BFSI Summit highlights: India's growth must align with job creation needs, says Sonal Varma

BFSI Summit Day 1 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

7:56 PM

Technology, CIBIL scores making Indian borrowers more disciplined: Inderjit Camotra, MD & CEO, Unity SFB

India’s borrowers are becoming more mature, says Inderjit Camotra, MD & CEO, Unity Small Finance Bank. With every individual now having a CIBIL score, a single loan default can put one’s entire credit history at risk. “No one wants to default anymore. Technology has ensured that borrowers make every effort to stay disciplined,” he said.

7:29 PM

We may be seeing inflation undershooting in India: Sonal Verma

Sonal Varma, chief economist at Nomura, said India’s nominal Gross Domestic Product (GDP) growth of 8–9 per cent has significant implications for tax collections. “We may be seeing inflation undershooting now in India. The Flexible Inflation Targeting framework is influencing households’ inflation expectations,” she added.

 

7:24 PM

India must sustain 8–10% growth for a decade to create jobs: Nomura's Sonal Varma

Sonal Varma, chief economist at Nomura, said India needs to sustain annual growth of 8–10 per cent for over a decade to generate adequate employment. “This was the growth tempo achieved by several Asian economies, including China,” she added.

7:19 PM

India’s 6.1% growth over past decade strong, but below aspiration: Aditi Nayar

India’s average growth rate over the past decade has been around 6.1 per cent, Aditi Nayar, chief economist at ICRA, said . “Covid-19 notwithstanding, 6.1 per cent was still very good in the global context. But yes, it’s not that aspirational 8 to 10 per cent that we want or think we are entitled to,” she said.

 

7:09 PM

Suryoday aims to evolve into a full fledged bank, says Baskar Babu

Small finance banks were established to serve customers who already had bank accounts but often felt underserved or unwelcome at larger institutions — and that mission has largely succeeded. However, the “small finance” label has become limiting, said Baskar Babu, MD & CEO, Suryoday Small Finance Bank. “We’ve made representations to the regulator to address this, as evolving into a universal bank would help us grow further while staying true to our original purpose. Ultimately, we want to be recognised simply as Surya Bank, not Surya Small Finance Bank,” he added.

7:04 PM

NBFCs will continue to focus on high-pricing, high-credit-cost segments: Raul Rebello

6:55 PM

Credit drives growth; banks, NBFCs play complementary roles: Sabharwal

India is a vast market where credit serves as the key driver of economic growth. Both banks and NBFCs are playing complementary roles in expanding financial access. However, we are still some distance away from ensuring credit availability for all who need it. Diversification of liabilities remains critical, as banks increasingly seek to broaden their funding sources, says Rajiv Sabharwal, MD & CEO, Tata Capital.

 

6:44 PM

NBFCs hold edge with customised offerings to meet customer needs: Umesh Revankar

6:38 PM

MNCs have gained scale, increasingly listing their subsidiaries in India, says Amitabh Malhotra

MNCs are increasingly considering listing their subsidiary in India as these companies have gained scale and also because the Indian equity market has matured, says Amitabh Malhotra, vice-chairman, capital markets and advisory, HSBC India.

6:35 PM

NBFCs more profitable than banks, but not dominant in lending: Jairam Sridharan

The lending market in India has seen little structural change over the past 30 years. While non-banking financial companies (NBFCs) have been significant participants, they have not emerged as dominant players, Jairam Sridharan of Primal Finance said.

6:17 PM

We lack driving force for consolidation in the private sector: Yes Bank's Prashant Kumar

6:07 PM

AI must be used responsibly in banking: Arvind Vohra

As bankers and global citizens, we must acknowledge how deeply artificial intelligence has become embedded in our daily lives -- from the invisible machine-learning infrastructure that shapes the content we consume to the subtle ways it influences our thoughts. The key question for banks is where to draw the line, says Arvind Vohra, group head, retail assets, HDFC Bank. AI, he added, must be deployed ethically and responsibly.

5:45 PM

Banks need agility to meet varied customer needs, says Prashant Kumar

Banks are fully aware of the opportunities available. They will have to be nimble enough and prepare to care of different segments of customer. Reinvention is a continuous process, which banks are adopting very well. There has been a demand growth in Q2 on corporate credit. Today, banks are in a much better position to take care of those customers, says Prashant Kumar, MD & CEO, Yes Bank.

5:40 PM

AI to play vital role in managing customer trust: Bank of Baroda’s Sanjay Mudaliar

“Customer trust is built over time through how banks use technology to serve clients, efficiently address grievances, manage interactions, and ensure a positive experience. With the vast amount of data available to banks, technologies such as AI will play a crucial role in managing and strengthening that trust,” said Sanjay Mudaliar, executive director, Bank of Baroda.

5:32 PM

AI a double-edged sword, must be used wisely, says Federal Bank’s Diwanji

“The world of tomorrow will be very different. As bankers, we are good with numbers, and AI helps us identify patterns. However, AI is a double-edged sword -- if used properly, it can deliver immense efficiency, but if not, it can introduce biases,” said Virat Diwanji, national head - consumer banking, Federal Bank.