August 28, 2009 – “Ethics and the World of Finance” Conference in Prasanthi Nilayam

It was to be a wonderful chapter in the book of world finance that has been torn and battered ever since the housing bubble burst and various economies grappled to find a firm foothold, and the situation continues till this day. In this scenario, to give it the firm foundation of morality, a conference entitled "Ethics and the World of Finance" began in the holy hamlet of Puttaparthi under the 'August' auspices of the Sri Sathya Sai University. The Conference was scheduled to be inaugurated at the divine hands at 10 a.m. in the institute auditorium. Live video streaming of the event to the three campuses of the University was also organized so that everyone could participate, and more importantly, also have the divine darshan

On the dot at 10 a.m., Swami arrived at the auditorium. He was welcomed by a Veda group with Poornakumbham and by the Vice Chancellor and Principal of the Prashanti Nilayam Campus. Swami entered the green room where Mr. D. Subba Rao, governor of the Reserve Bank of India (RBI) and the former governor of RBI, Mr. Y. V. Reddy greeted Him. Swami blessed them and then moved on to the stage where He was received by the gathering as they rose upto their feet. Swami lit the lamp to mark the inauguration of the Conference. Before we proceed, it would be very instructive to just glance at the Delegate Sheet for the conference. It consists of the who's who of the Indian financial edifice. 

SL No:




Mr.Subba Rao

Governor, RBI



Former Governor, RBI



Chairman ICICI Group



Executive Director, RBI



Executive Director, IRDA


Ms.Usha Narayanan

Managing Director, SEBI



Managing Director, SBI


Mr.Amitabh Chaturvedi

Managing Director, Dhanalakshmi Bank


Mr.Ajay Srinivasan

Chief Executive, AV Birla Financial Services


Mr.Ravi Duvvuru

Compliance, Kotak Mahindra


Mr.Uday Kotak

Executive Vice Chairman & Managing Director, Kotak Bank


Ms.Kalpana Morparia

Chief Executive Officer , JP Morgan India


Mr.Aditya Puri

Managing Director,  HDFC Bank



Chairman & Managing Director, Allahabad Bank






MD & CEO ,ICICI Prudential Life Insurance



Chairman & Managing Director, Andhra Bank


Ms.Meera Sanyal

Country Head, Royal Bank of Scotland (ABN Amro) India


Mr.Alok Mishra

Chairman & Managing Director, Bank of India


Mr.Jagdish kapoor

Chairman, HDFC Bank



Chairman & Managing Director, Union Bank of India


Ms. Anuradha Sarin

Vice President, Yes Bank



MD & CEO, IFFCO Tokio General Insurance Co


Mr.Gunit Chadha

Chief Executive Officer, Deutsche Bank India


Mr. A.C Mahajan

Chairman & Managing Director, Canara Bank



Chairman, ING vysya Bank


Mr.Mani Subharamanian

Chief Executive Officer, Baraclays Bank India



Chief Executive Officer, Birla Sun Life Insurance


Mr.Sreeram Iyer

Chief Operating Officer, Standard Chartered Bank India


Dr.N.Krishna Mohan

Regional Director RBI, Hyderabad



Chief General Manger, NABARD Hyderabad



Former Vice Chancellor,Sri Sathya Sai University



IAS,Former vice Chancellor,Sri Sathya Sai University



IAS Former Vice Chanellor,Sri Sathya Sai University


Swami seated in the centre with the past and present governors of RBI on either sides was an inspiring sight in itself and surely the world of finance would have heaved a sigh of relief and experienced a surge of joy that the Lord had taken up its case.

Chairpersons for the inaugural function, Dr. Duvvuni Subba Rao and the former Governor, Mr. Y. Venugopal Reddy were garlanded by Dr. Naren Ramji, and Mr. Srirangarajan, Registrar and Controller of Examinations of the University respectively, before the commencement of the day’s proceedings. Delivering the welcome address, Prof. Vishwanath Pandit, the Vice Chancellor of the Sri Sathya Sai University, highlighted the direct relevance the conference has with the current world affairs.

Prof. Pandit was categorical in emphasizing that value-based education has to be practised in life, rather than confining the same to bookish knowledge. He also made a mention about the University’s contribution to the society by sending out students with ethical values and academic perfection. Interestingly, he mentioned about the remark of the NAAC committee that the Sathya Sai University was the "crest jewel" in Education institutions of India. The UGC delegation visited the University in September 2008 and made a similar remark, unofficial though that “what we see here is exceptional and must be replicated. This place does not need our support; we need the support of the University”.

The Vice Chancellor said, the conference would deal with panel discussions on (1) Quintessence of Ethics, (2) Behaviour and Structure of Financial Institutions, (3) Role of the Government and Regulatory Authorities and (4) Role of Education.

