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

1:20 PM

SBI has strong underwriting standards, says Chairman Setty

Most banking systems have improved their operational standards. We have very strong underwriting standards, says SBI Chairman Setty.

12:38 PM

Deposit rate expected to come down with liquidity within the system: Ashwani Kumar, MD&CEO, UCO bank

"Deposit cost, for most of the banks, for last two quarters, is hovering around the same level. The deposit rates are now almost stable. Now, the deposit is available in the bulk market. And going forward, the trend is that the deposit rate will also come down with the liquidity within the system," Ashwani Kumar, MD&CEO, UCO bank said today.

12:10 PM

Don't see unsecured loans as a threat: Satyanarayana Raju, MD & CEO, Canara Bank

"Last year I  was asked if the honeymoon period for banks has not ended, I said no. Today, a year later, I maintain the stand," Satyanarayana Raju said. "I don't see unsecured loans as a threat," Raju added.

12:01 PM

Economy is on sound footing, growth is going to be sustained: Debdatta Chand, MD & CEO at Bank of Baroda

"The Indian economy is on a strong and sound footing; banks replicate the state of the economy. The banks are safe. They will sustain. The sector is currently in the sweet spot," says Debdatta Chand.

11:45 AM

Indian economy has got strength, RBI continues to be agile: Governor Das

"There are significant upside risks to inflation - geopolitical, commodity prices, climate change etc. The next course has to be taken very carefully. September came in at 5.5 per cent. October numbers are likely to be higher than the September ones," says Shaktikanta Das.

11:33 AM

RBI does not have a profit and loss account, says Governor Das

"If you look at the annual report, it's very clear where the additional income has come. It is primarily because, this time the requirement for provisioning in the contingency fund was much lower," says Das. "Our entire income was from foreign currency assets. The exchange rate fluctuations also played a role," he added.

11:23 AM

Incoming data shows a mixed picture, but the positives outweigh the negatives: Governor Das

"I had said that growth will be around 7 per cent last year. It eventually went past that and touched 8 per cent. On the growth front, let me say IMF has projected 7% growth for India. Our projection is 7.2%. IMF is best placed to do assessment of countries. The data which is coming in is now mixed, the fast moving indicators which we monitor, in that I find only IIP and FMCG sales in the urban sector, which are considerably moderated," says RBI Governor Das.

11:19 AM

Banks need to look at end use of the unsecured loans they are lending: Governor Das

"Our action and approach is very nuanced, it's not that the credit growth is high or low, it depends on the situations prevailing in each bank. Couple of things we always try to monitor, what are the underwriting standards, we also look at the liabilities side, whenever we see a mismatch we always engage with the banking entity and ask for corrective action," says Governor Das. "What is necessary is that the banks themselves need to look at the end use of the unsecured loans they are lending."

11:04 AM

All actions are taken in the interest of consumers, RBI's action is corrective: Governor Das

"If compliance is 100 per cent or near 100 per cent and if we are confident that the rest of the corrective steps will be taken in the next few weeks or months, then we will withdraw the restrictions," says Das.

10:59 AM

RBI action taken in caliberated manner, says Governor Shaktikanta Das

"There are 9400 NBFCs. Out of these action has been taken against 4. Therefore, RBI action is very calibrated and selected. Action is taken in a measured way - not abrupt and sudden. It is preceded by months of bilateral interactions with the agencies," says RBI Governor Shaktikanta Das.

10:52 AM

News update: Indian financial sector is well placed to deal with any kind of spillover, says RBI Governor Das

10:48 AM

News update: BFSI event has become a landmark event in various forums, says RBI governor

10:40 AM

RBI Governor Shaktikanta Das to lead fireside chat

Reserve Bank of India (RBI) Governor Shaktikanta Das will sit for a fireside chat at BFSI Insight Summit . Das, ranked the top central banker for a second consecutive year, has about a month to go before his second three-year term ends.

9:50 AM

BFSI Summit: Brainstorming by top minds of financial world to begin today

The key topics for discussion include:

 

-The impact of geopolitical conflicts on growth prospects

-How Federal Reserve monetary policy easing could pressure the RBI to adjust its stance

-Growing concerns over domestic banks' unsecured retail loan portfolios showing signs of stress

9:37 AM

Stay tuned for insightful discussions at the Business Standard BFSI Insight Summit 2024