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Prof. T T Ram Mohan

Finance and Accounting


Educational Qualifications

  • B. Tech. (IIT-Bombay)
  • PGDM (IIM Calcutta)
  • Ph.D. (Stern School of Business, New York University)

Academic Affiliation

  • Indian Institute of Management, Ahmedabad (October 1998-present)

    Professor, Finance &Economics

    • Chairperson, Finance and Accounting area, 2002-04

    • Taught courses in macroeconomics, corporate finance, financial markets, banking and privatization

    •  Conducted executive training programmes for several firms in the financial sector

    •  Carried out consulting assignments for government and private bodies

  • Stern School of Business, New York University (May-August 2001)

    Visiting Faculty, Economics department

Professional Affiliation

Birla Marlin Securities, Bombay (August 1995-December 1996)
Head of Research
Headed team of analysts carrying out equity and fixed income research
Bear Stearns, Hong Kong (May 1994-July 1995)
Vice President, Equity Research
Carried out research on Indian companies with focus on financial sector
Advised on investment banking mandates
Standard Chartered Bank, Bombay (April 1993-February 1994)
Head of Strategic Development
Member, India Advisory  Board and Management Committee
Formulated long-term strategy for bank in the Indian market
Tata Economic Consultancy Services, Bombay (1982-84, 1989-93)
Divisional Manager and Chief, Economics Division
Carried out policy studies, including assignments for the government of India and government of Maharashtra
Advised domestic and foreign companies on investment in the Indian market
Extensive consulting experience in the Gulf and the Middle East
Financial Times International Reports (1986-94)
Contributing Editor (South Asia)
India Abroad (New York)(1986-94)
Economics Writer
The Economic Times(1988-89)
New York Correspondent
Industrial Credit and Investment Corporation of India (ICICI) (1981-82)
Officer, Projects
Appraised technical and financial feasibility of projects, including those financed by the World Bank/IFC
1. Royal Manor Hotels & Industries Ltd.(2003-05)
2. Marwar Hotels Ltd. (2003-05)
3. International Asset Reconstruction Company Ltd (2003-07)
4. Paterson Securities Pvt. Ltd.(2009-16)
5. SBI Pension Funds Pvt. Ltd. (2007-14)
6. GNFC Ltd. (2005-14)
7. IndusInd Bank Ltd. (2006-14)
1. SBICAPS Securities (2014-present)
2. Rural Electrification Corporation Ltd (2015-present)
3. IndusInd Bank (July 2016-present)
1. Member, HR Advisory Board, Indian Overseas Bank
2. Member, Governing Council, National Institute of Bank Management
3. Member, Academic Advisory Council, RBI Training Academy
Technical Advisory Committee on Money and Government Securities Markets, Reserve Bank of India, 2002-03, 2008- 2011
Standing Advisory Group, Database on Indian Economy, Reserve Bank of India, 2004-2006
Committee on assessment of Financial Sector Stability and Performance, RBI, 2007-08
Working Group on Benchmark Prime Lending Rate, RBI, 2008-09
Working Group on Pricing of Credit, RBI, 2012- 13
Primary Market Advisory Committee, SEBI
Committee to review NPAs in power financing Companies, Ministry of Power, Government of India, 2016




Area of Research:

  • Prof. Ram Mohan specialises in the financial sector. He has run training programmes for bank executives and given talks on issues in the Indian banking sector at various fora.

Current Research:

  • Banking sector reforms
  • Privatisation
  • Corporate governance

Publications/ Articles/ Cases



  1. The Big Picture: Reflections on our economic times, Viva Books, New Delhi, October, 2004.
  2. Privatisation in India: Challenging economic orthodoxy, RoutledgeCurzon, London and New York, March, 2005.
  3. Regulation of financial intermediaries in emerging markets (edited by T T Ram Mohan, Rupa Rege Nitsure and Mathew Joseph), Sage Publications, New Delhi, April 2005
  4. Brick by Red Brick: Ravi Matthai and the Making of IIM Ahmedabad, Rupa Publications, 2011
  5. Before and after the global crisis, Gyan Publications, 2014
  6. Rethinc: What's broke at today's corporations and how to fix it, PenguinRandomHouse, 2015, Winner of the Business Book of the Year Award for 2015 at Tata Lit Live
  7. Towards a safer world of banking: bank regulation after the financial crisis, Business Expert Press, USA, forthcoming



