With insightful discussions led by industry luminaries like Uday Kotak and KV Kamath, the summit has ignited a new era of collaboration, innovation, and resilience, driving India towards banking excellence and a thriving economic future.
CNBC-TV18, organised the prestigious Banking Transformation Summit 2023 which concluded with resounding success at Taj Lands End, Mumbai on 23rd August 2023. The event brought together visionaries, leaders, and experts from the banking and financial sectors who delved into India's capabilities and focused on the theme of ‘Charting the Course for India's Economy to Reach Five Trillion Dollars and Beyond.’
The summit commenced with a warm welcome address by Shereen Bhan, managing editor, CNBC-TV18, “Technology adoption is reducing operational costs and is increasing workforce productivity. Together innovation and collaboration in the space do ensure the long-term efficiency and resilience of India's banking sector. Despite the unprecedented events lurking in the background, the numbers continue to show progress. India has managed to navigate more adeptly than numerous developed nations.”
The event commenced with an enriching conversation on the subject of Equipping A New India with Uday Kotak, the MD & CEO, of Kotak Mahindra Bank. In a conversation with Shereen Bhan, he commented, “I think the debt market has more work to be done and I think the time has come for us to dramatically up our ambition. The financial sector should put engines that support India's aspiration and I'm looking forward to India becoming a 30 trillion dollar economy soon”.
The day's progression was marked by a captivating panel discussion on $5 Trillion Economy & Beyond: Ambition to Reality, moderated by Latha Venkatesh, Executive Editor of CNBC-TV18. Distinguished industry figures including CS Setty, MD of State Bank of India; Shyam Srinivasan, MD & CEO of Federal Bank; Prashant Kumar, MD & CEO of Yes Bank; and Ashu Khullar, CEO of Citi Bank India, took part and shared their views.
Subsequently, a fireside chat on Banking in the Indian Economy featuring KV Kamath, Chairman, of the National Bank for Financing Infrastructure and Development (NaBFID), commented on the Banking scenario of India, he said “Today, with open source and fintech startups, the landscape has evolved significantly. In order to remain competitive, banks must acknowledge the innovation work done by these startups. To meet the evolving needs of an aspirational India and double the economy, the banking sector needs to adapt. The long-term financing of infrastructure presents a significant challenge. Banks, which typically operate with short-term maturities, must find a way to lend to long-term projects without incurring interest rate risk. Collaboration with emerging savings platforms like pension and insurance funds offers hope for addressing this challenge.”
The evening moved ahead with another insightful panel discussion on the topic, Fintech & Banking Collaboration: Pioneering Lending in the New Economy, moderated by Ritu Singh, Associate Editor of CNBC-TV18, The discussion showcased luminaries like Chetna Sinha, Founder-Chairperson of Mann Deshi Bank; Sucharita Mukherjee, Co-founder and CEO of Kaleidofin; Shinjini Kumar, Founder and CEO of SALT app; MN Srinivasu, Co-founder of BillDesk; and Rishi Gupta, MD & CEO of Fino Payments Bank.
The event's lineup then seamlessly transitioned into a fireside chat skillfully moderated by Reema Tendulkar, Editor- IT & Telecom at CNBC-TV18, on the topic the pivotal role of technology in shaping the banking landscape where Vishnu R Dusad, Founder & MD, Nucleus Software stated, “Across a span of three decades, our platform has catalysed the origination, servicing, and collection of 30 crores worth of retail assets, consequently amassing a commanding market share exceeding 50% in India. The root of the challenge isn't solely technological, it's the establishment of an encompassing ecosystem. UPI's triumphant journey, boasting 10 million monthly transactions assured to boom to 30 million, aligns to create a digital profile that empowers lenders to discern patterns. The digital footprint encouraged through transactions empowers lenders to skill lending models, chipping away at interest rates for borrowers.”
Concluding the summit's riveting discussions was a final panel - The New Regime for NBFCs: Building for the Future. Moderated by Prashant Nair, Deputy Executive Editor of CNBC-TV18, this session hosted industry luminaries including Umesh Revankar, Executive Vice Chairman of Shriram Finance Ltd; Rajiv Sabharwal, MD & CEO of Tata Capital; Jairam Sridharan, MD of Piramal Capital and Housing Finance; Ramesh Iyer, Vice Chairman & MD of Mahindra Finance; and Alok Aggarwal, CEO of Muthoot Home Finance.
The CNBC-TV18 Banking Transformation Summit 2023 concluded with Parag Bhise, CEO, Nucleus Software, extending a heartfelt vote of thanks. He said, “I extend my heartfelt gratitude to each and every one of you, for gracing this event with your presence. Events like these provide us all an exceptional platform to exchange ideas, share insights, and collectively share the path forward. I feel privileged to stand before this esteemed gathering of industry leaders, experts, and visionaries who enabled us to create robust technology platforms that remain even after 3 decades at the forefront of innovation and transformation.”
The CNBC-TV18 Banking Transformation Summit 2023 stands as a pivotal moment, fostering meaningful dialogue and innovation within the banking and financial sectors. By focusing on equipping India with forward-looking insights, the summit empowers participants to navigate and thrive within the ever-evolving landscape.
We got this information from press release