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		Razorpay's Shashank Kumar at BS BFSI summit ( Kamlesh Pednekar)</div></div>

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Business Standard BFSI Summit 2024 updates: Catch all the updates related to the BFSI summit here

Razorpay's Shashank Kumar, BS BFSI summit

<strong>BS BFSI Summit highlights:&nbsp;</strong>The Business Standard BFSI Insight Summit - the biggest financial sector event in the country - returns with an expanded format at Mumbai&#39;s Jio World Centre. More than 100 industry leaders will participate in various formats including panel discussions, fireside chats, and keynote speeches&nbsp; at the Jio World Centre in Mumbai. The summit will feature dedicated sessions exploring the impact of technology and AI on the financial sector. SBI Chairman Setty will inaugurate the event, followed by a fireside chat with RBI Governor Das on the opening day. Das&#39; remarks will be particularly significant for market observers, as they come before December&#39;s monetary policy review, which will be his last in his current term.
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	<small class="brtag">&nbsp;</small> The summit will feature leading figures from the finance industry across its three-day duration such as 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.</div>
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	<small class="brtag">&nbsp;</small> The summit will end with a fireside chat with KV Kamath, the veteran banker.</div>

BFSI summit highlights: Not acquisition but integration a challenge, says Razorpay's MD

Business Standard

BFSI summit highlights: Not acquisition but integration a challenge, says Razorpay's MD | India News - Business Standard

BS BFSI summit 2024: RBI Governor Das to kickstart proceedings with fireside chat

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	The summit will begin with SBI Chairman&nbsp;Sreenivasulu Setty&#39;s inauguration, followed by RBI Governor Das leading a fireside chat on the first day. His insights on the banking and financial sectors&#39; condition will be keenly watched, given that banks and NBFCs are currently experiencing pressure in their unsecured lending portfolios.</div>

RBI ensures ecosystem safety: Shashank Kumar, co-founder & MD, Razorpay

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	&ldquo;As a start-up, we are here to solve customer problems. But as a regulator, the Reserve Bank of India (RBI) ensures ecosystem safety,&rdquo; Shashank Kumar said.&nbsp;</div>
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	&nbsp;&ldquo;Without regulation, it would be the wild, wild west,&rdquo; he added.</div>

Secret sauce to success is our company culture and DNA: Shashank Kumar, co-founder & MD, Razorpay

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	&quot;In the last 10 years, razorpay has acquired 8 companies -- secret sauce to success is our company culture and DNA.. we are a bottom-up organisation; we don&#39;t have a top-down approach.. we have 50 different teams working towards their separate goals.. that allows us to work very fast and launch new products,&quot; Shashank Kumar said at the BFSI Fireside chat.</div>

Over 10 years, our experiences have made us resilient, says Shashank Kumar, MD, Razorpay

<blockquote class="twitter-tweet" data-media-max-width="560">
	<p dir="ltr" lang="en">
		<a href="https://twitter.com/hashtag/bsbfsi?src=hash&amp;ref_src=twsrc%5Etfw">#bsbfsi</a> | I believe in technology shifts; whenever that happens, there are opportunities for new businesses, says <a href="https://twitter.com/shashank_kr?ref_src=twsrc%5Etfw">@shashank_kr</a> Co-founder and MD <a href="https://twitter.com/Razorpay?ref_src=twsrc%5Etfw">@Razorpay</a> during fireside chat with <a href="https://twitter.com/AshokAkaybee?ref_src=twsrc%5Etfw">@AshokAkaybee</a> <a href="https://t.co/aAkzCpA7Ex">https://t.co/aAkzCpA7Ex</a><a href="https://twitter.com/hashtag/bfsievent?src=hash&amp;ref_src=twsrc%5Etfw">#bfsievent</a> <a href="https://t.co/LkrIk3MUH5">pic.twitter.com/LkrIk3MUH5</a></p>
	&mdash; Business Standard (@bsindia) <a href="https://twitter.com/bsindia/status/1854150675242041596?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

NBFCs should not generalise the actions of RBI, Vishaka Mulye CEO, Aditya Birla Capital

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	&quot;We should not generalise the actions of RBI, its not very different from what has happened before but this time around its enactment has been a bit different. Banks are cautious about lending not just because of the mandate, it differentiates one NBFC to the other,&quot; says Vishaka Mulye.</div>

RBI concerns around NBFCs are protecting customer interests: Umesh Revankar, Executive VC, Shriram Finance

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	&quot;NBFCs are largely dependent on banks for raising resources. There are new arrangements like co lending coming in. RBI trying to make it more responsible lending and systematic. RBI concerns around NBFCs have been towards protecting customer interests,&quot;&nbsp; Umesh Revankar, executive VC, Shriram Finance said today.</div>

No obvious governance issue SFBs are not addressing: Ajay Kanwal, CEO, Janalakshmi financial services

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	&quot;SFBs (small finance banks) are the only banks who meet their customers every month and get money from them,&quot; Ajay Kanwal said. There is no obvious governance issue we are not addressing, he added.</div>

All customer grievance mechanisms are in place, K Paul Thomas, founder, ESAF Small Finance Bank

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	&quot;For better customer service, we have adequate systems in place at different levels. customers have the right escalate to senior levels as well. There may be a few exceptions but largely, all customer grievance mechanisms are in place,&quot;&nbsp; K Paul Thomas said.</div>

Will not become Universal Bank for next three years: R Baskar Babu, CEO, Suryoday SFB

