Author: Indrajit Roy Choudhury

CFO and banking leader with 40+ years driving digital transformation, operational excellence, and sustainable growth across global markets. I lead enterprise-wide reforms, including ERP implementation, compliance-aligned revenue recognition, and future-ready finance transformations. I am passionate about immersive travel, diverse cuisines, and cultural exploration—sharing experiences since 2010 on my blog, Indrosphere.
Reflections, Ideas & Perspectives

Locker Disaster: A Bank Locker Ended Up in Someone Else’s Name!

Indrajit Roy Choudhury

Mr. Ashish Dutta aimed to close an old passbook in his daughter's name, but the bank claimed it was linked to an active safety deposit box. Dutta couldn’t find the key and insisted it was returned with the box cleared, years prior. A bank error caused the box to be broken, finding bags with valuable properties. Records then showed it was mistakenly assigned to a Mr. Dutta instead of a Mr. Sen. After a tense scenario involving both parties and bank authorities, the valuables were correctly returned, with the records and charges fixed.

Enterprise Transformation & Innovation Strategy, Technology Trends & Competitive Advantage

Interoperability: A Key to Unlocking the Full Potential of Digital Transactions

Indrajit Roy Choudhury

In the era of digital transactions, the capacity of different payment systems to interoperate, that is, work together seamlessly, is essential for the success of instant payments. The lack of interoperability creates barriers to the growth of digital transactions. The Indian platform UPI exemplifies interoperability, with users able to send and receive payments across different UPI apps. Beyond fostering competition and innovation, this interoperability supports cross-border transactions and boosts financial inclusion. Despite challenges varying from technical complexity to regulatory restrictions, stakeholders can adopt common standards, use APIs, and heighten security to attain interoperability for instant payments.

Reflections, Ideas & Perspectives

Navigating the Rough Waters: Overcoming Resistance to Organizational Restructuring

Indrajit Roy Choudhury

When implementing a core banking system, restructuring the organization is vital for efficiency. Addressing employee resistance through clear communication, early stakeholder involvement, and support enhances adoption. Demonstrating quick wins and highlighting benefits builds trust, while ongoing feedback allows for adaptations. Overall, empathy and proactivity are key to a successful transition.

Leadership Journeys & Strategic Insights

Banking on Inclusion: A Maverick’s Tale of Financial Empowerment

Indrajit Roy Choudhury

In 1985, Hari Prasad joined a bank in Meerut and was instructed to double his department's deposits. Prompted by a peon's comment about sex workers always having money, Hari proposed to open bank accounts for this marginalized community. Despite initial resistance, the idea was successful, quickly doubling the bank’s deposits. This innovative approach proved controversial but ultimately led to financial inclusion for a typically excluded group, earning Hari the respect and support of both his colleagues and local community during a time when financial inclusion was in its early stages in India.

Reflections, Ideas & Perspectives

The Paradox of Accuracy and Consistency: A Lesson from Rural Banking

Indrajit Roy Choudhury

The importance, of being correct and precise, is often highlighted in tasks and projects. However, an experience from a rural bank reveals that consistency, ensured uniformity and reliability, can sometimes outweigh accuracy. Both are pivotal in different contexts, like in software interfaces, record-keeping, and banking. Yet, depending on the situation, one could be more important than the other - consistency helps prevent errors and confusion, while inaccuracy can lead to significant losses.

Banking Excellence & Financial Innovation, Enterprise Transformation & Innovation Strategy

First Digitization of a Bank in Iraq: Momentous Feat

Indrajit Roy Choudhury

The Trade Bank of Iraq (TBI) transformed the country's banking sector through the adoption of a centralized core banking system in 2010, despite political instability and infrastructural challenges. The system, implemented in partnership with London-based Misys, revolutionized daily banking operations, such as deposit management, trade finance, and financial record keeping. The initiative marked a significant milestone for Iraq's banking, facilitating financial inclusion and digital innovation, and set new standards for efficiency and accessibility in the sector.

Banking Excellence & Financial Innovation

Central Bank Digital Currency in India: A Game-Changer for the Indian Economy

Indrajit Roy Choudhury

Central Bank Digital Currency (CBDC) is the latest buzzword in the world of finance and banking. The Indian government has taken a major step towards digitization by launching a CBDC wallet. This move is expected to revolutionize the way financial transactions are conducted in the country. While there are some challenges associated with using digital currencies, the benefits outweigh the risks. As India moves towards a more digital economy, it is imperative that we embrace new technologies such as CBDCs to ensure greater financial inclusion and security.

Reflections, Ideas & Perspectives

Target-Oriented or Impact-Oriented Approach: Which One Will You Choose?

Indrajit Roy Choudhury

Target-oriented or impact-oriented programmes refer to initiatives that are designed to achieve specific objectives or outcomes. These programmes are typically developed with a clear understanding of the desired results and the steps necessary to achieve them. The effectiveness of target-oriented or impact-oriented programmes is often measured by their ability to achieve their stated objectives and produce tangible results. As such, careful planning and monitoring are essential to ensure that these programmes are successful in achieving their intended outcomes.

Reflections, Ideas & Perspectives

The Indian Rupee’s Rising Global Profile: A New Era of International Trade

Indrajit Roy Choudhury

The Indian rupee (INR) is gaining international acceptance, with 18 countries agreeing to trade in INR, and the UAE considering settling trade in rupee-dirham. Trading in INR offers benefits such as reduced exposure to exchange rate fluctuations, lower transaction costs, and enhanced economic sovereignty for India. While India aims for international currency status, challenges remain, including exchange rate volatility and capital flow restrictions. Despite challenges, INR's growing international use enhances India's economic influence and stability.

Reflections, Ideas & Perspectives

The Credit Suisse Collapse: What Went Wrong & What Are the Lessons?

Indrajit Roy Choudhury

Credit Suisse was once one of the world's leading banks, with a reputation for innovation and excellence. But in March 2023, it shocked the financial world by announcing that it had run out of cash and was being taken over by its rival UBS. How did this happen? And what can other banks learn from its demise? Credit Suisse's collapse is a cautionary tale for all banks that want to survive and thrive in the post-pandemic era. They need to be agile, customer-centric, and responsible if they want to avoid becoming obsolete or irrelevant.