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Book Box | The secret lives of banks
Whether you are a finance person or simply curious about money, power and human behaviour, read these four books for an insightful analysis of economic systems
Dear Reader,
The monsoons are here. The rains bring back memories of when I first arrived in this city, ready to dive into the world of banking.
Each morning I’d set off from my working women’s hostel, clambering onto a BEST bus, amidst crowds of office goers, wading through muddy streets and pavement puddles. The air was heavy with humidity, and everything felt dank and damp.
When I reached the bank I worked at, it felt as if I’d left the city behind. The air-conditioned silence, the marbled corridors, the expensive hush of carpets and columns, it was another world altogether.
As a newbie in my twenties, I was intimidated by this world of banking. Even if everything was not exactly as it seemed. I’d joined the bank after the Harshad Mehta scam and the reverberations of that stock market fraud were rife.
If you looked hard enough, you’d see the cracks everywhere. In the world of banking, you have to burrow beneath the bank jargon, because too often everything is not as it seems.
Here’s where journalist (and former consulting editor at Mint) Tamal Bandyopadhyay comes in. His books on Indian banking are treasure troves of insider tales.
On a recent Sunday morning, we talk with this business journalist on the secret life of banks, from the well-intentioned Bandhan bank to the scam banks and the fraudster financiers.
My book club has been reading Bandyopadhyay’s latest book. We talk about this book and other books on banking, like Who Moved My Interest Rate by former Reserve Bank of India governor Duvvuri Subbarao and Indomitable by former chairperson of State Bank of India, Arundhati Bhattacharya.
From all of these banking books, I pick my favourites for you. Whether you're a finance professional or simply curious about money, power, and human behaviour, these four books will satisfy you with their thrilling tales and insightful analyses of economic systems.
Book 1. Roller Coaster: An Affair with Banking
One of our favourite chapters in Roller Coaster is a history of RBI governors and their relationship with the Union government – a tug of war between two institutions, reminiscent of Henry the Eighth fighting Cardinal Wolsey in the classic conflicts between the Church and the State in medieval Europe. Another favourite chapter is ‘Chinese Cuisine, Punjabi Food or Gujarati Thali’ each referring to modus operandi of bribery in the nexus between bankers, industrialists and politicians.
We ask Bandyopadhyay about his favourite finance books. He has a whole list: The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness by Morgan Housel, The Snowball: Warren Buffett and the Business of Life by Alice Schroeder, Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty by Abhijit Banerjee and Esther Duflo, Fault Lines: How Hidden Fractures Still Threaten the World Economy by Raghuram Rajan, The Age of Turbulence: Adventures in a New World by Alan Greenspan and The Rise and Fall of Nations: Forces of Change in the Post-Crisis World by Ruchir Sharma.
Book 2. The Money-Changers
When I was a teenager, I stumbled upon The Money Changers by Arthur Hailey, and it instantly fascinated me with its vivid portrayal of the banking world. Fast forward almost half a century, and I re-read this 1975 gem. I was struck by its enduring relevance—the bankers themselves, the behind-the-scenes politicking, the obsession with appearances, and the insidious nature of fraud. It's a must-read if you want a big picture of banking over the past fifty years.
Book 3. Adults in the Room: My Struggle with Europe's Deep Establishment
An insider-turned-whistleblower spills the beans on banking, in this brilliantly written book. It had me hooked from the very first chapter, which starts thus:
"The only colour piercing the dimness of the hotel bar was the amber liquid flickering in the glass before him. As I approached, he raised his eyes to greet me with a nod before staring back down into his tumbler of whiskey. I sank onto the plush sofa, exhausted.
On cue, his familiar voice sounded imposingly morose. ‘Yanis,’ he said, ‘you made a big mistake.’"
This is the story of Yanis Varoufakis, who was a professor of Economics at Texas at Austin, before he shot to fame as the finance minister of Greece in 2015. Read Adults in the Room for an insider's story of the European banking system, the story of the 163 days Varoufakis in office, of his fight with the big banks of the European Union.
Book 4. Making Money
And finally, for the last word in banking, there’s none better than Making Money. Of all the books on banking I have read, including those by bankers, economists and journalists, this one best captures the incredible intricacies of the banking system. Making Money whisks you away to the bank of Ankh-Morpork where the canny Moist von Lipwig is banker par excellence. Read this book in print, or listen to it on audio, voiced by the inimitable Stephen Briggs- both versions are fabulous. Here’s a small flavour for you:
“I read somewhere that the coin represents a promise to hand over a dollar's worth of gold,” said Moist helpfully.
Mr. Bent steepled his hands in front of his face and turned his eyes upwards, as though praying.
‘In theory, yes,’ he said after a few moments. ’I would prefer to say that it is a tacit understanding that we will honour our promise to exchange it for a dollar's worth of gold, provided we are not, in point of fact, asked to."
What are your favourite books on banking? Do write in with your recommendations.
And until next week, happy reading!
Sonya Dutta Choudhury is a Mumbai-based journalist and the founder of Sonya’s Book Box, a bespoke book service. Each week, she brings you specially curated books to give you an immersive understanding of people and places. If you have any reading requests or suggestions, write to her at sonyasbookbox@gmail.com
The views expressed are personal.