In his key-note address, Reserve Bank of India (RBI) Governor Duvvuri Subba Rao today said there was no evidence to show that people in the financial sector were inherently less ethical than people in other professions. However, given the larger temptation and more opportunities, the power of context to be short, there could be greater incidence of unethical behaviour in the financial sector, he remarked..


The Governor of The Reserve Bank of India (RBI)
Mr. Duvvuri Subba Rao

Economics, as an academic discipline, is losing its value base, and conjectured, if that could be at the root of the malaise in the financial sector. In his in-depth analysis of the present economic recession and the role of ethics, the RBI Governor outlined how a sense of responsibility to larger societal good underpins on the mandate of the RBI. ``All of us as individuals, families, social communities and faith communities confront ethical dilemmas everyday, and we resolve them in our own ways. We take the value of ethical behaviour to be axiomatic,’’ he observed.

Dr. Subba Rao referred to financial scams that shocked the world and led to the collapse of markets, from Nick Leeson, Bernie Madoff, Dennis Levine to Satyam Ramalinga Raju. On the RBI role, Dr. Subba Rao said the bank had a broad mandate. Concluding his speech the Governor listed out the ethical dimensions of Reserve Bank of India, listing the bank’s roles and responsibilities being the guardians of nation’s financial security.


The Ex-Governor of RBI, Mr. Y. Venugopal Reddy


The next speaker, the Ex-Governor of RBI, Mr. Y. Venugopal Reddy, sent out a barrage of questions with reference to the recent global financial crisis. Referring to some of the “Questionable Practices” that could have caused the crisis, Mr. Reddy drew everyone's attention to the previous crisis in the early nineties. Listing out the consequences thereon, Mr. Reddy sounded interrogative as to whether the present crisis would bring similar consequences.

Speaking about values, morals and ethics versus the market and government, he said that the world of finance is a different ball game and is entirely based on Trust. He ended his speech quoting Mahatma Gandhi, there is enough in this world to meet the needs of everybody but there is not enough to meet the greed of even a single person.

The last speaker for the session was Mr. S.V.Giri, formerly Chief Vigilance Commissioner of India and the 6th Vice Chancellor of the Sri Sathya Sai University. His speech was mainly on the topic as to how the foundations of character building were laid through activities like Grama Seva and the like. Summing up the morning session he highlighted the five cardinal human values describing them as pillars of Sanathana Dharma and so "cannot be compromised, whatever be the situation or condition".

All the while, Swami was on the stage listening to every talk. In the end, He presented the two governors, past and present, of the RBI with momentoes which were made as replicas of the Sarva Dharma Aikya Stupa at Puttaparthi.

Swami asked for prasadam to be brought and distributed to all. He did not want the aarthi to be performed and blessing everyone, He moved to the green room. There, when a prayer was made to Him that the governor of RBI would like an interaction with Him, Swami said that He would meet him in the interview room in the Mandir.

Swami did as He said and the interview took place at the Sai Kulwant Hall. Then Swami came out at 12:15 and the bhajans that had begun at 9:00 a.m. were still on! Swami said, "You are all still singing!?" He asked them to move into the shade as the sun was blazing hard upon them through the transluscent roof at the centre.

The evening session turned out to be even more memorable. The stage had been grandly arranged and all the delegates were initially seated in the bhajan hall. Swami arrived at 5:00 p.m. and after finishing the darshan round, He arrived on stage. During the darshan, as Swami moved in the ladies side, He blessed the delegates and their spouses and relatives who too had come to Puttaparthi. He was particularly playful with one baby that stretched out of its mother's arms as if trying to go to Swami! Twenty six chairs had been arranged on the stage, 13 on either side of Swami.

The number 26 seemed symbolic for it was as if the "A-Z" of the financial world had arrived at the Source, the primeval principle that Swami embodies. As Swami sat in the centre stage, the names of each of the delegates were called out. They arrived one by one and offered flowers to Swami. In return they were blessed with their special moment with Him as He granted them padanamaskar. In this way, soon all the chairs were occupied and Swami asked for the session to begin. The Registrar introduced the two speakers for the evening.


Mr. K. V. Kamath, the Non-Executive Chairman of ICICI Bank.

The first speaker for the session was Mr. K. V. Kamath, the Non-Executive Chairman of ICICI Bank. Calling it Bhagavan’s foresight that made such a unique event a possibility, Mr. Kamath hailed the University’s initiative. The whole crisis should be seen from the point of view that the two strong pillars, Truth and Righteousness are under challenge, he said.

