Indian Women in Banking Industry: Breaking the Glass Ceiling?

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Themes: HRM \ OB
Pub Date : 2009
Countries : India
Industry : Services

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Case Code : HRM0061
Case Length : 20 Pages
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Not just in ICICI, Indian women have proved their capacity in banking sector and hold top positions in various foreign banks operating in India.

Women at Top Position in Foreign Institutions

Even foreign banks in India started delegating authority to women executives and assigned top positions in the hierarchy.

Naina Lal Kidwai, the first Indian women to graduate from the Harvard Business School, was appointed the Group general manager and country head of HSBC in India and has plenty of laurels to her credit. She headed different portfolios of the company and was positioned in the top hierarchy. Till October 2002, she was vice chairperson at JM Morgan Stanley and head of the Investment bank in India and the Morgan Stanley representative on the board of directors.³⁰

In 2007, she was awarded the Padma Shri, one of the highest civilian awards bestowed by the Government of India, for her exemplary work in the field of trade and industry.³¹ She entered the 50 Women to Watch report list issued by the Wall Street Journal in 2006.³² Besides winning many prestigious awards for her excellence, she ranked 3rd in Fortune Magazine's first ever listing of'The World's Top Women in Business in Asia in 2000' and ranked in The Top 50 Women in Business, internationally (by Fortune Magazine in their first such listing in 2001 and subsequently in 2002, 2003 and 2006 as well).

Manisha Girotra, the chairperson of UBS Warburg India, has been managing the investment banking activities of the Group since December 2002. She has nearly 18 years of experience in investment banking and had worked in high-profile enterprises. She played a key role in the management of the Vodafone acquisition of Hutch-Essar and the Hindalco buyout of Novelis.

Vedika Bhandarkar has been heading the investment banking division of JP Morgan India since 1998 and was appointed as MD of the firm in March 2004. She has got 14 years of experience in financial services industry and played a key role in materialising many deals like ONGC's acquisition of MRPL from the A.V. Birla group.

Some observers state that the meteoric rise of these women into senior executive positions as a function of experience. They point out the fact that these women are associated with their respective companies for a long period, and thus, their growth is natural. However, some studies conclude that women make better leaders than men, due to more meticulous approach to work and compassionate approach towards people management.

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30]"HSBC: The world's local bank", http://www.hsbc.co.in/1/2/miscellaneous/about-hsbc/senior-management-profiles/seniormanagement- profile-naina-lal-kidwai
31]Ibid.
32]Ibid.