Voice of bankers deserts left, joins Congress

Mumbai: Well-known banker-cum-trade unionist Vishwas R. Utagi – who is credited with exposing several banking-insurance-financial frauds in India – has joined the Congress.

A popular go-to-name for banks-finance related matters even among mediapersons, Utagi, 70, retired from the Bank of Maharashtra after 40 years’ service, capped with his appointment as the Employee-Director (2000-2003) on its board.

He was among those instrumental in exposing the infamous 1992 scam by the late Big Bull and stockbroker Harshad Mehta that shook the country’s banking-political sectors.

“Those were very exciting days… I was called by the Joint Parliamentary Committee (JPC) formed that year to probe the stock-markets scam and its huge economic-political ramifications,” said Utagi, in a detailed chat with ‘The Perfect Voice’.

In his new role for the Congress, Utagi hopes to organize the SME sector – the backbone of Indian economy – “which is in dire straits since the past few years”, to become the party’s ‘economic face’, raise issued of finance, banking and commerce, that directly affect the common man daily.

“The Bharatiya Janata Party at the Centre and state have failed abysmally on the economic front. The government has become increasingly arbitrary, with growing interference in the working of banks. Many rich capitalists have defrauded banks of massive amounts and fled the country. But no action is taken against them,” said Utagi.

In the early 1990s, Utagi called on 60 MPs plus the then Finance Minister Dr. Manmohan Singh – who later became Prime Minister (2004-2014) to resolve the imbroglio of the crisis-hit Bank of Karad, along with a senior party leader, Prithviraj Chavan, who subsequently became a union minister and also served as Maharashtra CM.

At one point, the Central Bureau of Investigation (CBI) and certain other agencies utilized Utagi’s expertise to crack various financial frauds including the stock-markets and more banking scams involving liquor baron Vijay Mallya and diamantaire uncle-nephew of Mehul Choksi-Nirav Modi.

Utagi's deep concern for masses

 A banker with a Leftist inclination, he worked passionately for the success of the banks’ nationalization policy implemented (1969 and 1980), expansion of the public sector banks’ network to the remotest corners of the country, highlighting or exposing the flaws in the banking systems, and safeguarding the interests of the bank employees both in the public and private domain, not to forget the customers.

With lofty aims in mind, Utagi was involved in various capacities with the Investors Action Forum Charitable Trust, Bank Depositors’ Protection & Welfare Society, Chairman of Indian Institute of Banking & Finance Employees/Officers Association, several other national-level banking trade unions, plus All Trade Unions Co-Convener and Trade Unions Joint Action Committee.