Roots of the crisis were from the west, symptoms of which were seen two years ago, and a deeper analysis raised a lot of ethical issues that were under threat. Compromises on ethical grounds, especially on Truth and Righteousness, at various rungs and between various players have magnified the crisis. "My belief is that the core we have in terms of the teachings we have imbibed for ages that are continued to be taught to us by Bhagavan are the reasons why we have been able to withstand the challenges that have swept the whole world.

There could have been no better place to deliberate, understand and find solutions for the future than this place. Going back to morality, going back to ethical values, going back to fairness would be the solutions to prevent such happenings in future," said Mr. Kamath.


Mr. Gunit Chaddha, CEO-India, Deutsch Bank


Mr. Kamath was followed by Mr. Gunit Chaddha, CEO-India, Deutsch Bank. Starting with prayerful salutations to Bhagavan, Mr. Chaddha told, “It is truly an honour and privilege to submit myself before the Lotus Feet of Bhagavan Sri Sathya Sai Baba.

 I have visited Prasanthi Nilayam and Sai University many times over the last decade, and each time I have returned with even greater passion.  But, today, standing here and having an opportunity to speak with the permission of Bhagavan is truly the most humbling experience of my life for the last forty eight years."

He expressed the view that bankers should try to emulate what the Sathya Sai students do. Mr. Chaddha exhorted that the values Sai students stand for are much needed in the financial services sector and he invited them to be with the members in the financial world and strengthen its basis.


Mr. K. R. Ramamoorthy, the Chairman of
ING Vysya

Swami was then requested for His divine discourse but He knew of the flood of emotions and feelings that had been welling in the hearts of many of the finance captains on stage. He asked Mr. K. R. Ramamoorthy, the Chairman of ING Vysya Bank whether he would like to say a few words and he was positively delighted.

Almost hopping to the podium in joy after prostrating at his lotus feet, Mr. Ramamoorthy, began his extempore talk. Talking about his miraculous escape from the terrorists at the Taj Heritage hotel in Mumbai on the fateful day of 26th November 2008 he said that it was sheerly the grace and benevolence of Bhagavan that saved his life, virtually granting him a new birth.

His visit was aimed at dedicating his second life at His Lotus Feet. Talking about the scarcity of true institution builders, Mr. Ramamoorthy opined that Institution and individual reciprocity is slowly giving away and everyone looks into individual gains forgetting about the concept of building up an institution.

"The efficacy of a leader is felt in his absence, when others recall his presence in the buildup of the institution. You cannot find a better institution than Sai Institution and a better leader than Bhagavan who leads an exemplary life," said Mr. Ramamoorthy. He concluded with the hope that Bhagavan’s students would outshine in building institutions of durable nature.

Swami again sent the registrar around to a few people whom He 'knew' desired to speak. And as they were approached, they agreed. Thus it was that the day saw three more speakers.


Mr. V. S. Das, Executive Director, RBI


The fourth speaker for the session was Mr. V. S. Das, Executive Director, RBI. Claiming the day to be the best day in his life, Mr. Das appreciated the wonderful conduct of the ongoing conference. Recounting Bhagavan’s adage ‘My Life is My Message’ he said that one could get greater lessons by attending such conferences, wherein practical demonstration of hospitality, system supported management, and organizational ability were demonstrated for one and all to see and imbibe.

He said that values and ethics flow from a heart which has affection for fellow beings. "Why talk of morality and ethics only when we reach a stage when we are operating banks? These values should start at the grass root level, at the individual level which should help building a society wherein these values could be instilled. Business is run on the terra forma of society. If the individual is sound, society would be sound and business also would automatically become sound, said Mr. Das reflecting Bhagavan’s teachings.


Mr. Jagdish Kapoor, Chairman, HDFC Bank Ltd.,

The fifth speaker for the session, Mr. Jagdish Kapoor, Chairman, HDFC Bank Ltd., in his short speech highlighted that financial affairs were in no way separate from the moral values that we carry and there could have been no better place for holding the conference than the Sri Sathya Sai University, where each student would carry with him impeccable discipline and high moral values as taught by Bhagavan and followed by everyone in Prasanthi Nilayam. 

Prof. Venkataraman, the 5th Vice Chancellor of Sri Sathya Sai University spoke in detail about various service projects taken up by Bhagavan, that included the medicare, water project, housing project scheme in Orissa and so on. Reiterating what Mr. Kamath outlined in his speech, solutions to human problems could be found by going back to the two strong pillars of Sathya and Dharma with love as the essential tool, said Prof. Venkataraman. He used Swami as the shining example and it was very clear that if we can follow Him even to a miniscule amount, the world would be a much happier place.

Swami now asked the students to sing a bhajan with aalaap. "Sri Raghavam" began. For reasons best known to Him, Swami stopped that bhajan midway and asked for aarthi which was performed and then prasadam was distributed as Swami retired for the day.