Business Standard BFSI Insight Summit: Now bigger and better than before

The largest financial sector event in the country – the Business Standard BFSI Insight Summit – is back this year in a bigger form. Being held at the Jio World Centre in Mumbai, the event will see more than 100 speakers and panellists sharing their views through panel discussions, fireside chats, and keynote addresses between November 6 and 8, 2024.

 

The three-day event will host some of the biggest names in the financial world — 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.

 

 

There will be special sessions on technology and artificial intelligence — to discuss how these are changing the financial sector landscape.

 

RBI Governor Das will kickstart the proceedings with a fireside chat on Day 1 after the summit’s inauguration by SBI Chairman Setty.

 

Das’ words will be closely watched by the market ahead of the December review of the monetary policy — the last one of his current tenure. The December policy also assumes importance as many global central banks have pivoted and started cutting interest rates — including the US Federal Reserve. Also, the Indian central bank changed the monetary policy stance to neutral in October — after continuing with the withdrawal of accommodation for more than two years. It is to be seen if Das drops any hint of a pivot at a time when inflation seems to be under control while there is some softness in growth indicators.

 

Das’ comments on the banking and financial sector entities and their health will also be of keen interest at a time when banks and non-banking financial companies (NBFCs) are seeing stress on unsecured loans. 

 

A key aim of Irdai Chairman Panda is to increase insurance penetration and boost growth. A key aspect of insurance regulation in recent years is to protect the interest of the customer. The surrender value norms that have been recently revised by the regulator have made life insurers rework strategies.

 

According to Irdai’s annual report, the penetration of life insurance in India reduced from 3.2 per cent in 2021-22 to 3 per cent in 2022-23, and the same for non-life insurance remained at 1 per cent. As such, India's overall insurance penetration reduced to 4 per cent in 2022-23 from 4.2 per cent in 2021-22.

 

The regulator has also renewed its focus on prodding insurance companies to list on the exchanges. In this context, Panda’s thoughts at the summit could lay the medium-term road map for the sector.

 

Setty, who took charge of SBI in August, could lay down his vision and priorities for the country’s largest lender during a fireside chat. 

 

The panel discussion of public sector bank CEOs will discuss if the Goldilocks moment is behind and if there could be challenges going ahead as the rate cycle turns. Government-owned banks are in the pink of health, with adequate capital, strong profitability, and robust asset quality. Their CEOs will discuss how to keep up the momentum.

 

Private bankers will discuss the challenges in sustaining deposit growth and the regulatory emphasis on governance issues. Foreign banks will speak on how to succeed in this vast country.

 

The panel of leading economists will discuss if a rate cut is imminent.

 

With the equity markets hitting new highs, the panel of stock market experts will discuss if valuations are justifiable.

 

There will also be a panel discussion by tech gurus — from fintech firms and banks — on how to make the online payment ecosystem secure.

 

What will be the technological road map of finance? A mix of panellists from financial services, payment industry, and technology experts will lay down the road map.

 

With the regulator announcing a glide path for small finance banks to voluntarily convert into universal banks, CEOs of SFBs will discuss their preparedness to enter the big league.

 

NBFCs, on the other hand, will shed light on how they are taking credit to the distant corners of the country where banks are unable to reach.

 

The insurers will discuss how to deepen penetration, a quarter-century after the sector was opened up to private players.

 

The summit will conclude with a fireside chat with veteran banker K V Kamath, who will articulate the opportunities for the financial sector in the coming years.