India’s banking, financial services and insurance (BFSI) sector is undergoing digital transformation at a rapid pace and is gaining centrality in the macroeconomic dynamics of the country. FinancialExpress.com (The Indian Express group) organised the first chapter of FE Modern BFSI Summit on Friday, 17 June 2022, in Mumbai to discuss the same, with RBI Governor Shaktikanta Das and Chief Economic Advisor V Anantha Nageswaran addressing the gathering. The power-packed conference saw the coming together of the best and the brightest minds from the banking, financial services and insurance industry to talk about what is the shape and form that the BFSI sector will acquire by 2030.
The theme of the summit was ‘Leaders Rebuilding BFSI for Today & Beyond’. This was the first-of-its-kind confluence, aimed at underlining the policies, investment strategies, emerging technologies, business continuity plans, hybrid work culture, and more, encircling the BFSI industry.
RBI Governor Shaktikanta Das inaugurated the summit; CEA V Anantha Nageswaran delivered the keynote address. SBI chairman Dinesh Kumar Khara, Piramal Group chairman Ajay Piramal, and heads of India’s leading banks and financial institutions also spoke at the day-long event.
In his inaugural address, Shaktikanta Das said that the Reserve Bank of India is confident of exiting from ultra-loose monetary policy smoothly and ensuring a soft landing for the economy. He said he “truly and sincerely” believes the Reserve Bank of India was in sync with the requirements of the economy.
Nageswaran in his keynote address stated that India will likely fare better than peers and other large economies in terms of medium-term growth and inflation prospects despite the fresh global headwinds caused by aggressive monetary tightening by the US Fed. He, however, underlined the supportive role a “well-capitalised” banking sector will have to play for “sustainable and lasting” economic recovery. Ensuring finance and working capital to the MSMEs “at reasonable prices” is crucial, he said.
Zarin Daruwala, CEO, Standard Chartered Bank, India, Chandra Shekhar Ghosh, founder, MD & CEO, Bandhan Bank, Murali Ramakrishnan, MD & CEO, South Indian Bank, R M Vishakha, MD & CEO, IndiaFirst Life Insurance, Mahesh Kumar Sharma, MD & CEO, SBI Life, Vineet Rai, chairman, Aavishkaar, Samit Kumar Ghosh, chairman, Ujjivan Financial Services, Soumya Rajan, founder & CEO, Waterfield Advisors, Ranjit Shah, co-founder, Gaja Capital, and several other prominent industry leaders spoke at the day-long event.
Amitabh Rajan, Chairman, Reserve Bank of India (Services Board) also joined the summit and shared insights on ‘Future Ready Leadership’ in BFSI Sector. Leaders representing the Non-Banking Financial Companies (NBFCs), Small Finance Banks and the Fintech segment were a pivotal part of the summit, sharing their strategies on resilient organisations and their views on how digital transformation has shaped the BFSI industry in the post pandemic world.
Some of the other thought leaders from the industry included Ravi Subramanian, MD&CEO, Shriram Housing Finance, Jairam Sridharan, MD, Piramal Capital & Housing Finance Ltd, Shiv Kumar Bhasin, group chief technology & operations officer, National Stock Exchange, Deepak Sharma, president & chief digital officer, Kotak Mahindra Bank.
The summit was a grand congregation of over 50 speakers which featured over 10 power-packed panel discussions and over 500 delegates from the BFSI industry.