BFSI Summit Day 2 highlights: Biggest challenge is educating informal sector, says PFRDA chief

BFSI Insights Summit Day 2 highlights: The summit, scheduled from October 29 to 31, will bring together top policymakers, CEOs, and industry experts for a series of keynote addresses, fireside chats

7:17 PM

BFSI update: Clear, common definition of pension products needed, says PFRDA chief

“Employees’ Provident Fund (EPF), for instance, has delivered real value to millions. But pension awareness and clarity remain weak — many people don’t even realise a portion of their EPF goes toward it until they retire. What we need now is a clear, common definition of a ‘pension product’,” S Ramann, chairperson of the PFRDA, said.

6:56 PM

Financial literacy is the basis for driving purchase of financial products: S Ramann

6:48 PM

PFRDA must find ways to sustain pension inflows, says S Ramann

The NPS lost its tax incentives under the new tax regime, which has affected around 70 per cent of its subscribers, S Ramann, chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), said.  He emphasised that the regulator must find ways to sustain pension inflows. 

6:40 PM

Biggest challenge is educating informal sector on investing, says PFRDA chief

S Ramann, chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), stated that India already has a robust pension framework, comprising 10 pension funds, three interoperable central record-keeping agencies (CRAs), and a strong institutional backbone. “The real challenge lies in educating the informal sector; convincing people to invest in something they can’t see. The goal is to ensure people know how to grow rich before they grow old,” he said.

6:32 PM

BFSI update: The key question now is what role Bima Sugam will play, says Debasish Banerjee

6:17 PM

Wave affecting all sectors is digitisation and AI, says Kedaara's Manish Kejriwal

Time will tell how AI mania will affect India, said Manish Kejriwal, founder, Kedaara Capital.

6:12 PM

Bima Sugam to boost integration of workforce: IBAI's Narendra Bharindwal

The insurance industry, along with the regulator, has built a vast distribution network employing around 4.5 million people, directly or indirectly, Narendra Bharindwal of the Insurance Brokers Association of India (IBAI) stated. We look forward to seeing how this workforce will be integrated with the rollout of Bima Sugam, he added.

5:59 PM

BFSI update: Bima Sugam will make insurance more affordable: Sharad Mathur, CEO, Universal Sompo

5:56 PM

BFSI LIVE update: Private equity has outperformed public markets for 25 years, says Abhishek Kabra

Private equity has consistently outperformed public markets over the past 25 years, Abhishek Kabra of Samara Capital said. He added that allocation towards alternative investment strategies is set to rise, with India poised to see record deal flows in the coming years.

 

5:50 PM

BFSI update: Trends show PE in India is on its way to become a mainstream sector, says Gopal Jain

5:40 PM

BFSI Summit: Industry leaders discuss how Bima Sugam could simplify access, improve transparency

5:00 PM

Need stronger safeguards while driving AI innovation: Mahavir Jindal, COO, Amazon Pay India

The company aims to foster innovation and encourage experimentation while maintaining control and ensuring protection, Mahavir Jindal, chief operations officer (COO), Amazon Pay India, stated. “We need to do a better job of addressing the emerging threats posed by AI,” he added.

4:36 PM

Rapid growth, over-leveraging make microfinance more vulnerable: ICRA's Karthik Srinivasan

The industry’s rapid growth had led to some missteps both at the entity and macro levels, Karthik Srinivasan, group head of financial sector ratings at ICRA, said. Over-leveraging has occurred across the NBFC sector, with the microfinance segment appearing particularly vulnerable, he added.

4:24 PM

Over 70 per cent of microfinance clients have loans under ₹1 lakh: MFIN CEO

Almost 97 per cent of microfinance clients -- about 74 million borrowers -- have loans from three or fewer lenders, accounting for 91 per cent of the total portfolio outstanding, Alok Misra, chief executive officer of MFIN, stated. He added that for 71 per cent of clients, the outstanding loan amount is below ₹1 lakh.

4:10 PM

Microfinance sector serves 80 million households with ₹4.4 tn AUM: Muthoot CEO

Sadaf Sayeed, Chief Executive Officer of Muthoot Microfinance, said the microfinance industry currently manages assets under management (AUM) of about ₹4.4 trillion, covering around 80 million household accounts. “This is the only industry that provides customer data on a daily basis. Industry players have also been instrumental in lending to the bottom of the pyramid,” he stated.

