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Financial Intermediation in a Less Developed Economy: the History of the United Bank of India/Indrajit Mallick, Sugata Marjit

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Financial Intermediation in a Less Developed Economy: the History of the United Bank of India/Indrajit Mallick, Sugata Marjit Financial Intermediation in a Less Developed Economy Financial Intermediation in a Less Developed Economy The History of the United Bank of India INDRAJIT MALLICK SUGATA MARJIT Copyright © Indrajit Mallick and Sugata Marjit, 2008 All rights reserved. No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, record- ing or by any information storage or retrieval system, without permission in writ- ing from the publisher. First published in 2008 by SASASAGE PPGE ububublicatlicatlicatioioions IIns ndia Pvt LtLtndia ddd B1/I-1 Mohan Cooperative Industrial Area Mathura Road, New Delhi 110 044, India www.sagepub.in SASASAGE PPGE ububublicatlicatlicatioioions IIns ncncnc 2455 Teller Road Thousand Oaks, California 91320, USA SASASAGE PPGE ububublicatlicatlicatioioions LtLtns ddd 1 Oliver’s Yard, 55 City Road London EC1Y 1SP, United Kingdom SASASAGE PPGE ububublicatlicatlicatioioions AAAsia-Psia-Psia-Paaacific PPcific ttte LtLte ddd 33 Pekin Street #02-01 Far East Square Singapore 048763 Published by Vivek Mehra for SAGE Publications India Pvt Ltd, typeset in 10.5/12.5 pt. Minion by Innovative Processors, New Delhi and printed at Chaman Enterprises, New Delhi. LibLibLibrrrararary ooy fff C CCooongngngrrress CCess ataloataloataloggging-in-Ping-in-Ping-in-Pububublicatlicatlicatioioion DataDatan Mallick, Indrajit. Financial intermediation in a less developed economy: the history of the United Bank of India/Indrajit Mallick, Sugata Marjit. p. cm. Includes bibliographical references. 1. Banks and banking—India. 2. United Bank of India (Calcutta, India) 3. Intermediation (Finance)—India. I. Marjit, Sugata, 1959–II. Title. HG3288.U55M35 332.10954—dc22 2008 2008022533 ISBN:ISBN:ISBN: 978-0-7619-3656-5 (HB) 978-81-7829-822-1 (India-HB) TTThe SASASAGEGEGE Team:eam:eam: Sugata Ghosh, Anushree Tiwari, Mamta Singh and Trinankur Banerjee To Our Parents CONTENTS List of Tables viii List of Figures and Photographs x List of Appendices xi Acknowledgements xii Introduction xiv 1.1.1. The Roots 1 2.2.2. Banking Crisis and the Merger 44 3.3.3. Post-Merger Developments (1950–1969) 73 4.4.4. Nationalization and the Organizational Challenge 120 5.5.5. The Years of Development Banking 157 6.6.6. The Crisis Years (1985–2000) 207 7.7.7. The Recovery and Beyond 225 Conclusion 269 About the Authors 275 viii | Financial Intermediation in a Less Developed Economy | LIST OF TABLES 1.1 Some survivors till 1930 13 1.2 The growth of Bengal Central 35 1.3 The growth of Comilla Union Bank 37 2.1 Reconnaissance of the UBI Story 59 2.2 The approximate position of the amalgamating banks 62 3.1 Dividend rates (in percentage) 108 3.2 Ratio of advances to deposits 109 3.3 Ratio of establishment costs to deposits, earnings and expenses in 1960 110 5.1 Registered factories—percentage regional share 160 5.2 Advances to the public sector 166 5.3 Advances to large borrowers 166 5.4 Advances to priority sector (amount in Rs lakh) 167 5.5 Recurring deposit schemes 176 5.6 Monthly fixed deposit schemes 177 5.7 Percentage share of each class in UBI’s assistance to agriculture (direct) 180 5.8 Amount of outstanding advances to agriculture (direct) per account (Rs) 181 5.9 Percentage share of UBI in all public sector banks assistance to neglected sectors at the end of 1973 186 5.10 Financing pattern under the 20 Point Programme 191 || ListIntroduction of Tables || ix 6.1 Net NPAs or Net Advances of different categories of scheduled commercial banks 215 6.2 Profitability of weak public sector banks (in Rs lakh) 217 7.1 Total NPA recovery as on 31 October 2000 based on revised RBI guidelines 231 x | Financial Intermediation in a Less Developed Economy | LIST OF FIGURES AND PHOTOGRAPHS Figures 3.1 Growth of deposits and advances 97 3.2 Growth in earnings and expenses (in Rs crore) 100 3.3 Profitability (in Rs crore) 101 3.4 Liquidity–deposit ratio 103 3.5 Liquidity of deposits 104 3.6 Asset portfolio evolution 105 5.1 Growth of deposits and advances (in Rs crore) 163 5.2 Income and expenditure (in Rs crore) 164 6.1 Earnings and expenses 216 Photographs 3.1 Shri Bata Krishna Dutt 89 3.2 Headquarters of the United Bank of India 90 | Introduction | xi LIST OF APPENDICES 1.1 Position-wise capital of some of the large banks as in 1934 39 1.2 Ranking of indigenous banks according to deposits as in 1934 39 1.3 Rankings of some of the large banks according to loans disbursed (advances) as in 1934 40 4.1 Head office organization chart 152 4.2 Activities of the departments under the ED 152 4.3 Geographic division of the credit operation department 155 5.1 Evaluative studies 196 6.1 Performance indicators of public sector banks from 1992–93 to 1999–2000 223 xii | Financial Intermediation in a Less Developed Economy | ACKNOWLEDGEMENTS umerous people have helped