sought to enhance efficiency through a co - ordinated approach, actually led to loss of transparency, accountability and incentive to seek efficiency. banking the banking system in india has undergone significant changes during last 16 years. there have been new banks, new instruments, new windows, new opportunities and, along with all this, new challenges. while deregulation has opened up new vistas for banks to augment incomes, it has also entailed greater competition and consequently greater risks. india adopted prudential measures aimed at imparting strength to the banking system and ensuring its safety and soundness, through greater transparency, accountability and public credibility. the capital adequacy ratio has increased to 12. 4 per cent for scheduled commercial banks as at end march 2006, which is much above the international norm. commercial banks ’ net profits remained at 0. 9 per cent of total assets during 200405 and 2005 - 06, up from 0. 16 per cent in 1995 - 96. the ratio of npls to total loans of scheduled commercial banks, which was as high as 15. 7 per cent at end - march 1997, declined steadily to 3. 3 per cent by end - march 2006. the net non - performing assets declined to 1. 2 per cent of net advances during 2005 - 06 from 2. 0 per cent in 2004 - 05. according to the preliminary financial results available for most of the banks for the year 2006 - 07, the financial soundness has improved further. our banking sector reform has been unique in the world in that it combines a comprehensive reorientation of competition, regulation and ownership in a non - disruptive and cost - effective manner. indeed our banking reform is a good illustration of the dynamism of the public sector in managing the overhang problems and the pragmatism of public policy in enabling the domestic and foreign private sectors to compete and expand. there has been no banking crisis in india. the government took steps to reduce its ownership in nationalised banks and inducted private ownership but without altering their public sector character. the underlying rationale of this approach is to assure that the salutary features of public sector banking were not lost in the transformation process. on account of healthy market value of the banks ’ shares, the capital infusion into the banks by the government has turned out to be profitable for the government. an independent banking codes and standards board of india was set up on the model of the uk in order to ensure that comprehensive code of

##gregious traditional hindu social evils. swami vivekananda was an intellectual leader par excellence. swamiji, as he is popularly known in bengal, not only interpreted hinduism for indians but also deciphered india ’ s religiosity to the larger world. his inspiring speech at the world parliament of religions at chicago in 1893 that started with “ sisters and brothers of america ” is considered an epitome of universal empathy. sri aurobindo synthesized eastern and western philosophies, religion, literature and psychology in his writings. gurudev rabindranath tagore, whose 150th birth anniversary we are celebrating this year, was a remarkably influential thought leader whose poignant prose and soul stirring poetry are a testimonial to his humanism and belief in universal brotherhood. netaji subhash chandra bose was a galvanizing force for national unity and inspired profound love and loyalty in the indian national army ( ina ). bengal also produced fearless revolutionaries like kshudiram bose who gave up their lives in the struggle for india ’ s independence. 9. this great leadership tradition of bengal was carried forward in post - independence india by luminaries like : satyajit ray, one of the greatest auteurs of 20th century cinema, who put indian movies on the world celluloid map. his “ pather panchali ” set exacting standards for cinematic artistry and will go down in the history of cinema as one of the most poignant tales ever told. mother teresa became a household name the world over for her exemplary humanitarian work, her deep sympathy for the less privileged and less fortunate and her advocacy of the rights of the poor and helpless. bengal ’ s very own son, nobel laureate amartya sen, is today one of world ’ s bestknown public intellectuals who has applied a consistent approach in his influential studies on social choice, welfare measurement and poverty. bis central bankers ’ speeches more questions than answers 10. interestingly, at a conceptual level, all these leaders from bengal who influenced thought and action across space and time, and their diverse leadership styles raise more questions than answers : ( i ) what makes a leader? ( ii ) is there a standard template for leadership? are there any quintessential leadership qualities? ( iii ) are leaders born or made? in other words, can leadership be taught? ( iv ) are leaders contextual – products of space and time? 11. these are, of course