BS BFSI summit highlights: 'Data science can help pre-identify those vulnerable to cyber fraud'

Business Standard BFSI Summit 2024 highlights: Catch all the updates related to the BFSI summit here

7:40 PM

We task security firms with attempting to breach our systems: Mashreq Bank India's Tushar Vikram

“We conduct ethical hacking of our systems ito ensure robust protection,”Tushar Vikram said, adding, “Customer trust is key, and we need to stay updated.”

7:33 PM

Compliance doesn't impede progress, say financial services heads

During a panel discussion at the Business Standard BFSI Summit on ‘Navigating the Future of Financial Services in India: Tech Roadmap,' industry leaders were of the opinion that compliance with regulations in financial services can be expensive, but it is crucial for businesses to grow and ensure customer protection. Read here for more details.

7:05 PM

'RBI Kehta Hai' campaign has a strong impact, should continue doing this on a large scale: Baldev Prakash

"We have weekly customer awareness sessions on radios. The RBI Kehta Hai campaign is also having a strong impact. We should continue doing this on a large scale," says J&K Bank's Baldev Prakash.

7:01 PM

Education and communication is key to customer awareness, says Pralay Mondal of CSB Bank

"Today, everyone is looking at India's digitisation system. So, we are going to continue to become a hub of digital attacks," Pralay Mondal of CSB Bank stated today

6:37 PM

Security of entire payments ecosystem needs to be protected: GooglePay's Karan Sapra

"As the country grows, many segments of society are getting included. The latest entrants are perhaps the most vulnerable. India will progress not only when digital mode is adopted but when safety and security of the entire ecosystem is protected. One out of two who have mobile internet don't have UPI access," says Karan Sapra.

6:33 PM

OTPs are extremely prone to phishing says Zeta's Sivaram Kowta

"We are both excited and extremely worried about security in the digital context. OTPs, for a example, are 'extremely' prone to phishing. Compromise of password can compromise your entire financial security," Sivaram Kowta said today.

6:09 PM

Individuals need to be aware about basic ideas on tech safety: Nitin Chugh

"Tech proliferation is everywhere, each individual should have a basic idea of  tech safety pertaining to personal and financial safety.  Mules are pre recruited. They are told that a certain amount of money will be deposited in your account which you withdraw and give such and such person, and you keep a certain percentage. Most of the time mules don't know for what purpose they are being recruited," says SBI Deputy MD Nitin Chugh.

5:58 PM

For cyber crime, greed was the predominant driver, what we see now is fear or threat: SBI Dy MD Nitin Chugh

"For cyber crime, greed was the predominant driver, what we see now is fear or threat. People are succumbing to fear when such calls are made. Who gets targeted with a scam is decided through carpet bombing. A scamster may make 100 calls, and find three of them falling victim," Nitin Chugh said.

5:21 PM

Regulation should not stifle innovation: Angel One Wealth's Srikanth Subramaniam

"We learn to live with the regulation. The intent should be consumer protection and not stifling innovation. The government has ensured progressive regulation. Our DPI is second to none. We saw the magic of Aadhaar. Even in the West, social security number can't do as much as we can do with Aadhaar," says Srikanth Subramaniam.

5:11 PM

Will continue to invest in seamless service for customers, says PolicyBazaar's Saurabh Tiwari

"The biggest challenge is to make sure that customers get a seamless service. We have invested in this, and we are going to continue doing it. For example, for policy renewal, a physical inspection would take place. Now, we have made the process completely digital," Saurabh Tiwari said today.

4:51 PM

'Blinkit' generation customer is ever more demanding, says Girish Krishnan

"At Amazon, we work customer-backward and not capability-backward. The trends are new, but how you approach those trends  does not change," says Girish Krishnan.

4:48 PM

BFSI update: Market trends may change, our approach doesn't, says Amazon Pay's Girish Krishnan

4:27 PM

Retail trade in Tier-2,3,4 markets has not reached pre-Covid numbers: Sachindra Nath

"Covid-19 pandemic hit MFI industry very hard. Retail trade in Tier-2,3,4 market is much better but they haven't yet reached pre-Covid numbers, says UGRO Capital's Shachindra Nath.

4:12 PM

Stress in microfinance sector should recalibrate within few months: Venkatesh N, MD, IIFL Samasta

4:09 PM

Undocumented income assessment is becoming a challenge: Venkatesh N, MD, IIFL Samasta

"If you look at our operations, we do have remote branches where banking is not reached out. The ecosystem in terms of how NBFCs are used is quite remarkable, we were able to reach out to inner pockets," Venkatesh N said. "We don't have real assessment on income, we rely on what the customers say. The undocumented income assessment  is becoming a challenge," he added.