us in this interesting, but difficult, Nproject. Conversations with Professor Amiya Bagchi are gratefully remembered, especially by Prathama Banerji. We remain heavily indebted to the staff and officers of the bank for their patient handling of our endless questions. Special thanks are due to Dr Moloy Gupta for getting us many interesting documents and providing us with the balance sheets of the last 50 years. Without him things would have been extremely difficult. We are grateful to Mr K. L. Roy, Mr Ranjit Dutt, Mr S. B. Roy, Mr M. Madhukar, Mr B. Choudhury, Mr U. Poddar, Mr P. Basu, Mr P. Chakraborty, Mr M. Baishya and Mr Shantanu Guha for talking with us at length and answering our various queries regarding the project. Prathama Banerji and Saugata Mukherjee were initially part of the project team and contributed immensely till they left. Professor Gautam Bhadra suggested many a vital references and helped guide the search for important sources of information and suggested many improvements. Quite a few research assistants worked in this project. Mrs Indira Biswas and Mr Anupam Chatterjee worked tirelessly to gather materials from dusty documents, unearthing important information in remote libraries and in recording their findings with meticulous care. We thank Mr Abhijit Bhattacharya, Ms Ranjana Dasgupta and Ms Kamalika Mukherjee of the archive at the Centre for Studies in Social Sciences for helping us get the illustrations scanned and ready for publication. Special thanks are due to Indira Biswas and Abhijit Bhattacharya for helping us get the copyright clearances for some of the illustrations. The library staff at the Centre for Studies in Social Sciences, the National Library and the Uttarpara Library were extremely helpful and cooperative to our team. We remain heavily indebted to all of them. Although the officers and | Acknowledgements| Introduction | | xiii management of the United Bank of India (UBI) have helped us at every stage of our research, this is not meant to be an official history of the bank and all the views expressed are our own. However, we thank UBI for giving us the consent to publish this manuscript. xiv | Financial Intermediation in a Less Developed Economy | INTRODUCTION his book is about the relationship of banking to economic Tdevelopment. In this introduction, we trace the outline of the theory of banking and the combined theory of banking and economic development. However, when we confront theory with institutional reality, we find that the theoretical framework is inadequate in many respects to answer some important institutional questions. While paying tribute to the abstractions entailed in the theory of banking and the theory of banking and economic development combined, we are convinced that our concern can be more satisfactorily met through a proper historical investigation rather than a purely theoretical enquiry. Therefore, we propose and identify a single but illuminating case study—the history of a banking institution in Bengal. We highlight the classical underdeveloped context of the economy of Bengal in the 19th and 20th century, put our questions in their proper historical context and offer some tentative answers. We motivate the importance of an institutional narrative to properly understand the institutional questions and categorize the different aspects of institutional dynamics that the book seeks to bring out, thus characterizing the relation between the process of institutional development of the financial intermediary and its relation with economic development. The Theory of Banking and Financial Intermediation Any work on financial intermediation has to address the following questions: (a) What is the nature of banking and the characteristics of a financial intermediary? | Introduction | xv (b) Why do we at all need a system with a financial intermediated structure instead of a purely institution-less financial market system? (c) What is the relation between financial intermediation and economic growth and development? These issues can, in principle, be dealt with a theory of banking and financial intermediation. In this section, we shall briefly introduce our readers to the theory of banking and financial intermediation. We shall cover those aspects that are most relevant, given the nature of our queries. Theory defines what exactly we mean by a financial intermediary, why they exist and what (useful) role they play. Theory also seeks to understand what the tools for prudential regulation of banking should be and how they should be used. This also encompasses a theory of financial crises and preventive as well as curative prescriptions. Theory ideally allows us to address the issues on management, structure, ownership and regulation in banking and thus helps us formulate an institutional theory of banking. As we shall see, the existing theory of banking has characterized the existence and functioning of banks in a neat way, but has failed to evolve an institutional theory of banking which accounts for structural change in banking.
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