Though Khaladkar had no experience in the banking sector, he was determined to succeed. "When I took over as chairman, the bank was in a bad shape, with unrecovered debt amounting to nearly Rs 500 crore. The RBI wasn't keen to let it continue and the bank was on the verge of losing its operating licence. In fact, on one occasion, an RBI Deputy Governor challenged us when he said that the bank would not be able to recover even Rs 50 crore," he says. The remark simply served to fuel his ambition.
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