BFSI highlights: Q2 GDP numbers will surprise all on upside, says Guv Das

India's highest decision-makers brainstorm on the country's future growth trajectory and maintaining financial stability amid global headwinds at BS BFSI Insight Summit today

6:08 PM

BFSI LIVE: Q2 GDP numbers will surprise everyone on upside, says Guv Das

6:05 PM

RBI looking 'closely' at attrition at banks, says Guv Das

RBI looking "closely" at attrition at banks, says Governor Shaktikanta Das

5:57 PM

For upper layer NBFCs the norms are stricter because of the size and complexity: RBI guv

"For upper layer NBFCs the norms are stricter because of the size and complexity. Some NBFCs have balance sheets larger than mid sized commercial banks. We have gone with the scale-based supervision in the case of NBFCs in the interest of financial stability. The entry level difficulties are different however for banks and NBFCs," says RBI Governor.

5:42 PM

'Our supervision has remained in sync with the growing complexities of the banking sector,' said Das

5:37 PM

We are looking at short term gains vs long term risks: RBI Guv

"When we say business model of banks, we are not talking about micro level business model but the structure of the balance sheet of a bank. What kind of risk appetite it reflects. We are looking at revenue models of banks - short term gains versus long term risks," Shaktikanta Das, Governor, Reserve Bank of India.

5:30 PM

Indian banking sector and NBFCs are healthy and robust: RBI Governor

"Indian banking sector and NBFCs are healthy and robust, at aggregate as well as individual levels. However, in these strong numbers, the deficiencies should not get camouflaged," said RBI Governor. 

5:27 PM

Not against innovation if it serves the public interest: RBI Guv

"We are not trying to stiffle innovations in favour of public good," Shaktikanta Das, Governor, Reserve Bank of India.

5:26 PM

Crypto is a serious issue, especially for emerging economies: Shaktikanta Das, Governor, Reserve Bank of India

5:23 PM

RBI Guv says the Central bank's focus is to widen the footprint of Indian rupee in context of global trade

"The focus is to widen the footprint of Indian rupee in context of our trade with other countries," says Shaktikanta Das, Governor, Reserve Bank of India.

5:18 PM

By 2028 India should be contributing to 18% of world growth: Shaktikanta Das, Governor, Reserve Bank of India

"Our effort over the last few years has been to expand the investor base in the govt securities market. RBI has a track record over the years of handling large-scale inflows and outflows. Last year after Ukraine war, we didn't see a lot outflows. The overseas investor confidence in RBI's abilities to handle outflows. When inflows had taken place before that, RBI had utilised it to build up our reserves. Passive investors are looking at nuances of an economy. Today India is going to be the fastest growing major economy in the current year. By 2028 India should be contributing to 18% of world growth," Shaktikanta Das, Governor, Reserve Bank of India.

5:12 PM

We are focusing on expanding investor base in govt securities market: RBI Governor

"Our effort over the last few years has been to expand the investor base in the govt securities market," said Shaktikanta Das, Governor, Reserve Bank of India.

4:45 PM

When it comes to competition, we are a 217 year young bank: Dinesh Khara, Chairman, State Bank of India

"Continuous effort being put to upgrade SBI from technological standpoint. 10 million customers logging into YONO everyday. When it comes to competition, we are a 217 year young bank. We are closely tracking the interest rate risk as it can convert to credit risk," said Dinesh Khara, Chairman, State Bank of India.

4:36 PM

Our ambition is to create a digital bank within the bank: Dinesh Khara, Chairman, State Bank of India

"Our ambition is to create a digital bank within the bank. We will bring YONO 2.0 in 8-9 months," said Dinesh Khara, Chairman, State Bank of India.

YONO is an integrated digital banking platform offered by State Bank of India to enable users to access a variety of financial and other services such as flight, train, bus and taxi bookings, online shopping, or medical bill payments. 

4:34 PM

84% of transactions at SBI is now through digital channels: Dinesh Khara, Chairman, State Bank of India

"We are more aggressive in providing for any stress on the balance sheet and hence see no concern on the asset quality in the foreseeable future. Continuous effort being put to upgrade SBI from technological standpoint. 10 million customers logging into YONO everyday. 84 per cent of transactions at SBI is now through digital channels," said Dinesh Khara, Chairman, State Bank of India.

