Book Review
Subramanian, Ravi. 2012. The Bankster. Rupa Publications. New Delhi. Pages: 358. Price: Rs 250/-
To an Indian, The Wall Street Journal’s commendation of the author, ‘Meet the John Grisham of banking’ might appear a bit patronizing, but it is nevertheless true. In ‘The Bankster’ Ravi Subramanian turned out in every bit, an ‘edge of the
seat thriller’ from as wry a subject as banking. For, what would you expect
from a bank - its premises buzzing with customers rushing in and out cashing cheques
or buying drafts?
Although nationalized banks in the pre-liberalisation,
pre-competition era were walled-in by bureaucratic procedures and riven by
trade unionism, many of them provided a cordial ambience. Regular customers
were recognized and personalized service was the norm. After liberalisation many
non-banking financial institutions in India barged into banking. A number of
multinational banks too entered the market. The accent of the private players,
both national and international is on aggressive marketing. But in spite of
their glitzy interiors and automated procedures, somehow the personalized
service that one experienced in the banks of an earlier era has been missing.
Subramanian brought out in vivid detail
the inner mechanisms of a multinational bank, including internal intrigues, coups
and a bit of adultery. One would like to believe the last bit was included in
the story only to embellish it and it is not really prevalent on a scale that
would subvert the functioning, norms and ethics of the banking sector. The
story revolves round a few central characters, Vikram, the head of retail
banking, Tanuja the head of HR, Indrani, the president of the bank, Nikhil a
branch manager, Harshita a conscientious Relationship Manager and Zinaida her
unscrupulous counterpart of the Indian subsidiary of Greater Boston Global Bank known as GB2 within.
The author skillfully wove into the
story some contemporary events. Recently a multinational bank has been in the
news in the UK and the US for its role in money laundering. The same bank was
involved in India in a legal battle for betraying the confidence of a client,
who happens to be a popular actress. In the novel, an amoral Relationship
Manager sold an unsuspecting customer a unit
linked insurance product as a fixed
deposit. The same Relationship Manager was also a major conduit in a money laundering
operation. Her superiors ignored her malfeasance not only because she was
producing results but also because she had no qualms about dangling her charms to
seduce them.
In the real life case a Relationship Manager does the client in by investing her money in stocks over and over again to achieve his metrics and making profits for the bank. His indiscriminate and reckless investment of her funds in the stock market not only diminished her net worth because of his poor judgement in picking stocks, but when she actually did make a profit she had to pay a fortune as capital gains tax on short term gains.
By now everyone knows how some commercial
interests in the west have been using greedy NGOs in India as Trojans to
subvert power and irrigation projects in India. The agitation against the
Kudankulam nuclear power project in Tamil Nadu and the one against an irrigation project in Madhya Pradesh are cases in point.
Apart from funneling funds for such
subversive activities, some employees of the bank (in the novel) play a part in
circulating counterfeit currency using the bank as a conduit. All these illegal
activities make for a deadly cocktail for some of its players. There were
murders and chases. Technology plays a major role in solving the crimes. The
author was successful in keeping a veil over the identity of the villain till
the very end. The book is a good read for a cosy weekend or a journey. The only
complaint this reviewer has is about is its language. It is full of banking
patois and cliché-ridden.
