a career banker having spent over four decades in the Indian banking industry, retired as Chairman & Managing Director of Central Bank of India. Prior to this, he held senior positions with Union Bank of India and Punjab National Bank. Later he became Chief Executive of Indian Banks’ Association and represented the entire banking industry. He has been Member, RBI Standing Committee for Urban Co-operative Banks, Pension Advisory Committee of the PFRDA, RBI Standing Advisory Committee to review the flow of Institutional Credit to MSME Sector and director, LIC, Indo-Zambia Bank Ltd, Africa and various subsidiaries of PNB.

Mr. Tanksale is a strategic consultant at SWIFT India Domestic Messaging Services Ltd., Independent Director on the Boards of several NBFCs, HFCs, Fintech, InsurTech Companies and Wealth Management Companies. He serves as Non-Executive Chairman of Rubix Data Sciences Pvt. Ltd. and Edelweiss ARC Ltd. Also advisor and mentor Capita World and Experian India. He serves as Banking & Fintech Advisor to FICCI and PTVA Institute of Management.

A prolific speaker, he has delivered keynote addresses at numerous seminars, forums, management associations, and educational institutions. He has received several awards and recognitions including Person of the Year Award from SKOCH Foundation and Golden Peacock Lifetime Achievement Award.

has recently written a book “Banking Beyond Borders”- which is available in Hindi and Marathi also. reached out to him, to know more about this significant milestone in his life and also his take on the present situation in the banking sector. His relentless enthusiasm is visible when he says that “the journey of crafting this book has been both challenging and exhilarating, allowing me to explore new ideas and perspectives within the world of finance.”

“My main goal in writing this book is to give back to the young students and professionals who aspire to work in the banking and finance sector”

Looking back over the past five decades of my active life, I realise that my eagerness to learn, upskill, and reskill has allowed me to support those around me who seek assistance. This desire to give back has fuelled my endeavour to write this book.

I always had a desire to learn from my younger days. During my graduation, I enrolled in a diploma course in the Russian language. Upon completing this course, I received sponsorship to attend a teacher training program in Moscow. I also completed the CAIIB certification while working as a clerk at the SBI. Around the same time, I enrolled in an MA in English, believing it would aid me in my efforts to clear the IAS examination. During my early days as a branch manager with Union Bank of India, I enrolled in the ICWA course to enhance my skills in the banking industry.

From my school days, I have had a strong passion for helping friends with subjects I had mastered. In my early career as a branch manager, I assisted small traders and contractors in finalising their accounts. As I progressed, I increasingly supported my team members in overcoming their challenges. Additionally, I helped branch managers, regional managers, and zonal heads develop effective strategies for business and organisational growth in their respective areas.

My passion for sharing my learning encouraged me to connect with various academic institutions and their students over the last two decades. I was privileged to speak at over 50 educational institutions, including the esteemed IIM Ahmedabad and IIM Bangalore, on topics related to banking and financial management. There, I had the opportunity to engage with the vibrant minds of the younger generation. Observing this side of my personality, Mr. Mandar Mahtre, an investment banker and Mrs. Svetlana, a professor at an academic institution, encouraged me to write this book, drawing on my insights and experiences to benefit others.

For me, the purpose of writing a book is not just to write, but to embark on a journey of creating social, economic, and intellectual reflections. To spread these ideas to an increasing number of people, I have made a modest effort to publish translated versions of the book in Hindi and Marathi. My main goal in writing this book is to give back to the young students and professionals who aspire to work in the banking and finance sector.

There were many moments in my life that led me to the position I am in today. Let me recollect some of them. I accepted my first job as a clerk with the Central Bank of India, recognising my responsibility to support my family financially at a very young age, despite my desire to pursue further studies and appear for competitive exams like the IAS. During my early days as a branch manager at Union Bank in smaller cities, I gained invaluable insights into the unique challenges that residents and smaller enterprises faced in those communities. These experiences enabled me to immerse myself in the local culture and gain a deeper understanding of their financial needs. Moreover, navigating these dynamics equipped me with a diverse array of business development strategies tailored to foster growth and enhance customer relationships in these markets.

When I served as the DGM at Union Bank of India in Mumbai, I encountered an incident in which I failed to adhere to the Foreign Exchange Management Act (FEMA) guidelines. The RBI inspection team expressed their dissatisfaction, which led my management to transfer me to the Corporate Office as DGM, Credit Recoveries and Monitoring. This occurred despite my longstanding, successful career and the absence of any malicious intent on my part. Mr. V. Leeladhar, who was the CMD of Union Bank at the time, recognised the impact this situation would have on my family. Valuing my contributions, he took the time to call my wife to reassure her and my family. This experience taught me several important lessons: First, take extra efforts to ensure regulatory compliance, second, the right people are always supported, and lastly how a good leader takes care of their team members.

It became essential for banks to adopt technology initiatives to remain relevant and efficient, especially with the entry of private sector players. This necessity presented challenges but also offered me the opportunity to find solutions. Unions were concerned that new technologies might threaten their job security. Recognising the unions’ crucial role, I engaged them constructively. I explained how the new technology would benefit both employees and the bank, addressing their concerns about job security and the need for training. I presented a comprehensive plan for retraining and reskilling employees, emphasising opportunities for skill development and career advancement. I believe that transparency and open communication are vital.

