INTERNATIONAL FINANCIAL CENTRE I think not?
Whats going to make our vibrant city an International Financial Centre?
Technology: Our banks have to get online and in real time and fast. When I compare MNC banks and PSU banks (having some experience in both) there is a lot lacking. Technology has to be leveraged to provide quick and easy solutions and to make international transactions so much easier
Infrastructure: Why in the world is Mumbai not doing something about its infrastructure. The quality of life is becoming worse by the day. With traffic jams and pollution and not to mention no new modes of transport like sky trains etc. commuting is such a pain. Rents here are also sky high...sometimes even higher than New York for just 1000 square feet apartments. Also entertainment scene is A OK ....my rocker friends keep complaining cause a lot of the good music scenes happen in Bangalore. And open spaces....thats another thing I am so concerned about infact something that I will write a separate blog for. This city will have to undoubtedly do something about its facilities to attract professional people who want to live here and make a career here.
Universal Banks: All the banks are slowly moving into one stop shop models where all financial products will be available under one roof offering much more convenience and increasing the competition
Basel 2 Norms: By this I mean compliance with all International banking codes and regulations. This will help so that our country can easily transact with countries of the world as well as be a centre for international business
Ethical Business Practises: Stronger Anti Money laundering rules,KYC norms consumer protection and education facilities. SEBI is coming out much stronger especially seen with some recent examples like when fund houses like Karvy manipulated IPO's by using their clients names to buy more stock.....much more needs to be done here
Ethical Human Resource Practises: Lastly this is something I feel very strongly about. We are all aware of how people in the unorganised sector in India are treated with no social welfare/security they are treated like flexible labour. Sometimes I feel it happens in the organised sector too.In the financial services sector ( having worked here) it is sometimes the norm to work overtime without pay and sit in the office taking on additional responsibilities with out compensation. But I believe in the work life balance and do not think that by working 12 hours a day we are really adding any value. I have had discussions where young people like me just wonder where our life went by spending so much of time working.I f we have time for our hobbies and if companies realise that just because we work for them they dont own us......life will be much better.....we'll be able to bring so much more to the table....so many out of the box ideas because we have been able to move out for our jobs for a while when the working day is over......not much respect for people who are married to their job......my colleague in class just mailed saying his summer internship is from 8am to 8pm........dont think the timing makes any value add though he seems really proud about it......

So what do you'll guys think?