"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," Shaktikanta Das, Governor, Reserve Bank of India.
"Mobilising deposits is not the challenge, at what rate is important. 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. 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.
"Boards of PSBs now understand micros and macros very well, and also there is better risk assessment by PSBs. 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. 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.
In a panel discussion on "Do Private Banks Need To Become Tech Companies?", Ashu Khullar, CEO of Citibank India says, "Citi now has 40,000 people and we plan to give generative artificial intelligence to all of them."
In a panel discussion of CEOs of Small Finance Banks, Sanjay Agarwal of AU Small Finance Bank said that SFBs need to build their product range and offer 360 degree service to clients.
As we embark on the journey towards digitised world, cybersecurity assumes a position of paramount importance. I belive the insurance industry is up to the challenge, said Debasish Panda, Chairman, Irdai.
Insurance industry bore the brunt of the Covid pandemic. We stood the test of time, said Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company. "Digitisation played an important role."
India needs mega corporations to sustain global competition, Renuka Ramnath, founder and CEO of Multiples Alternate Asset said.
India is a highly favoured destination for investment in APaC, said Renuka Ramnath, founder and CEO of Multiples Alternate Asset at Business Standard BFSI Summit 2023. The theme of the BFSI Private Equity CEOs panel is: 'Shrinking India Pie - Will The Trend Reverse?'
The freebie culture shows that India's politics has not progressed at the same pace as the economy, said Ridham Desai, Managing Director, Morgan Stanley India at Business Standard BFSI Summit 2023.
At Business Standard BFSI Summit 2023, Policybazaar CEO Yashish Dahiya said that all roads lead to health (insurance).
"Health insurance has hardly grown in the last 3-4 years. Porting is now 30 per cent of the industry," he said. Dahiya questioned high hospital bills for short-term hospitalization and said that health insurance pays for healthcare. "If healthcare bills are too high, how does insurance keep up with it?"
"In the next 5 and 10 years Sensex will go up 2 times and 4 times respectively. For this quarter India inc profit was up 32 per cent versus the expectation of 25 per cent," said Raamdeo Agarwal, Chairman & Co-Founder, Motilal Oswal Financial Services at Business Standard BFSI Summit 2023.
 "BFSI highlights: Q2 GDP numbers will surprise all on upside, says Guv Das")