As the CEO of IBA in 2014, I had the opportunity to participate in promoting important initiatives of the Government of India. At that time, the banking industry was emerging as a key player by leveraging the JAM trinity to support the PM’s Jan Dhan Yojana. This initiative aimed to promote financial inclusion by providing insurance and pension facilities to targeted segments of society.

I got a unique opportunity to mentor innovative fintech companies as they navigate the fast-paced transformations occurring in this dynamic industry. Embracing the opportunity to be an integral part of this exciting change and supporting the next generation of fintech leaders on their journey toward impactful advancements is one of the pivotal moments in my professional life.

I recently completed writing “Banking Beyond Borders,” and this accomplishment marks a significant milestone in my life. The journey of crafting this book has been both challenging and exhilarating, allowing me to explore new ideas and perspectives within the world of finance.

I have observed a significant transformation in the banking industry, which includes Bank nationalization which brought several significant changes, including expanded banking reach, increased financial inclusion, and a shift in lending priorities. It also had implications for economic development, savings mobilisation, and the credibility of the Indian banking system.

Banks, particularly the NABARD and Regional Rural Banks (RRBs), play a significant role in promoting rural development by providing financial support, infrastructure development, among other initiatives. The “Lead Bank” and “Integrated Rural Development Program (IRDP)” are two key initiatives that aim to promote rural development. The Lead Bank system assigns responsibility to a particular bank for a specific district, encouraging it to mobilise deposits and extend credit to the area’s rural sector, including agriculture. IRDP, on the other hand, is a poverty alleviation program that focuses on providing income-generating assets and self-employment opportunities to rural poor individuals, with government subsidies and credit from financial institutions.

The banking sector underwent significant changes during the Liberalisation, Privatisation, and Globalisation (LPG) era, starting in 1991. This period saw the introduction of private and foreign banks, alongside the liberalisation of banking practices. The LPG reforms aimed to integrate India into the global economy, fostering competition and efficiency in the banking sector.

Financial Inclusion Initiatives advised all banks to open Basic Saving Bank Deposit (BSBD) accounts with minimum common facilities such as no minimum balance, deposit and withdrawal of cash at bank branches and ATMs, receipt/ credit of money through electronic payment channels, and the facility of providing ATM cards. Its objectives were to offer banking and financial solutions and services to every individual in society without any form of discrimination.

The most important is that ethics have become a crucial element of corporate governance in the banking sector, recognized as fundamental to the industry’s integrity, stability, and growth. Banks are now expected to adhere to robust governance practices and ethical standards to foster trust, manage risks effectively, and ensure long-term success. This shift reflects a broader understanding that ethical behaviour is not just a matter of reputation but also a vital component of sound financial management and risk mitigation.

Over the last three decades, Indian banks have implemented several initiatives to absorb technology, including the adoption of Core Banking Solutions (CBS), digital banking units (DBUS), and the integration of AI and other technologies. These initiatives have been driven by the need to improve customer experience, streamline operations, and stay competitive in a rapidly evolving financial landscape.

Recent bank mergers aim to strengthen the banking sector, create larger banks with national and global presence, and boost the economy’s growth. The key objectives include increasing operational effectiveness, reducing financing costs, and enhancing the ability to assume greater credit and risk. These mergers also aimed to reposition public sector banks to support the country’s goal of achieving a $5 trillion economy.

I think digital channels like mobile banking, online banking, and digital wallets will continue to grow in importance. AI-powered chatbots, virtual assistants, and machine learning will enhance customer experience, improve risk management, and automate processes. Digital channels and AI-powered services will provide personalized, convenient, and seamless experiences. Advanced analytics and AI will help banks better manage risk, detect fraud, and prevent financial crimes. Blockchain will enable secure, transparent, and efficient transactions, potentially disrupting traditional banking models. Cloud-based infrastructure will provide scalability, flexibility, and cost savings for banks. The advanced data analytics will also help banks better understand customers, manage risk, and identify new business opportunities. Automation and process optimization will reduce costs, improve productivity, and enhance operational efficiency.

Digital platforms and fintech partnerships will enable banks to explore new revenue streams and business models. Banks will need to collaborate with fintech companies, technology firms, and other industry players to remain competitive. In future digital-first approach, data-driven decision making, innovation and partnerships will play a big role.

I hold the view that professionals who demonstrate certain qualities and skills are more likely to achieve success and advancement within the banking sector. These attributes not only enable individuals to overcome the challenges of the banking industry but also empower them to lead and inspire others in their pursuit of success.

First is leadership skills. The ability to inspire and guide teams is essential in creating a motivated and productive work environment that aligns with organisational objectives. Then comes integrity and ethics. A robust moral framework is imperative for ensuring honesty and fairness in all professional interactions, thereby fostering trust among clients and colleagues.

