T M Nagarajan, who assumed charge of deputy managing director at the Industrial Development Bank of India (IDBI) early this week, feels there is a motivated and misguided campaign being launched against IDBI.
"We are indeed passing through tough times... Please do not get disheartened by the motivated or misguided orchestrated campaign against the institution. Gradually, the undue cynicism and unnecessary apprehensions will yield place to unbiased perspective, leading to ...easing of the path of transition to the desired destination," he said in an internal communication to IDBI employees.
Nagarajan admitted that the institution cannot survive in its present avatar. "The change is must for healthy survival of the organization -- not for its purposeless perpetuation but for its utilitarian continuance in larger systemic interest," he said.
Expressing doubts about the sustainability of the development financial institution (DFI) model in the current context, he said: "Strangely, while sustainability of the DFI model in the current context is gleefully doubted, its desired transformation into a maitainable model is also unfairly resisted! But the transformation is inevitable for non-transformation is inexcusable."
For IDBI, the transition path may not be an easy one, Nagarajan hinted. "The organisational transformation, pursued as a long-term strategy, ...aims at strategic consolidation as dictated by the changing paradigm and the process will certainly be accompanied by necessary cleansing. The underlying objective is to reinforce strength and not to hide weakness," he said.
According to him, a year or two will be too short to accomplish the required transformation.