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	&quot;Each one of us is doing well regionally but turning into a universal bank will help us enter new territory. However, I would not give it a shot for next three years,&quot; says R Baskar Babu.</div>

Cost of deposits will go down in a commercial bank, says Ajay Kanwal,

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	&quot;We are bigger than lot of universal banks in size, we have a profitable mode. We are growing very fast. One big advantage of turning into a commercial bank is that the risk factor goes down as per customer&#39;s perspective.. employees will feel happy, and so will investors. Cost of deposits will go down,&quot;&nbsp;Ajay Kanwal, CEO,Jana SFB said.&nbsp;</div>

Exiting consumer business in India was a global decision: Ashu Khullar, CEO of Citibank

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	&quot;You need to have scale and size to make the business profitable. We see a double digital CAGR for growth in India. On multiple levels, India is highly strategic for Citibank, says Ashu Khullar.</div>

There should be flexibility in terms of offering differential rates: Prashant Kumar, MD & CEO, Yes Bank

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	&quot;In the name of innovation, we don&#39;t want to make things complicated. Today, there is no differentiation in terms of rate of interest, which we offer to our customers, irrespective of the risk profile. Additively, if I have to offer a rate of interest, I have to offer the same rate of interest to all customers, depending on the lcr. I feel there should be a flexibility in terms of offering the differential rates, which is definitely going to help the large number of population,&quot; Prashant Kumar said.</div>
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BFSI update: I always tell my staff to go for cross selling but no malpractices, says Rakesh Sharma, IDBI Bank

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	Customer has to spread their money to earn the best rate of interest, Sharma said.</div>

Surplus money with people is now moving to other avenues: Prashant Kumar, Yes Bank

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	&quot;Mobilisation of deposits is not a big challenge. The surplus money with people is now moving to other avenues. Money in motion is in anyway part of the banking system. If I have an avenue for deployment, I will need to see if I have to do it for the short-term, long-term, high-risk or low risk. The money in circulation is more now,&quot; Prashant Kumar said.</div>

Low deposits impact profitability: Rakesh Sharma, Head, IDBI Bank

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	&quot;In 2011-12, saving rate was about 39%. Now, consumption rate has gone up. Also, other investing opportunities are available. Bank deposits are safe. People must assess their own risk appetite. Bankers will have to provide convenience to customers - through both digital and physical branches. Low deposits do impact our profitabiity...we will have to come up with more innovative schemes to shore up deposits, Rakesh Sharma said.</div>
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Banks are looking at ways to deliver additional value to customers, says SBI chairman

Setty said that deposit mobilisation has become a top priority across the banking sector.&nbsp;

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.

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

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	&quot;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,&quot; Ashwani Kumar, MD&amp;CEO, UCO bank said today.</div>

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

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	&quot;Last year I&nbsp; was asked if the honeymoon period for banks has not ended, I said no. Today, a year later, I maintain the stand,&quot; Satyanarayana Raju said. &quot;I don&#39;t see unsecured loans as a threat,&quot; Raju added.</div>

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

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	&quot;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,&quot; says Debdatta Chand.</div>

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

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	&quot;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,&quot; says Shaktikanta Das.</div>

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

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	&quot;If you look at the annual report, it&#39;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,&quot; says Das. &quot;Our entire income was from foreign currency assets. The exchange rate fluctuations also played a role,&quot; he added.</div>

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

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	&quot;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,&quot; says RBI Governor Das.</div>

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

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	&quot;Our action and approach is very nuanced, it&#39;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,&quot; says Governor Das. &quot;What is necessary is that the banks themselves need to look at the end use of the unsecured loans they are lending.&quot;</div>

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

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	&quot;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,&quot; says Das.</div>

RBI action taken in caliberated manner, says Governor Shaktikanta Das

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	&quot;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,&quot; says RBI Governor Shaktikanta Das.</div>

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

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

RBI Governor Shaktikanta Das to lead fireside chat

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	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.</div>

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

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	The key topics for discussion include:</div>
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	&nbsp;</div>
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	-The impact of geopolitical conflicts on growth prospects</div>
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	-How Federal Reserve monetary policy easing could pressure the RBI to adjust its stance</div>
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	-Growing concerns over domestic banks&#39; unsecured retail loan portfolios showing signs of stress</div>

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

<blockquote class="twitter-tweet" data-media-max-width="560">
	<p dir="ltr" lang="en">
		Get ready for the Business Standard BFSI Insight Summit 2024!<br />
		<br />
		This year&rsquo;s focus? Technology!<br />
		<br />
		Stay tuned for insightful discussions: <a href="https://t.co/UL00Laks4P">https://t.co/UL00Laks4P</a><a href="https://twitter.com/AshokAkaybee?ref_src=twsrc%5Etfw">@AshokAkaybee</a> <a href="https://twitter.com/nivmook?ref_src=twsrc%5Etfw">@nivmook</a> <a href="https://twitter.com/veenusandhu?ref_src=twsrc%5Etfw">@veenusandhu</a> <a href="https://twitter.com/shailesh_dobhal?ref_src=twsrc%5Etfw">@shailesh_dobhal</a> <a href="https://twitter.com/suveensinha?ref_src=twsrc%5Etfw">@suveensinha</a></p>
	&mdash; Business Standard (@bsindia) <a href="https://twitter.com/bsindia/status/1853957974055702922?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote>
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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

BS BFSI summit 2024: RBI Governor Das to kickstart proceedings with fireside chat

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