Died: Kali Homi Mody, 90, pioneer of the credit card system in India, in Bombay on March 11, 2013.
He came across as a fun-loving, humorous partygoer. But behind that easygoing facade was a pioneering business mind that brought the first credit card company to India. When Kali Mody took on the Diners Club franchise in India in 1960, one had to be invited to avail of the credit card facility. Only those with sound financial credentials were welcomed and presented a thick paper credit card that signified their membership to this privileged category.
That Kali initiated and managed such a high risk business for so many years from his third floor office at Dady House on Veer Nariman Road demonstrated that the son of the renowned Sir Homi and Lady Jerbai Mody, and brother of parliamentarian Piloo and Tata Steel top honcho Russi, matched their gumption.
To forestall government interference in his enterprise, the savvy businessman made a calculated move on the eve of nationalization of banks in India in 1969. Kali sold 20 percent of the Diners Club shares held by the Union Bank of India to his friends Shamsunder and Perveez Aggarwal.
"A very straightforward man, he was very jovial. He was somebody who loved to enjoy life,” remarked Shamsunder who was on the board with Kali until 1976 when he and Perveez bought over the business, the Diners Club membership then standing at around 7,000. Increased spending, slower recovery of incoming dues and establishments clamoring for payment meant greater financial resources were required.
Kali Mody (top and above) with George Bush Sr and Nina
"He was very charming, debonair, the toast of every party even at international meets when he represented Diners. What I admire him for is his courage to start and run for many years the credit card business in India despite him not being a banker or financier,” commented Perveez alluding to the culture in India where "people don’t like paying bills on time.”
In 1991 when the Aggarwals sold the franchise to Citibank, the Diners Club membership stood at 70,000. The sale marked the end of an era when entrepreneurial individuals and families ran credit card companies. The business was now firmly in the hands of the banking industry which alone had the vast financial resources involving millions of card holders and billions of dollars in turnover. When the credit card history in India is written, Kali’s virgin venture will occupy pride of place.
Ever the entrepreneur, in the early 1960s Kali was amongst the first to introduce and sell Indian manufactured haute couture garments to Dior, Balenciaga, Loewe, etc, recalls his son Jimmy. To him also goes the credit of organizing the first fashion show in India for UK’s Vogue magazine. With his joie de vivre and inherent wit, for many years he was regularly invited to be the Master of Ceremonies at the Quatorze Juillet or French National Day functions in Bombay in the 1960s.
The fun-loving socialite basked in his resemblance to comedian Bob Hope. The family recalls a news clipping from the Evening News which read "Bob Hope was seen in the lobby of the Taj Hotel…oops! Sorry! That was Kali Mody.” His sense of humor, believed to be inherited from his father, Sir Homi, was often to the fore. A regular at the Ripon Club, he enjoyed fraternizing over his games of snooker and billiards.
Kali had also facilitated the production of the first Indo-Hollywood collaboration feature film shot in India titled Tarzan Goes to India that starred Indian actors like Simi Garewal and Feroz Khan as also American actors.
A director on the board of the Hotels Division of the India Tourism Development Corporation Limited, he had recommended a collaboration between the Tourism Ministry and the Railways to utilize idle maharaja salons to transport affluent tourists in Jaipur-Jaisalmer, the forerunners of today’s Palace on Wheels. He was also selected as a confidential advisor on tourism matters to the then Prime Minister of India, Indira Gandhi.
(From left, standing) Russi, Vina, Piloo, Kali, (sitting) Jimmy, Lady Jerbai, Sir Homi, Danny, Nina Mody;
three generations of Modys at granddaughter Karene’s navjote
For many years Kali worked with the Associated Cement Companies (ACC) Limited where he became the executive head and served as chairman of the ACC Sports Club. He was privileged to be selected for a United Nations fellowship for one year to qualify as a management training director.
A science graduate from the New York University, Kali had earlier studied at Harrow, UK until the outbreak of World War II compelled him to relocate to the Doon School in Dehradun. During his younger days he would play the clarinet to amuse himself and others.
Having lost his younger son Danny in a car accident on the way to Udvada, "he never fully managed to overcome the loss,” states Jimmy. Kali’s wife Nina too had predeceased him. Very religious and proud to be a Parsi, during his latter years he visited the agiary almost daily and Ervad Asphandiar Dadachanji of the Vachaghandhy Agiary recalled how he had helped install a telephone connection for the convenience of the Agiary’s devotees and priests.
The spirited entrepreneur is survived by his son Jimmy and brother Russi.