The third is strategic thinking and strong analytical skills. Proficiency in analysing complex situations and formulating long-term plans that align with the institution’s vision is vital for anticipating market trends and changes. A comprehensive understanding of the financial landscape and operational facets of banking enables sound decision-making that enhances profitability and operational efficiency. The ability to develop creative solutions and embrace emerging technologies enhances service delivery and optimises operational processes. A strong focus on understanding and addressing customer needs ensures that services and products provide exceptional value and satisfaction. The ability to identify potential risks and devise effective strategies for mitigating them is crucial for safeguarding the institution’s assets and reputation.

Some other attributes which must be taken into account are adaptability and flexibility, collaboration and teamwork, communication skills and most important – continuous learning. A commitment to ongoing personal and professional development is crucial for remaining informed about industry trends and innovations, thereby maintaining a competitive edge.

I am thankful to the Almighty for giving me multiple roles and various platforms to contribute to the organisations where I worked, to my teams, and to the people at large who received services from my organisations. Looking back on my journey, I can’t help but feel a deep sense of fulfilment. It’s rewarding to realise the impact I’ve made through my contributions.

It can be incredibly fulfilling to see the efforts of hard work and perseverance come to fruition. In my case, leading the team at the Central Bank of India during its centenary year was a milestone that brought a strong sense of accomplishment. Engaging with team members across India, fostering a culture of belonging, and witnessing their dedication to elevating the bank’s business reinforced the belief that our collective efforts can lead to great success.

I am pleased with the Central Bank of India’s contributions to various initiatives and achievements in financial inclusion during my tenure. We took multiple steps, including developing financial literacy programs to educate customers about banking products and services, collaborating with local organisations and community groups to promote financial inclusion, creating customer-centric services that meet the needs of underserved populations, and providing accessible and responsive customer support, and monitoring and evaluating the effectiveness of financial inclusion initiatives.

I had the good fortune to contribute to RBI’s initiatives, including capacity building, the Pension Fund Regulatory and Development Authority (PFRDA), the financial architecture for the MSME Sector, and the introduction of core banking, among others, by participating in the RBI’s policy-making committees.

Among many significant milestones, I recall working with the team to organise a successful subscription to Union Bank of India’s IPO.

As I look back, it gives me a great sense of satisfaction that many of my team members whom I had mentored are leading various banks at senior positions. I am pleased to have received the GOLDEN PEACOCK HR EXCELLENCE AWARD in 2012 and been named “PERSON OF THE YEAR” by the SKOCH Foundation for my contributions to financial inclusion. I am happy to provide strategic advice and consulting to various fintech/ technology companies currently.

Various disintermediation trends are creating challenges for banks, including a decreased deposit base, disruption of traditional business models, and reduced-price bargaining power. Key developments include Peer-to-Peer lending platforms that connect borrowers directly with investors, Digital Payment Platforms that facilitate transactions without banks, and Fintech Apps that provide investment services outside traditional banking and brokerage systems.

I see more challenges in future and banking industry will need to continue adapting to rapid technological advancements, such as artificial intelligence, blockchain, and mobile payments. This will require significant investments in digital infrastructure and talent. As banking becomes increasingly digital, the risk of cyberattacks and data breaches is expected to grow. Banks will need to invest heavily in cybersecurity measures to protect their customers’ sensitive information.

As the industry is heavily regulated, and compliance requirements are expected to continue evolving and banks will need to stay up-to-date with changing regulations, such as those related to data protection, anti-money laundering, and climate risk. On the other side, customers’ expectations are shifting, with a growing demand for personalised, seamless, and convenient banking experiences. Banks will need to invest in digital channels and data analytics to meet these expectations.

I think Fintech companies are increasingly competing with traditional banks, offering innovative and often more convenient financial services. Banks will need to adapt to this new competition and consider partnerships or collaborations with fintech firms and to overcome industry will need to attract and retain talent with expertise in digital technologies, data analytics, and risk management. Banks will also need to incorporate environmental, social, and governance (ESG) considerations into their lending and investment decisions. For this bank will need to leverage data analytics to gain insights into customer behaviour, manage risk, and improve operational efficiency.

The future of fintech and banking will depend on how both industries evolve and adapt to changing customer needs, technological advancements, and regulatory requirements. A collaborative approach may lead to more innovative and customer-centric services. Banks and fintech companies may partner to offer innovative products and services, leveraging each other’s strengths. Also, banks may open up their APIs to allow fintech companies to build on top of their infrastructure, enabling seamless integration and innovation. In addition, the banks and fintech companies may form joint ventures to develop new products and services, sharing risks and rewards.

The second point is competition. Fintech companies may continue to disrupt traditional banking models, offering innovative and customer-centric services that attract customers away from traditional banks. Fintech companies often adopt a digital-first strategy, offering mobile-only banking services, digital wallets, and other innovative products that compete with traditional banking services. Also, Fintech companies may target specific niches or segments, such as small businesses, millennials, or underserved communities, offering tailored services that compete with traditional banks. However, the coexistence is a realty. Traditional banks may adapt to the fintech revolution by investing in digital transformation, innovation labs, and fintech partnerships. Fintech companies may work with banks to offer services that complement traditional banking products, such as payment processing, lending, or investment services.