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CreditAccess Grameen Limited (CAGL) was a successful company serving the credit requirements of the niche customer segment of lower income households. It was registered as a non-banking finance company microfinance institution (NBFC-MFI) and focused its loan book on a specified category of customers defined as inclusive customers. Given the nature of vulnerability of the customers, the segment as well as the organizations serving it, were open to several risks that went beyond the risks faced by mainstream banking and financial services companies. These included political risks as well as social risks, as evidenced in the Kolar crisis and the Andhra Pradesh (AP) crisis discussed in the case. CAGL had weathered many crises that hit the organization and sub-sector either due to regulatory over-reach or macroeconomic factors. CAGL was able to resiliently sail through this crisis given its flexible repayment systems, where the customer could choose the schedule. It recognized that the model of group guarantees was no longer effective, but nevertheless kept the system intact for the purpose of aggregation of transactions. The COVID-19 pandemic posed a challenge to group meetings and aggregation, as lockdowns and social distancing threatened the basic premise on which the Grameen model was built. CAGL was able to innovate even during this crisis - it leveraged its operational technology and focused on retaining customer loyalty and stickiness. With all these under the belt, CAGL was now ready for the next leap forward. With the transition of ownership from promoters to investors, CAGL had also moved from having a social orientation (sometimes at the cost of financial efficiency) to being an investor-driven corporation with social objectives. It therefore had to clearly delineate its commercial and social activities.

Bank of Baroda (BoB) is one of the oldest banks in India with a large international footprint. The bank was nationalized in 1969 and was under the control of the government. Ever since the India embarked on the program of economic reforms of 1991, there were efforts to address the structural and governance aspects of banks. The ideas around reform have included among other things - repeal of the Bank Nationalization Act, to bring it on-par with companies incorporated under the Companies' Act, disinvestment, and also consolidation of multiple banks. In an effort to infuse new thinking and to reform the banking sector, the government as a first step, appointed a non-executive chairperson and a chief executive officer laterally from the private sector in 2015. Therefore, BoB (along with Canara Bank) was seen as a bank where the early experimentation of reform in the sector could happen. However, subsequently, there have been mounting concerns in the banking sector which have created significant challenges associated with the banking reform process. This case thus illustrates and examines the challenges associated with the governance of a large bank with legacy systems and with multiple expectations from various stakeholders arising from the State being a part owner, and from customers, financial markets, and minority shareholders.

Bank of Baroda is one of the oldest banks in India with a large international footprint. The bank was nationalized in 1969 and since then has been under the control of the government. Ever since India embarked on the program of economic reforms of 1991, there have been efforts to change the culture and management of public sector banking enterprises in India. As a part of the larger reform process, the Government of India appointed an independent non-executive chairman for the bank and also laterally recruited the CEO from the private sector banking space. In the light of this move, this case examines the challenges of managing a large bank with legacy systems and with multiple expectations - from customers, markets, and the state. Given the nature of the bank's incorporation and ownership, it operates under multiple constraints at the operational and governance levels. The case documents the challenges and opportunities at the operational level; examines the process of transformation and raises the questions regarding these changes and whether they could last beyond the current leadership. The case also juxtaposes the experience of the transformation exercise undertaken by the organization in the past to review the progress of some of the erstwhile changes and provides an opportunity to examine the subsequent transformation exercise amidst a severely constrained situation.

Kalpana Sankar, was working with community-based initiatives, using a five-pillar approach. The approach is an intricate interconnection between a problem and its connection with the society. One of the pillars is provision of financial services to augment livelihoods. As she moves ahead, the financial services grow faster than other pillars. The ecosystem for inclusive finance has also changed; other initiatives dictate the rules of the game. Kalpana's path is of development with community involvement and ownership. This militates against rapid growth. The case explores the dilemma of ideology lead inclusive initiative stagnating, with growth opportunities appearing in a market based model. So, is it the ideology-mission model or a market-led model?

The case deals with the concepts relating to finalization of accounts using basic data on transactions. It is expected that income statement, balance sheet and adjusting will be passed with the help of information given within the case.