BFSI summit highlights: Not acquisition but integration a challenge, says Razorpay's MD
Business Standard BFSI Summit 2024 updates: Catch all the updates related to the BFSI summit here
 "Razorpay's Shashank Kumar, BS BFSI summit")
Razorpay's Shashank Kumar at BS BFSI summit ( Kamlesh Pednekar)
BS BFSI Summit highlights: 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.
The summit will feature leading figures from the finance industry across its three-day duration such as Reserve Bank of India (RBI) Governor Shaktikanta Das, 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.
7:17 PM
RBI ensures ecosystem safety: Shashank Kumar, co-founder & MD, Razorpay
“As a start-up, we are here to solve customer problems. But as a regulator, the Reserve Bank of India (RBI) ensures ecosystem safety,” Shashank Kumar said.
“Without regulation, it would be the wild, wild west,” he added.
7:13 PM
Secret sauce to success is our company culture and DNA: Shashank Kumar, co-founder & MD, Razorpay
"In the last 10 years, razorpay has acquired 8 companies -- secret sauce to success is our company culture and DNA.. we are a bottom-up organisation; we don't have a top-down approach.. we have 50 different teams working towards their separate goals.. that allows us to work very fast and launch new products," Shashank Kumar said at the BFSI Fireside chat.
7:02 PM
Over 10 years, our experiences have made us resilient, says Shashank Kumar, MD, Razorpay
6:40 PM
NBFCs should not generalise the actions of RBI, Vishaka Mulye CEO, Aditya Birla Capital
"We should not generalise the actions of RBI, its not very different from what has happened before but this time around its enactment has been a bit different. Banks are cautious about lending not just because of the mandate, it differentiates one NBFC to the other," says Vishaka Mulye.
6:20 PM
RBI concerns around NBFCs are protecting customer interests: Umesh Revankar, Executive VC, Shriram Finance
"NBFCs are largely dependent on banks for raising resources. There are new arrangements like co lending coming in. RBI trying to make it more responsible lending and systematic. RBI concerns around NBFCs have been towards protecting customer interests," Umesh Revankar, executive VC, Shriram Finance said today.
5:48 PM
No obvious governance issue SFBs are not addressing: Ajay Kanwal, CEO, Janalakshmi financial services
"SFBs (small finance banks) are the only banks who meet their customers every month and get money from them," Ajay Kanwal said. There is no obvious governance issue we are not addressing, he added.
5:24 PM
All customer grievance mechanisms are in place, K Paul Thomas, founder, ESAF Small Finance Bank
"For better customer service, we have adequate systems in place at different levels. customers have the right escalate to senior levels as well. There may be a few exceptions but largely, all customer grievance mechanisms are in place," K Paul Thomas said.
5:19 PM
Will not become Universal Bank for next three years: R Baskar Babu, CEO, Suryoday SFB
"Each one of us is doing well regionally but turning into a universal bank will help us enter new territory. However, I would not give it a shot for next three years," says R Baskar Babu.
5:12 PM
Cost of deposits will go down in a commercial bank, says Ajay Kanwal,
"We are bigger than lot of universal banks in size, we have a profitable mode. We are growing very fast. One big advantage of turning into a commercial bank is that the risk factor goes down as per customer's perspective.. employees will feel happy, and so will investors. Cost of deposits will go down," Ajay Kanwal, CEO,Jana SFB said.
4:00 PM
Exiting consumer business in India was a global decision: Ashu Khullar, CEO of Citibank
"You need to have scale and size to make the business profitable. We see a double digital CAGR for growth in India. On multiple levels, India is highly strategic for Citibank, says Ashu Khullar.
Topics : Shaktikanta Das India economy RBI Governor Banking banking reforms BFSI Business Standard Business Standard BFSI Summit
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First Published: Nov 06 2024 | 9:20 AM IST