BFSI Summit 2024 highlights: RBI's caution against unsecured lending is appropriate, says KV Kamath
Business Standard BFSI Summit highlights: Catch all the updates related to the BFSI summit here
 "BS BFSI 2024")
BS BFSI 2024
BS BFSI Summit 2024: The Business Standard BFSI Insight Summit - the biggest financial sector event in the country - returns with an expanded format at Mumbai's Jio World Centre. More than 100 industry leaders will participate in various formats including panel discussions, fireside chats, and keynote speeches at the Jio World Centre in Mumbai. The summit will feature dedicated sessions exploring the impact of technology and AI on the financial sector. SBI Chairman Setty will inaugurate the event, followed by a fireside chat with RBI Governor Das on the opening day. Das' remarks will be particularly significant for market observers, as they come before December's monetary policy review, which will be his last in his current term. On Day 2, fintech leaders highlighted the important role of regulatory compliance in fostering long-term business success and ensuring consumer protection. During a panel discussion titled “Navigating the Future of Financial Services in India: Tech Road Map," industry experts agreed that today’s consumers define trust as more than just brand reputation and governance — they expect seamless, successful transaction experiences.
The three-day summit will feature leading figures from the finance industry across its three-day duration such as Insurance Regulatory and Development Authority of India (Irdai) Chairman Debasish Panda, Deputy Governor of RBI T Rabi Sankar, Chief Economic Advisor V Anantha Nageswaran, whole-time member of the Securities and Exchange Board of India Ananth Narayan Gopalakrishnan, State Bank of India (SBI) Chairman Challa Sreenivasulu Setty, veteran banker and non-executive chairman of Jio Financial Services K V Kamath, heads of large public sector banks, private sector banks, foreign banks, mutual fund chief executive officers (CEOs) and chief investment officers, insurance company chiefs, chief technology officers of financial technology companies, economists, and many more.
The summit will end with a fireside chat with KV Kamath, the veteran banker.
5:09 PM
At the moment, distributors have the data; companies need to be in control of their own data, says KV Kamath
Today if you look at certain products which are third party driven, distributors are the ones who control the data. With technology coming to the fold, companies should have access to their data, or else they will be in jeopardy, KV Kamath said today.
4:56 PM
Would not be too worried about FII outflows: KV Kamath
"I would not be too worried about FII outflow. I would be looking at corporate earnings as a key," KV Kamath said.
4:43 PM
Action taken by RBI against players in NBFC sector was absolutely warranted: KV Kamath
"There has been a cautioning to lenders to figure out the end use of the money being lent to customers. RBI should be commended for their actions," senior banker KV Kamath said today.
4:40 PM
RBI is right to caution against unsecured lending: KV Kamath
Unsecured loan money is being used in the F&O market, former chief of the New Development Bank KV Kamath, said.
4:36 PM
Savings are being financialised due to technology: KV Kamath
"With the advent of technology, access to financial products has become simple. Earlier, this was not possible," KV Kamath said.
4:05 PM
Not being invested in the market is also risky, says Devina Mehra
"When things are little uncertain, it doesn't makes sense to move out of the market. The risk in staying invested is that you can lose some money but there's also a risk in not being invested," says First Global's Devina Mehra.
4:03 PM
There can be a correction but there won't be a sustained crash: Devina Mehra
"In 2010-2020 period, we compounded at just around 8.5 per cent, which was similar to what FDs delivered. This below-par performance created the base for the post-covid bull run, says First Global's Devina Mehra.
3:44 PM
If Trump raises tariffs, it could lead to inflation across the world: Samiran Chakraborty, MD, Citibank
"If Trump raises tariffs, and those tariffs turn out to be more inflationary for us, then RBI will not have a choice but to respond to it. Also, it will be a common inflationary trend across the world. So, most central bankers in other countries will also probably not have a choice but to respond," Samiran Chakraborty said at the panel discussion.
3:30 PM
Need to engage more with customers, says Future Generali's Alok Rungta
3:19 PM
Removal of GST on insurance premiums will help with better penetration, says Mayank Bathwal
"It is important to bring in affordability, and the removal of GST on insurance premiums will help with better penetration," Aditya Birla Health Insurance's Mayank Bathwal stated.
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First Published: Nov 08 2024 | 9:57 AM IST