Give us wheels, we will make the hub: Bankers

MUMBAI: Leading bankers on Thursday urged the Maharashtra government to speed up infrastructure development in the city, as the crumbling infrastructure was coming in the way of making the city an international financial hub. A committee appointed by the Centre to help change the city on Thursday met state chief minister Vilasrao Deshmukh and the country’s top bankers.

Among those present were KV Kamath, managing director, ICICI Bank; Aditya Puri, managing director, HDFC Bank; OP Bhat, chairman, State Bank of India; Nimesh Kampani, chairman, JM Morgan Stanley; CB Bhave, chairman, NSDL; Bharat Doshi, executive director, M&M; and PJ Nayak, chairman, UTI Bank.

According to sources, the bankers were vocal about the tardy progress of various infrastructure projects in Mumbai. The state needs to expedite their completion, as they are a major hindrance in projecting the city as an international financial hub, was the feedback for the chief minister.

The road transport projects and city Metro were among those came in for scrutiny. The Mumbai municipal corporation and the city development authority have undertaken major road widening and bridge construction projects in the city. One observation made my the committee was that none of the projects was completed on time. The delay not only adds to cost but also inconveniences everyone.

Participants also highlighted the lack of basic civic amenities in the city. “A serious power shortage is staring at Mumbai. The city aspiring to become an international centre cannot afford power shortages,” a member of the team is learnt to have noted.

Mr Deshmukh gave his version of measures being taken up by his government for the makeover of Mumbai. “The problems are age old. They can’t be solved overnight,” he said. The chief minister stressed on the need to give a human face to development. “We can’t ignore the people in slums. Their rehabilitation is of paramount importance to us. We want to ensure that the development comes with a human face,” he said.

Mr Deshmukh, however, gave a “total commitment” to make Mumbai a truly global city. “We have the firm backing of prime minister Manmohan Singh. With the Centre supporting us, the state government will take every possible step in improving Mumbai’s infrastructure,” he said. The committee will meet again on December 9.