms. Vakil has
been a Director of Indian Rayon & Industries Ltd., since July
27, 2000 and Idea Cellular Limited since September 2, 2006.
She has been a Non Executive Director of Asian Paints India
Ltd., since December 1, 1998. Ms. Vakil has also been an
Independent Director of Aditya Birla Nuvo Limited since July
27, 2000. She serves as Director of Mahindra Intertrade Ltd.,
Oracle Financial Services Software Limited, I-Flex Solution
Limited and DSP Merill Lynch Trustee Co. Pvt. Ms. Vakil won
several awards including Mahila Shiromani, Chief Executive
Officer of the Year, Woman of the Year, etc. She was also
ranked as the highest woman official in Banking in Asia and
named in the 50 world - class women executives in the 1996
Survey conducted by KPMG Peat Marwick, USA. She holds
Masters in Arts from the University of Bombay.VAKIL HAD
JOINED MAHARASHTRA FIN. CORP. IN MA 2ND YEAR..MA
HISTORY...NORMAL GRADTN N MA!!
As much as men and management would like us to believe that the glass ceiling is now a myth, it still
prevails. Nirmala Menon, founder of Interweave, admitted at a recent CII conference; “Women on
top are still rare. Globally, they comprise only 10 per cent of senior managers in Fortune 500
companies. In India, women comprise only three per cent of senior management.”
A senior woman manager says, “Very few men are willing to treat a woman as an equal. They are far
too insecure and prefer to treat her as a child or a half brain. They will make statements like, ‘Just
look at this once and I’ll finalise it. Why bother yourself?’ Thiscan be most irritating to an intelligent,
thinking woman who, if not better, is definitely, his equal in intelligence.”
Agrees another senior executive, “When a man is decisive, he’s dynamic, but when a woman
displays the same firmness, she’s difficult in the eyes of men.”
Psychiatrist Dr Harish Shetty from Dr L H Hiranandani Hospital, Mumbai, refers to a recent case study
where a group of employees were debating about the new logo for their company.
When a woman suggested red, a colleague remarked that she was recommending it as it matched
the colour of her sari. All the men present laughed indulgently without realising
it had a very sexist connotation.
“Such a remark would never be made to a male colleague. This mindset reflects a cultural
conditioning that will take centuries to be c o m p l e t e l y wiped out,” cites Dr Shetty.
Even as men and women work shoulder to shoulder, discrimination between the sexes exists.
Radhika Roy (name changed on request), a pharmaceutical manager says, “I was denied a promotion
last year, as the management assumed that I was 28 and would be married soon. Consequently, I
wouldn’t be able to give the same amount of dedication or time to my work, it was perceived . ”
Meera Sanyal, country executive, India, ABN-Amro Bank states, “A career woman is also someone’s
wife, mother and daughter-in-law and thus has to deal with responsibilities. This gives rise to certain
periods in life where she’s forced to make a choice between her career and home. It’s here that the
organisation can show solidarity.”
Chanda Kochhar, head of ICICI bank, however points out, “Women too shouldn’t expect any special
advantages or favours.” Another mid-level HR manager Rinita Sen (name changed on request) points
to sexual politics.
“My supervisor, a married, middle-aged man was making sexual advances towards me. Things
reached a head when he started touching my hands etc. I complained to my super boss. The issue
became a major furore. I was asked whether I had responded to his proposals. Humiliated, I quit.”
Women still have to break stereotypical roles to succeed. Tarjani Vakil,India’s first woman CEO in the
financial sector attributes this, “largely to the male chauvinistic attitude.
Even during the US presidential elections, Hillary Clinton couldn’t break the glass ceiling." Kiran
Mazumdar-Shaw, chairmanand MD, Biocon Limited, confessesthat when she started out in 1978,
“women were considered ‘high risk’ in the business world.”
However, she believes, “The picture is positive now with more Indian women making a mark in
diverse fields from banking, biotechnology to politics.” So, here’s hoping Priety can keep her chin up
and just pick up a glass hammer.

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Meet India's top women bankers

December 23, 2008

Ranjana Kumar, former CEO Indian

Vedika Bhandarkar is the managing director of JPMorgan

She has been heading the investment banking division of JP

Bhandarkar has been in financial services for 14 years. An IIM

Homai A. Daruwalla is the chairman and managing director of Central

Prior to taking charge as CMD of Central Bank of India, Daruwalla was

Daruwalla is also deputy chairperson of Indian Bank's Association with

Tarjani Vakil, former chairperson, Exim Bank

Tarjani Vakil was the chairperson and managing

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