BFSI SUMMIT 2024 Live:
The 3rd edition of FE Modern BFSI Summit ended successfully where we watched industry leaders, RBI Governor Shaktikanta Das, Ajay Piramal, Chairman, Piramal Group and captains of Indian BFSI sector sharing their views on the transformation of the BSFI sector as we see it today.
BFSI Summit 2024 Live Updates
That concludes the Modern BFSI Summit 2024. Thank you for joining us, and we look forward to bringing you more exciting updates next year.
Sundararaman Ramamurthy says, "We had no operational glitch arising out of the Microsoft glitch that occurred today. As an Exchange we didn't have a problem, as a Clearance, we didn't have a problem and therefore it was a good day for us."
Sundararaman Ramamurthy says, "The BFSI sector has been growing. The sector is growing very fast, along with that, fraud is also growing. The fraud cases have increased by 166% in the past year."
Sundararaman Ramamurthy mentions, "Middle class is growing, consumer is growing thus the market is growing. The country's development is growing. With coming age, technology will greatly impact the world "
Sundararaman Ramamurthy says, " Digitalization has transformed the entire country. A significant portion is coming as digital credit these days. "
Sundararaman Ramamurthy alludes to his time as a probationary officer at a bank to talk about the transformation of the banks that has taken place from 1986 to today.
Coming up next is the valedictory speech by Mr. Sundararaman Ramamurthy, MD & CEO, BSE. Stay tuned for more updates.
Sumit Bohra says, "We don't have a formal education system where we have been taught about insurance. The day when a child or a student learns about insurance at an early age, will grow up and buy an insurance for themselves. This awareness is very important."
Ravi Vishwanath on the status of healthcare insurance, "According to a survey, 34% of the people said that they don't find any reason for buying health insurance. We are a country where 40 out of 100 surgeries get done. There are some fundamental issues in healthcare insurance. One, healthcare is completely fragmented. There is no central data for a doctor to treat you or the insurance company to understand your problem. Two, there is an institutionalized mistrust between the payer and the provider. Unless these issues are solved, you cannot build on healthcare insurance."
Tapan Singhel on importance of insurance, "Insurance is not something that anyone is excited to buy. Collaboration between the government and the insurance companies is essential. Healthcare, Catastrophic losses, Crop and Term life should be covered uniformly for all the citizens of the country."
Bijith Bhaskar talks about capital flows of the bank, saying, "Cyber risk, prevention of Digital Fraud, data analytics and upgrading customer experience and user generation are the top priority for the bank investments."
Nitin Chugh on the next frontier in technology, says, "Generative Ai, Banking and Service, and Innovation of personal experience by use of data science."
The upcoming panel about the Next frontier in Technology with Nitin Chugh, Deputy Managing Director & head of Digital banking, State Bank of India, Bijith Bhaskar, Partner, Premji Invest and Baskar Babu Ramachandran, Co-Founder & CEO, Suryaday Small Finance Bank.
Anu Tiwari says, "Duty of care, due diligence and what is suitable for the investors is very important for wealth management. That is why in case of a fee-based income model, you have to put equity on risk."
Kunal says, "Financial inclusion has increased and allowed people to get organized intermediary. It brings in more inclusion."
Soumya Rajan says, "The main challenge in wealth management is that there is not enough financial literacy in the country. And the other challenge is technology and the safety of wealth"
"IAS Sathi, not just an AI. It is Actual Intelligence powered by Indian Express to make competitive exam preparation affordable, accessible and available to one and all," says Raj Malhotra.
Rajesh Bansal says, "For fintech to procure funding, the process ideally takes 18 months"
Shashank Kumar says, "Banks and Fintech work in tandem."
Debashish Panda says, "Need to bring segments of population into insurance fold. The aim is to get instant claims, yet maintain consumer protection and not compromise financial stability."
Debasish Panda, Chairman (IRDA) says, "Future will seek flexible insurance products."
Praveena Rai expects incentive for Digital payments ecosystem in the upcoming Budget.
Praveena Rai mentions that there is a significant improvement in retail digital payments.
"UPI adds 3 to 6 million users every month at the moment," says Praveena Rai.
Next, we have Ms Praveena Rai, CEO of NPCI, who will talk about UPI.
Keki Mistry mentions his Budget wish list, saying that the 6 pillars of focus would be the momentum of growth, employment generation, consumption, rural economy, manufacturing and fiscal growth
Dinesh Khara talks about Green Deposits and says, "
Raising the green deposits is very important. Green landing is also a part of our focus. Renewable energy is one of the primary focus and encouraging the corporates to go ahead with the same and are funding them in the same sphere. ESG ratings helps. Green depositor expect little more from the bank and when it comes to green lending they expect a little less. Lower CRR for green deposits will give elbow room for banking systems to raise and lend for the green deposits. 50,000 crore has already been created from green deposits. As an organization, we have already set up a department for overseeing the green deposits. "
Dinesh Khara says, "Key priority, ensuring that our ability to grow deposit rate. Growing deposits is the key focus for SBI Bank."
Next we have 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, joining us for a chat about the challenges of technology adoption. Stay tuned to know more.