  1. Privatisation: theory and evidence, Economic and Political Weekly, 36, 52, December 29, 2001, 4865-4871
  2. Deregulation and performance of public sector banks, Economic and Political Weekly, Vol 37, 5, (February 2-7), 393-397
  3. Long-run performance of public and private sector bank stocks in India", Economic and Political Weekly, 38, 8. (February 22, 2003), 785-788
  4. Strategic sale versus public offer: dispelling myths, Economic and Political Weekly, 38, 28, July 12, 2003
  5. Comparing performance of public and private sector banks: a revenue maximisation efficiency approach, Economic and Political Weekly, 39, 12, March 20, 2004
  6. Privatisation in China: Softly, softly does it", Economic and Political Weekly, 39, 45, November 6, 2004
  7. Is India's central debt sustainable? Revisiting an old debate, T T Ram Mohan, Ravindra H Dholakia, Navendu Karan, "Economic and Political Weekly", Vol 40, 10, March 5, 2005
  8. Bank Consolidation: Issues and evidence, "Economic and Political Weekly", Vol 40, 12, March 19, 2005
  9. Taking stock of foreign institutional investors, "Economic and Political Weekly," Vol 40, 12, June 11, 2005
  10. FII flows:neither dread nor encourage these, Economic and Political Weekly, January 14, 2006
  11. Banking sector reforms: charting a unique course, Economic and Political Weekly, Vol 42, 13, March 31, 2007
  12. Mumbai as International Financial Centre, Economic and Political Weekly, Vol 42, June 9, 2007
  13. Reforming the Banking Sector, Economic and Political Weekly, Vol 43, 32, August 9-15, 2008
  14. The impact of the crisis on the Indian economy, Economic and Political Weekly, Vol 44, 11, March 28-April 3, 2009
  15. Bank privatisation by the back door, Economic and Political Weeekly, Vol 49, no 23, June 7, 2014
  16. The changing face of Indian banking, Economic and Political Weekly, Vol 51, No 12, March19, 2016



  1. Technical efficiency in the public and private sectors in India, T T Ram Mohan and Subhash C Ray, WP No 2001-12-01, December 2001, IIM, Ahmedabad
  2. Productivity and efficiency at public and private sector banks in India, T T Ram Mohan and Subhash C Ray, WP No. 2003-06-01, June 2003, IIM, Ahmedabad.



  1. Case Unproven, Economic and Political Weekly, 35, 25, June 17-23, 2000 - GTB Merger: Roundtable discussion, Chartered Financial Analyst, March 2001
  2. How well have public sector banks done?, Economic and Political Weekly, 37, 15, April 13-19, 2002, 1447-1448
  3. Delay in disinvestment decision will help India avoid blunders, Rediff.Com, January 31, 2002
  4. Why big sell-offs irk politicians, Economic and Political Weekly, 35, 41, October 12, 2002\, 4183- 4184
  5. A more relaxed view of fiscal consolidation, Economic and Political Weekly, 38, 11, March 15, 2003, 1014-1015
  6. " Is Independent Director really independent?", ICFAI Reader, March, 2003
  1. RBI guidelines on foreign ownership in banks: don't shoot the regulator, Economic and Political Weekly, 39, No 46 and 47, November 20-26, 2004
  1. Bank Consolidation: Misplaced Priorities, Economic and Political Weekly, 39, No 50, December 11-17, 2004.
  1. Stock market fall: Managing volatile flows, Economic and Political Weekly, 41, 24, June 17-23, 2006
  1. Sovereign Wealth Funds, Economic and Political Weekly, 53, 15, April 12-18, 2008
  1. Is it time to open up to foreign banks?, Economic and Political Weekly, Vol 43, 28, July 12-18, 2008
  1. From the sub-prime to the ridiculous, Economic and Political Weekly, Vol 43, 45, November 8-14, 2008
  1. Ten regulatory lessons from the sub-prime crisis, Economic and Political Weekly, Vol 44, 11, March 14-20, 2009
  1. Obama ducks the banking challenge, Economic and Political Weekly, Vol 44, 32, August 8-14, 2009, 8-9
  1. Post-crisis regulation: a contrarian perspective, Economic and Political Weekly , vol 45, 3, January 16-22, 2010, 8-10
  1. World economy not out of the woods, Economic and Political Weekly, Vol 45, no 24 June 12, 2010, 10-11
  1. Private bank licensing: very few will qualify, Economic and Political Weekly, Vol 45, no 41,October 9, 2010, 10-12
  1. Foreign Banks: RBI gets the balance right, Economic and Political Weekly, Vol. 46, 15, April 9, 2011
  1. Anatomy of a bank failure, Economic and Political Weekly, Vol 47, 8, February 25, 2012
  1. How do we resolve the too-big-to- fail problem, Economic and Political Weekly, Vol 47, No. 35, September 01, 2012
  1. Is the global financial system safer?, Economic and Political Weekly, Vol 48, No. 2, January 12, 2013
  1. How much capital does a bank need?, Economic and Political Weekly, July 13, 2013 vol 48, no 28
  1. Banking Structure: Plausible vision, flawed approach of RBI, Economic and Political Weekly, vol 48, no 47, November 23, 2013
  1. Mor on Financial Inclusion: a few baby steps, not a great leap forward, Economic and Political Weekly, Vol 49, no 16, April 19, 2014
  1. Chronicles of India's central bank (1981-1997), Economic and Political Weekly, Vol 49, No 18, May 3, 2014
  1. Brics Bank future hinges on governance, Economic and Political Weekly, Vol 49, no 30, July 26, 2014
  1. Regulating managerial pay in banking, Economic and Political Weekly Vol 49, 37, September 13, 2014
  1. Merger they wrote, Economic and Political Weekly, Vol 50, 1, January 3, 2015
  1. Global banking in retreat?, Economic and Political Weekly, vol 50, 19, May 9, 2015
  1. Can Indradhanush help revive public sector banks?, Economic and Political Weekly, Vol 50, no. 37,September 12, 2015
  1. Fatal flaw in private banking systems, Economic and Political Weekly, Vol 51, No 11, March 12, 2016
  1. ‘On-tap' bank licenses, Economic and Political Weekly, Vol 51, no 24, June 11, 2016



