Days ahead of the Union Budget announcement, the FE Modern BFSI Summit kicked off at the President Hotel in Mumbai's Cuffe Parade, with a much-anticipated inaugural address by Reserve Bank of India (RBI) governor Shaktikanta Das.FE Modern BFSI Summit Live Updates, 19 July: Days ahead of the Union Budget announcement, the FE Modern BFSI Summit is underway at the President Hotel in Mumbai’s Cuffe Parade. The day-long summit kicked off with a much-anticipated inaugural address by Reserve Bank of India (RBI) governor Shaktikanta Das, who said the Indian financial landscape is going through a structural shift. He added that the RBI is “actively fostering innovations to make the financial sector more inclusive”. His comments are being followed by a special address by chairman of the Piramal Group, Anand G Piramal.
Lending weight to the summit are some of the biggest names from the India’s banking, financial services and insurance sector: Dilip Asbe, the chief executive officer of the National Payments Corporation of India (NPCI), known more for its UPI, will share his remarks. Other speakers include Dinesh Kumar Khara, Chairman, State Bank of India, V Vaidyanathan, MD & CEO, IDFC FIRST Bank, and Praveena Rai, COO of National Payments Corporation of India.
The width and depth of the changes that could transform the Indian insurance industry will also be discussed, with a special address by Debasish Panda, chairman of the Insurance Regulatory and Development Authority of India (Irdai) on the theme ‘Insurance for all by 2047’. The summit will conclude with a valedictory address by Sundararaman Ramamurthy, MD & CEO, Bombay Stock Exchange (BSE).
Dinesh Khara, Chairman of State Bank of India and Keki Mistry, Non-executive director, HDFC Bank, Zarin Daruwala, CEO, India and South Asia markets, Standard Chartered Bank, and V Vaidyanathan, MD & CEO, IDFC First Bank, are participating in a chat about the challenges of technology adoption.
“Our country has a very weak bond market. India‘s corporate bond market is much smaller than that of other countries with the corporate debt market being 16% of GDP,” Ajay Parimal says on the issue of weak bond market.
“Our economy is getting a K shaped recovery, where some sectors are doing exceedingly well and others don’t. This needs to change,” says Ajay Parimal.
Governor Shaktikanta Das said the Reserve Bank's relations with the government have been "smooth" during his nearly six-year term, and credited the close coordination between the two for the quick revival of the economy after the pandemic.
He added that nobody has expected him to be a "cheerleader" for the government during his term.
"I am saying from my experience. Nobody expects RBI to be a cheerleader. I have had no such experience," he said.
Ajay Piramal talks about interest rates and says: “Indian interest rates have declined to 9%. This has been because of lot of policy reforms. India‘s real interest rates are the highest among the largest economies. We are paying a higher cost for interest as compared to the rest of the world.”
After the address by RBI Governor Shaktikanta Das, Piramal Group chairman Ajay G Piramal is now delivering a speech.
"With growth holding steady, we have to 'clearly and unambiguously' focus on inflation," says RBI Governor Shaktikant Das.
"RBI is working with banks and law enforcement agencies to check Mule accounts and digital frauds," says RBI Governor Shaktikanta Das.
'Financial services companies need to invest in technology infrastructure as well as necessary human resources, " said RBI Governor Shaktikanta Das. He added: "Convergence between technology and banks will only increase."
The Indian financial landscape is going through a structural shift, said Shaktikanta Das. He added, "RBI is actively fostering innovations like UPI, reoriented payment systems to amplify reach and make a more inclusive financial sector in India."
RBI Governor Shaktikanta Das says management of liquidity and credit risk, deposit mobilisation lagging credit growth, and share of bank deposits declining with more households turning to other avenues of savings are among the major issues in the banking system today.
"Indian financial is poised to scale new heights," says RBI Governor in his address.
He adds: " The financial landscape in India is undergoing structural shift, and RBI is actively fostering innovations like UPI, reoriented payment systems to amplify reach and make a more inclusive financial sector in India.”
RBI Governor Shaktikanta Das is now delivering the inaugural address at the BFSI summit.
The Indian Express Group's Executive Editor Anant Goenka is delivering the welcome address.
You can watch the live steam of the event from Mumbai here.
A crucial aspect of the BFSI space is the emergence of fintech and the innovations that have been unleashed even as many are trying to come to grips with the new dynamics of the space.
The panelists for this session, to be moderated by Alpesh Shah, MD & senior partner, BCG, include Rajesh Bansal, CEO, Reserve Bank Innovation Hub, Sabyasachi Goswami, CEO, Perfios, Shashank Kumar, managing director and co-founder, Razorpay, and Anuradha Ramachandran, managing partner, TVS Capital.
RBI Governor Shaktikanta Das will present his inaugural remarks at 10:30 AM. This will follow a welcome address by Executive Director of The Indian Express Group, Anant Goenka.
The third edition of the annual summit will see a confluence of some of the brightest minds from the Indian BFSI arena, brainstorm, swap ideas and share insights on a range of elements that will shape the future of India's financial sector.
As per its website, the summit, like its earlier two editions, will be crucial in triggering conversations and thought-sharing in the journey ahead from a focus on consumption credit at the moment to making a difference through production credit at the lowest level to providing insurance coverage for all by 2047.
Lending weight to the summit are some of the biggest names from the Indian private sector: Ajay Piramal, chairman, Piramal Group, will address the gathering on the opportunities and challenges in a sector synonymous with constant change. Dilip Asbe, the chief executive officer of the National Payments Corporation of India (NPCI), known more for its UPI, will also share his remarks.
State Bank of India chairman Dinesh Kumar Khara, HDFC Bank non-executive director Keki Mistry, Standard Chartered Bank India CEO Zarin Daruwala and IDFC First Bank MD & CEO V Vaidyanathan will also share their insights on the factors defining the journey ahead.
The width and depth of the changes that could transform the Indian insurance industry will also be discussed, with a special address by Debasish Panda, chairman of the Insurance Regulatory and Development Authority of India (Irdai) on the theme ‘Insurance for all by 2047’
Days ahead of the Union Budget announcement, the FE Modern BFSI Summit will kick off at the President Hotel in Mumbai’s Cuffe Parade, with a much-anticipated inaugural address by Reserve Bank of India (RBI) governor Shaktikanta Das. His comments will be closely followed by all the stakeholders on India’s economy and business.
