 "<b>BS People:</b> GS Sandhu")
Gurdial Singh Sandhu, the newly-appointed secretary in the department of financial services, has been fortunate in his career more than once. Just a day after he took charge, the Reserve Bank of India gave in-principle approval to Bandhan and IDFC for new bank licences - a day many of his predecessors eagerly awaited during their term but unfortunately could not see.
In another strange coincidence of his career, the 1980 batch Indian Administrative Services officer from the Rajasthan cadre who now supervises the department which primarily overseas banking, insurance and pension sectors, was once a front-runner for the position of chairman of Delhi-based Punjab & Sind Bank. He was serving as principal secretary, in the rank of additional secretary, in the urban and housing development department when the Punjab & Sind Bank opportunity came up. However, soon he was empanelled as a secretary at the Centre and had to opt out of the race for the job. (Only an additional secretary rank officer is eligible for chairmanship of the bank). Little did he know then destiny had better plans for him.
On April 1, Sandhu was sitting at his new Jeevan Deep office, taking over charge from Rajiv Takru who has been appointed revenue secretary. He now has the chairmen and managing directors of 25 public sector banks reporting to him.
His colleagues say his challenge will be to use this goodwill to sort out the current mess in the banking sector without ruffling too many feathers. His appointment has come at a time when the banking sector is reeling under huge bad loans and the Reserve Bank of India is looking at bringing in more players in the sector by issuing licences on tap.
"We will try to put in place improved systems so that there is better corporate governance and non-performing assets are reduced. All other issues that are being discussed will be carried forward. We will see what more we can do to make banks contribute more to the growth of the economy," he says.
A doctorate in banking from Rajasthan University, Sandhu is known for his people-oriented approach to policies. In his cadre, he formulated master plans for all cities in Rajasthan, ahead of other states, and strongly pushed for affordable housing. Sandhu's earlier posting with the central government was as joint secretary in the department of chemicals and petrochemicals from 2003 to 2008 - a time when far-reaching legislative changes were implemented in the pharmaceutical sector.
Sandhu was instrumental in scripting the new drug policy which came to be implemented in 2012. The job required him to delicately balance the interests of the consumers (drugs at affordable prices, especially for diseases like cancer) and the industry that bitterly opposed any attempts to expand the extent of state control on drug pricing. While ensuring interests of both the producer and the consumer were adequately represented in the new drug policy, he also provided key inputs to the commerce ministry, under minister Kamal Nath then, on the changes that were made to the Indian Patents Act in 2005. Following the overhaul, India's patent law has been emulated by many other developing nations. For anyone, accommodating opposing interests of domestic and multinational pharmaceutical companies can be an overwhelming task, but Sandhu's career has come to be defined by that. He has come to acquire the reputation of a man who has a keen sense of judgement and who knows how to tread a tightrope walk.
In another strange coincidence of his career, the 1980 batch Indian Administrative Services officer from the Rajasthan cadre who now supervises the department which primarily overseas banking, insurance and pension sectors, was once a front-runner for the position of chairman of Delhi-based Punjab & Sind Bank. He was serving as principal secretary, in the rank of additional secretary, in the urban and housing development department when the Punjab & Sind Bank opportunity came up. However, soon he was empanelled as a secretary at the Centre and had to opt out of the race for the job. (Only an additional secretary rank officer is eligible for chairmanship of the bank). Little did he know then destiny had better plans for him.
On April 1, Sandhu was sitting at his new Jeevan Deep office, taking over charge from Rajiv Takru who has been appointed revenue secretary. He now has the chairmen and managing directors of 25 public sector banks reporting to him.
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However, it will be unfair to Sandhu to give all the credit for his rise to luck. The 58-year-old, who hails from Chandigarh, has a remarkable track record and is known among his fellow colleagues for his mild manners and bringing a humane face to the steel framework of bureaucracy. Within days of taking charge at the department of financial services, he has begun to unleash his charm.
His colleagues say his challenge will be to use this goodwill to sort out the current mess in the banking sector without ruffling too many feathers. His appointment has come at a time when the banking sector is reeling under huge bad loans and the Reserve Bank of India is looking at bringing in more players in the sector by issuing licences on tap.
"We will try to put in place improved systems so that there is better corporate governance and non-performing assets are reduced. All other issues that are being discussed will be carried forward. We will see what more we can do to make banks contribute more to the growth of the economy," he says.
A doctorate in banking from Rajasthan University, Sandhu is known for his people-oriented approach to policies. In his cadre, he formulated master plans for all cities in Rajasthan, ahead of other states, and strongly pushed for affordable housing. Sandhu's earlier posting with the central government was as joint secretary in the department of chemicals and petrochemicals from 2003 to 2008 - a time when far-reaching legislative changes were implemented in the pharmaceutical sector.
Sandhu was instrumental in scripting the new drug policy which came to be implemented in 2012. The job required him to delicately balance the interests of the consumers (drugs at affordable prices, especially for diseases like cancer) and the industry that bitterly opposed any attempts to expand the extent of state control on drug pricing. While ensuring interests of both the producer and the consumer were adequately represented in the new drug policy, he also provided key inputs to the commerce ministry, under minister Kamal Nath then, on the changes that were made to the Indian Patents Act in 2005. Following the overhaul, India's patent law has been emulated by many other developing nations. For anyone, accommodating opposing interests of domestic and multinational pharmaceutical companies can be an overwhelming task, but Sandhu's career has come to be defined by that. He has come to acquire the reputation of a man who has a keen sense of judgement and who knows how to tread a tightrope walk.