From the Board of Tata Sons, where he was the financial adviser, he went on to become the chairman of New India Assurance and then of Bank of India prior to these institutions being nationalized.
At a time when Nehruvian socialist ideology dominated economic thinking, the development paradigm was shaped by the Feldman-Mahalanobis model and the public sector was at the commanding heights of the economy, Shroff had the courage of conviction to argue for an increased role for the private sector in a market economy.