we are also looking for such signs in respect of a number of old private sector banks, many of which are not able to cushion their npas, expand their business and induct technology due to limited capital base. coming times may usher in large banking institutions, if the development financial institutions opt for conversion into commercial banking in line with the recommendation of narasimhan ( ii ). in india, one of the largest financial institutions, icici, took the lead towards universal banking with its reverse merger with icici bank coming through a couple of years ago. another mega financial institution, idbi has also adopted the same strategy, and has already transformed itself into a universal bank. now the process of its progeny idbi bank merging itself with the parent idbi is underway, and is likely to be completed soon. this trend may lead logically to promoting the concept of financial super market chain, making available all types of credit and non - fund facilities under one roof or specialised subsidiaries under one umbrella organisation. consolidated accounting and supervisory techniques would have to evolve and appropriate fire walls built to address the risks underlying such large organisations and banking conglomerates. will the stable conditions continue for the banks? the big question we have to ponder is whether these stable conditions marked by all round improvement in banks ’ performance can continue into 2005 onward in the light of potentially dramatic changes that include, among others, a sliding dollar, rising interest rates, introduction of basel ii accord and international accounting standards, and the possible flattening of consumer lending boom. hopefully, the banking industry in tandem with the regulatory authorities will rise to the occasion, and collectively face the challenges and opportunities that lie ahead. thank you.

that i am talking about is being “ information literate ”. what i mean is that you should always be aware of the things happening around you. you should be hungry to learn more and constantly update yourself by keeping your curiosity to seek and assimilate knowledge, alive. my second message to you is never be complacent in life. think positive and avoid complacency. it is all the more important if you enter the financial sector, because few moments of complacency can lead to disastrous results. in fact, when i am asked, whether i am concerned, i say “ yes, i am ”. for that matter even rbi governor is always concerned because people in the financial sector and those dealing with money cannot afford to be complacent even for a single moment. my third and final message is that, life is not a bed of roses and in your career you are bound to face some bad times. also when the bad times come, they arrive from all directions. during this period you should lie low, do not get desperate and pray to god, for good times are bound to come back again. you will always be successful in your life and professional career, if you follow the above three commandments. the knowledge you have acquired at this institute will open the doors of success for you in whichever field you choose. conclusion 41. let me conclude by saying that not only our problems are much simpler than most nations ; we are also well aware of them. we have a growing population and, hence, we would continue to have a base level of growth whatever be the situation. the issue, therefore, is not to just “ sustain ” growth but to grow at our higher “ potential ” growth rate. to my mind, productivity and efficiency enhancements are central to achieving this higher growth rate. we must not get bogged down by the fact that others are not really doing their part, nor should we wait for everything else to be in place before setting our house in order. charity begins at home and hence, we should do what is within our capability irrespective of the constraints surrounding us. the society has to collectively demand probity, accountability and transparency in public life and develop strict intolerance towards indiscipline. 42. i would once again like to thank narsee monjee institute of management studies university and the faculty and students of the school of business management for inviting me to this conference for sharing my thoughts on