Sterling banker, selfless philanthropist (1914-2014)
Eknath Thakur will be remembered as a leader of men, motivation and of course, money. A selfless philanthropist and an Indian politician who did not hanker for a post or for another term in the Rajya Sabha, Thakur helped a score of social causes without any ado. He took over as Chairman of the Saraswat Bank in 2001 and continued at its helm till his end. During these 13 years, the Bank expanded its network in states like Delhi, Gujarat, Karnataka, Goa and Madhya Pradesh. His one unfulfilled wish was to obtain a Reserve Bank permit for the Saraswat Bank to operate as a private sector bank.
Under his chairmanship, the Saraswat Bank achieved and retained its premier position among all cooperative banks in the country and took quantum leaps in terms of expanding its customer-base and deposits. Thakur had great plans for the Saraswat Bank’s centenary celebrations. He told me in a recent interview, “My plan to take the Bank’s business beyond Rs. 10,000 crore by March 2006 was termed by certain people as a daydream. The Bank exceeded that objective. The next stage of exceeding the deposits beyond Rs. 25,000 crore by the year 2011 was achieved as well. Our deposits in March 2011 were Rs. 31,000 crore. I plan to take the business to over Rs. 50,000 crore in the centenary year, 2016. Ultimately, it is my resolve to cross Rs. 100,000 crore by March 2021.” Thakur had been working towards attaining that target and was confident that he would do it. The people working with him had full faith in him.
During his tenure as Chairman, seven faltering cooperative banks merged into the Saraswat Bank. However, the cancer that had been spreading within him finally slowed Thakur down. He underwent exacting treatment and miraculously overcame that challenge. Thakur’s indomitable determination had triumphed, but sadly just for a while. Born in a small village, Mhapan, in Sindhudurg district, Thakur had lost his parents at a young age and was supported by an elder sister in completing his secondary education. He obtained a bachelor’s degree in English with honours from Pune. He joined the State Bank of India as a probationary officer in 1966 and within a couple of years had assumed leadership of its officers’ union.
During his ten years with SBI, Thakur realised the need for providing qualified and trained personnel to major banks. That was how Thakur established the National School of Banking, which has over the years found jobs for thousands of boys and girls in nationalised and cooperative banks. The crowning glory was that he was appointed a non-government member on the board of the SBI. He was closely connected with a large number of academic, cultural, literary and social movements. His penchant for helping the needy first surfaced in 1970, a year after the historic bank nationalisation. When a SBI officer was found sympathetic to the cause of farmers, the management felt that he was not fit for promotion due to his outlook. Thakur took up the case of that officer and the management had to relent due to his forceful submission. Since then, Thakur associated himself with social causes more proactively. After establishing the National School of Banking, he became involved in the Maharashtra Chamber of Commerce and Industry and the Indian Education Society, just to name a few. He was invariably found at the forefront of various social movements and used to contribute generously to a variety of causes. As the centenary celebrations started beckoning, Thakur undertook a major challenge, which was to reorient the employees’ outlook to adapt to the changing needs of the banking sector and customer expectations. He was quite happy that his initiative was receiving excellent response. Thakur was to remain the Bank chairman till 2016 and play a prominent role in the centenary celebrations. Alas, that will not happen now. Still, a true homage to him will be to procure a private bank license from the RBI for the Saraswat Bank, which Thakur loved like his child.