3:53 PM

Cryptocurrencies offer no new use case: T Rabi Sankar

RBI Deputy Governor T Rabi Sankar said the central bank’s stance on cryptocurrencies is based entirely on its own analysis of their fundamental characteristics and use cases. “Our assessment shows that cryptocurrencies do not offer any use case that existing forms of money cannot fulfil. They are not financial assets,” he said.

3:41 PM

CBDC transactions cross 100 million; RBI taking calibrated approach: T Rabi Sankar

RBI Deputy Governor T Rabi Sankar said the number of transactions using the central bank digital currency (CBDC) is steadily rising, with around 100 million transactions completed so far. “We do not want to rush or launch it on a full scale for several reasons. Globally, it is still at an early stage, and everyone is watching to see its impact. From a technology and use-case perspective, we are ready,” he said.

3:33 PM

We are not trying to replace dollar. We are rational people: RBI Deputy Governor T Rabi Sankar

"We are not trying to replace dollar. We are rational people. We know what can be achieved. We believe the Indian economy and businesses will have less risks if their transactions can happen more and more in their currency," RBI Deputy Governor T Rabi Sankar said today.

3:29 PM

RBI is simplifying trade transactions: RBI Deputy Governor T Rabi Sankar

We will liberalise trade substantially, RBI Deputy Governor T Rabi Sankar said today at the Business Standard BFSI Summit. "We are simplifying trade transactions. There will be one comprehensive regulation," Rabi Sankar said.

3:19 PM

External commercial borrowing norms not a short-term step, says RBI Dy Guv Rabi Sankar

On external commercial borrowing norms, RBI Deputy Governor T Rabi Sankar said the move was not a short-term measure. “If you look at the RBI’s stance, we have consistently maintained that capital account convertibility is a gradual process,” he said.

3:12 PM

RBI Deputy Governor T Rabi Sankar to speak on India’s financial system and the reforms shaping it

2:00 PM

BFSI Summit 2025: AI turning payment devices into engines of innovation, say experts

Devices that were once passive tools for digital payments are now emerging as key drivers of fintech innovation. Industry leaders at the Business Standard BFSI Insight Summit in Mumbai on Thursday said artificial intelligence (AI) is reshaping the way banking, authentication, and customer engagement function. Read the detailed story here.

1:56 PM

BFSI sector must stay ahead to serve customers better: Arundhati Bhattacharya

The BFSI sector is among the most digitally mature industries and therefore carries a greater responsibility to stay ahead of the curve and deliver the best possible experience to customers, Arundhati Bhattacharya, chairperson and chief executive officer of Salesforce India, said. 

1:46 PM

Update: What SBI taught me is that adding value in whatever I do is essential, says Arundhati Bhattacharya

1:41 PM

Firms ignoring technology risk long-term survival: Salesforce India CEO Arundhati Bhattacharya

Any organization that's not taking it seriously, is not going to sustain beyond the particular point of time. A strong IT backbone is very, very important for all organisations, says Salesforce India CEO Arundhati Bhattacharya.

1:36 PM

BFSI fireside chat: Arundhati Bhattacharya on how AI redefines the way banks engage with customers

1:30 PM

BFSI Summit LIVE: Crypto experts call for INR-backed stablecoin

At the Business Standard BFSI Insight Summit 2025 , top crypto industry leaders have called for an INR-backed stablecoin to strengthen the rupee’s role in global trade. Read here for a more detailed story.

1:05 PM

Next 400 million users will go digital only when they feel secure, says Paytm COO

Application interfaces will evolve from icon-based to voice-based browsing, which could help reduce costs by removing the need for screens, Ripunjai Gaur, chief operating officer for offline payments at Paytm, said. He added that the next phase of growth will depend on building “digital trust” rather than just expanding digital reach, noting that the next 300–400 million users will transact online only when they feel secure.

12:54 PM

We use on-device AI to mitigate risk and detect scams: Google's regional head

12:31 PM

Have urged for the creation of state-level health regulator: Bajaj Allianz General Insurance's CEO

Tapan Singhel, managing director and chief executive officer of Bajaj Allianz General Insurance, said the company has urged the government to establish a dedicated health regulator. “We have spoken to the ministry, but the challenge lies in the fact that health is a state subject. Therefore, any regulator would have to come from the state level. We now plan to engage with state chief ministers on this,” he added.