Two and half years back, when Raghuram Rajan after taking post as RBI governor said that promoters have ‘no divine right’ to run the business after messing it up, nobody noticed he was serious and he would deliver what he would say. But now some of them, who are feeling the brunt of tightening of defaulters by banks, understand that he is delivering now what he had promised earlier.
Thakurs of Jyoti Structures, Khaitans of Electrosteel and the big shots like Malya and Ruias are also on the brink of losing their empires in case of defaults. The relentless pursuit of bankers has forced the promoters to go realistic and recovery too has been increased. The new generation bankers such as: Arundhati Bhattacharya of State Bank of India, Chanda Kochhar of ICICI, Shikha Sharma of Axis Bank, PS Jayakumar of Bank of Baroda and Bill Winters of Standard Chartered Bank thanks also to the government for less political interference have powered them to make most out of it.