4:20 PM

Mobilising deposits is not the challenge: Dinesh Khara, Chairman, State Bank of India

"Mobilising deposits is not the challenge, at what rate is important," said Dinesh Khara, Chairman, State Bank of India.

3:48 PM

Interest rates will have an impact on ability to pay EMIs: C S Setty, Managing Director, State Bank of India

"Whenever we evaluate retail books, we should not have a broad brush approach. Interest rates will have an impact on the ability to pay EMIs," said C S Setty, Managing Director, State Bank of India.

3:29 PM

The asset build up in India is supported by deposits growth: C S Setty, Managing Director, State Bank of India

"Branch outlets are deposits mobilisation points. Savers now have various avenues - financial and non financial products. Among banks the fight for deposits will continue for some more time. The asset build up in India is supported by deposits growth," said C S Setty, Managing Director, State Bank of India.

3:28 PM

There is better risk assessment by PSBs: C S Setty, Managing Director, State Bank of India

"Boards of PSBs now understand micros and macros very well, and also there is better risk assessment by PSBs, " C S Setty, Managing Director, State Bank of India. 

3:27 PM

Steady growth will continue for years together," K Satyanarayana Raju, MD & CEO, Canara Bank

"Every PSU bank balance sheet is cleaned well. The profits have come after 7-8 yrs of hard work. Operating profits have been growing very well. Steady growth will continue for years together," K Satyanarayana Raju, MD & CEO, Canara Bank.

3:18 PM

Order book of PSUs is Rs 7 trillion: Ashwani Kumar, MD & CEO, UCO Bank

"Order book of PSUs is Rs 7 trillion. The growth momentum will continue. The PLI schemes, budgetary support etc would help. With growth, there will be demand for credit," said Ashwani Kumar, MD & CEO, UCO Bank.

3:02 PM

Costs high because we have to think long term: IDFC First Bank's CEO

"Our costs are high because we have to think long. Our payback is coming back thick and strong," says IDFC First Bank's V Vaidyanathan.

3:01 PM

Affluent Indians need international bank: HSBC India CEO Hitendra Dave

"The population that has become affluent has increased in the last few years. These people need an international bank - when they send their children abroad to study etc. India sens a million students abroad," says HSBC India CEO Hitendra Dave.  

2:53 PM

Competition is on deposits and not on asset size: AU SFB's Agarwal

AU SFB's CEO Sanjay Agarwal says that the competition between banks is on deposits and not on the asset size. 

2:51 PM

Digitisation has brought down cost of providing banking significantly: Jana SFB CEO

"With digitisation, the cost of providing banking has come down significantly. Low account balance is no more a major challenge," says Ajay Kanwal of Jana SFB.

2:46 PM

Love MFI sector for higher returns: Unity SFB's CEO

"We love microfinance institution sector for higher yields," says Unity SFB's Inderjit Camotra. 

2:44 PM

Inorganic route open to all SFBs: Ujjivan SFB CEO

"Inorganic route is open to all small finance banks today," says Ujjiwan SFB's Ittira Davis. Davis added that the tech revolution which has happened in the UPI space will start happening in SFBs as well. 

2:42 PM

SFBs can only survive if they build deposits: AU SFB's Agarwal

"Small finance banks can only survice if they build deposits," says Agarwal.

2:40 PM

Bank CEOs need to understand technology, says Zarin Daruwala, CEO at Standard Chartered India

"As CEO you need to understand technology. If a CEO does not have focus on governance, compliance, you may risk your license. 100 per cent of services of Standard Chartered are digital," says Zarin Daruwala, CEO of Standard Chartered India. 

Daruwala added that hybrid model of digital and branch is very suitable for India. 

2:37 PM

Waiting for reverse merger to complete to apply for universal bank license: Ujjivan SFB CEO

We are waiting for the reverse merger to complete to apply for universal bank license, says Ujjivan SFB's Ittira Davis

2:35 PM

Plan to give generative AI to all employees: Ashu Khullar

Khullar also said that Citi currently has 40,000 people and it plans to give generative AI to all of them.