  1. HDFC Bank: Entry strategy and growth in a deregulated market (IIMA, 2003)
  2. Restructuring Gujarat State Financial Corporation, IIMA, 2003
  3. HDFC Bank: Strategy Revisited, IIMA, 2006
  4. IndusInd Bank: Turnaround Strategy, IIMA, 2015



  • Wrote a fortnightly column for The Economic Times for 16 years.
  • Also contributed to the Asian Wall Street Journal, The Hindu, The Wire, Quartz and other publications.



  1. Inaugural address, "Some critical issues in the banking sector today", International Conference on Regulation of Financial Intermediaries, organized by IIM, Ahmedabad and ICICI Research Centre at Mumbai on March 22, 2002
  2. Discussant in session on "An analytical appraisal of a tolerate limit of non-performing assets" at the above Conference.
  3. Technical efficiency in the public and private sectors in India (with Subhash Ray), North American Productivity Workshop, Schenectady, New York, June 19-23, 2002.
  4. Comparative efficiency of public and private sector banks in India (with Subhash Ray), Fifth Annual Conference on Money and Finance in the Indian Economy, January 30-Feburary 3, 2003, Indira Gandhi Institute of Development Research, Mumbai.
  5. Productivity and efficiency at public, private and foreign banks in India (with Subhash Ray), North American Productivity Workshop, Toronto, June 22-26, 2004
  6. Productivity and efficiency at public and private industrial enterprises in India (With Subhash Ray), Eighth European Workshop on Productivity and Efficiency, Brussels, June 28-July 2, 2005
  7. Comparing performance at public and private sector banks in India: a revenue maximization efficiency approach," (With Subhash Ray), Third Hellenic Workshop on Productivity and Efficiency Measurement, Patras, Greece, July 16-18, 2006.
  8. Privatisation and foreign direct investment: the Indian experience, paper presented at conference to mark 60 years of Indian independence at Australian National University, Canberra, August 20-21, 2007.
  9. The global crisis and its implications for the Indian banking sector", SBI Capital Markets, talk given at SBI auditorium, Mumbai, on December 12, 2008
  10. Discussant, "Corporate Governance and Innovation", Conference on Securities Markets, National Institute of Securities Markets, Mumbai, December 19-20, 2008
  11. Are Indian financial institutions safe in the present crisis ?, talk at IGIDR, Mumbai, January 24, 2009
  12. Indian banking scenario, International conference on banking held by Indian Institute of Banking and Finance, New Delhi, August 31, 2009.
  13. Stability and efficiency in Indian banking", FICCI-IBA Global Banking Conference, Mumbai, September 10, 2009.
  14. Preparing Indian banks for global competitiveness", Member, panel discussion , FICCI-IBA conference on Global Banking: Paradigm Shift, Mumbai, September 7-9, 2010
  15. Capital efficiency in emerging regulatory climate: impact of Basel 3, FICCI-IBA Conference on Banking, Mumbai, August 24, 2011
  16. Capturing mid-corporate opportunity to drive growth, BANCON 2011, Chennai, May 12, 2011
  17. Competitive challenges in Indian Banking, Conference on Banking at NIBM, Pune, March 4, 2012
  18. Banking sector reforms in India", Economic Conclave, Gokhale Institute of Economics and Politics, Pune, February 15, 2014
  19. Nachiket Mor committee report on financial inclusion", panel discussion, CAFRAL, Mumbai, February 4, 2014
  20. Chair, Panel discussion on Strategy and Public Sector Organisations, Seminar on 'Grounding Strategy: Broadening the ambit of strategic management in contemporary India', IIM Calcutta, June 12-14, 2014
  21. Public sector banks: can the 'autonomy with accountability' framework lead to performance"?, FICCI-IBA 2014, Annual Global Banking Conference, September 15, 2014
  22. PSUs: the ownership-management conflict", Corporate Governance Summit, Excellence Enablers, Mumbai, November 29, 2014
  23. Macroeconomic Challenges for India, Seminar on Third OECD Economic Survey of India, IIM Ahmedabad, February 19, 2015
  24. Does ownership always matter? Evidence from Indian banking, Paper presented at European Workshop on Efficiency and Productivity Analysis, Helsinki, June, 2015
  25. India in the World Economy: Past record , future prospects, Lal Bahadur Shastri Academy, Mussoorie, June 2015
  26. Issues in the Indian banking sector today, talk delivered at State Bank of India Officers' Association Conference, Chennai, July 26, 2015
  27. Participant in panel discussion on "Banking Sector Reforms", Centre for Policy Research, Mumbai, January 27, 2016



Awards & Honors

Year Awards & Honors




Staging Enabled