Padmaja Chunduru says she’s too restless a person to be able to do serious meditation and is happy to do some simple exercises to keep fit. That seems to have been enough to help the veteran banker cope with the many challenges that have come her way. The big one, of course, was the merger of Allahabad Bank with Indian Bank, though some might say convincing the government that Indian Bank should stay an anchor bank, was quite hard.
Chunduru’s strategy to rejuvenate the lender had worked well. It was a simple plan: bring asset quality under control to preserve capital and grow the business to drive earnings — all this, after installing a modern information system. The quality of Indian Bank’s loan book improved dramatically in 2019-20 with the exposure to unrated accounts, in particular, coming down sharply. Improved risk assessment capabilities resulted in a near doubling of the return on assets, and the cost to income ratio was brought down significantly. Having swung the deal, Chunduru worked to reassure the team at Allahabad Bank through town hall meetings across Uttar Pradesh and in Kolkata. Indeed, for all her love of mathematics and commerce, which she studied in college, it’s Chunduru’s soft skills that stood out.
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“There’s nothing like over-communication,” she says. Her big concern was the huge cultural differences between the banks. Having lived in various parts of the country — even during her schooldays — Chunduru appreciated the differences and their potential problems. But she threw the two teams together into workshops and put them through change management. It worked. The north-south divide was gradually bridged. “There was much banter and teasing and at the end of it all; much of the mistrust was gone,” she recalls.
Ahead of the formalities, Chunduru visited the headquarters of Allahabad Bank in Kolkata where she was met at the gates by protesting union members. Chunduru took it all in her stride much like she did during her stint in the US when she had to fend for herself and two children. She recalls how she had to learn everything from driving to cooking. “As I was walking into the bank, they were shouting slogans but no one really stopped me,” recalls Chunduru. Over the next many months, she managed to assuage the apprehensions of the unions though some tough talk was needed. Chunduru understands the importance of making adjustments, having balanced her work and life perfectly. In a man’s world her coping mechanism has been to strike a good equation with the family—spouse, parents and in-laws.
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“I would never have been able to do my job had it not been for the support that I got from my family,” she concedes. She still manages to spend time with her family, especially her two grandchildren, even while running National Securities Depositories (NSDL) since 2021, in her new avatar. That’s what you call a fine balance. Having lived in various parts of the country — even during her schooldays — Chunduru appreciated the differences and their potential problems. But she threw the two teams together into workshops and put them through change management. It worked. The north-south divide was gradually bridged. “There was much banter and teasing and at the end of it all, much of the mistrust was gone,” she recalls.