3:48 PM

NBFCs are better equipped to adapt to recent developments: Shachindra Nath, MD, UGRO capital

It is not that we (NBFCs) have a better reach, we are better equipped to adapt to newer things, Shachindra Nath, MD, UGRO capital, said today

 

3:34 PM

ULI will be open to everyone: RBI Deputy Governor T Rabi Sankar

"Unified Lending Interface (ULI) will be open to everyone. Private sector can further innovate. ULI will do in the lending space what UPI has accomplished in the payments space," T Rabi Sankar said in his keynote address. 

3:18 PM

Regulators will have to decide best way to ensure all entities are well-behaved: RBI deputy governor

"Financial sector ensures that monetary transactions are smooth. Fintechs are largely tech-based. If they are in the space of lending, RBI will regulate it. Fintechs that are not handling funds will not be directly regulated but because they provide services to the financial sector, regulators will have to take a call on what is the best way to ensure that all the entities are well-behaved. We are engaging a lot more with fintech sector. Innovation must take place. We must not stifle it. There should be order in the market place," RBI Deputy Governor T Rabi Sankar said.

3:00 PM

Rate of growth of currency bills is slower due to prevalence of UPI, says RBI deputy governor

"UPI is a payment instrument that has caught the world's attention. We have not seen currency in circulation go down. However, the rate of growth of currency bills is slower," RBI Deputy Governor T Rabi Sankar stated today in his keynote address. 

2:55 PM

India well-equipped to tackle any volatility, says RBI deputy governor

"We are seeing a change in the government in the most powerful country in the world with Donald Trump coming in, so, there will be some impact. Beyond short-term volatility, the impact will depend on US decisions on import tariffs," RBI deputy governor said.

2:39 PM

BFSI update: RBI Deputy Governor T Rabi Sankar to deliver keynote address shortly

2:13 PM

BS BFSI Summit: MF CIOs flag market risks, stress need for diversification

A panel of mutual fund chief investment officers (CIOs) agreed that while some parts of the market are overheated, the broader outlook for Indian markets remains positive. Read here for more details.

1:54 PM

Pre-payment penalty is a challenge for us: Shriram Housing Finance's Ravi Subramanian

1:34 PM

December quarter will show whether consumption led growth has slowed or not: Abakkus's Sunil Singhania

It has been an election year, with an aggressive summer and a longer monsoon, everything has been back-ended. The December quarter will be the true indicator whether consumption led growth has slowed or not, says Sunil Singhania from Abakkus Asset Manager.

1:05 PM

News update: India provides confidence that it will continue to growi n the next 5-10 yrs, says Vikas Khemani

1:01 PM

It is difficult for developers to come up with affordable projects: LIC Housing Finance's T Adhikari

 "We need the builder community to come into the affordable housing segment and they need to have incentives and must come up with innovations as well," says T Adhikari of LIC Housing Finance.

12:31 PM

Rs 100 trn AUM? Just 3-4 years away, say mutual fund CEOs at BS BFSI Summit

During a discussion with Business Standard consulting editor Tamal Bandyopadhyay,  top leaders of India's mutual fund companies expressed confidence that it will take no more than three to four years for the industry’s assets under management (AUM) to reach Rs 100 trillion. Read here for more details. 

12:21 PM

Risk tolerance matters for an investor: SBI MF's Rajeev Radhakrishnan

"When speak about relative valuations on both asset markets, so I think for a normal investor today, would you really want to diversify? I think you need to, and possibly given where we are today in the rate cycle. A lot of fixed income products do provide value that gives you the diversification in your overall portfolio," Rajeev Radhakrishnan said. "Or the other approach could be to approach fixed income investments through the hybrid category or the balanced products. So these are the various options that you have. But at the end of the day, it's an individual choice. Whatever allocation that you are comfortable based on your risk tolerance, and your timeline, I think that really matters," Radhakrishnan added.

12:16 PM

Reach of mutual funds is growing: Mirae Asset's Mahendra Kumar Jajoo

12:03 PM

Several firms providing lofty guidance in the bubble zone: ICICI Pru MF's Anish Tawakley

"I run both a large cap and a small cap fund. If stocks fall 15% and people sell, then that is bubble zone.. but the market at large, is not in bubble territory. However, a lot of companies that are giving lofty guidance are in the bubble zone," says Anish Tawakley.