BFSI highlights: Quality should get rewarded, says IFSCA chairperson
India's highest decision-makers brainstorm on the country's future growth trajectory and maintaining financial stability amid global headwinds at BS BFSI Insight Summit today
 "K Rajaraman")
K Rajaraman
"Very important that quality, cost effectiveness gets rewarded. Regulation should be up to standard for these goals to be met. More and more people are entering the financial market, which shows that investors' trust is going up. IFSCA is a unified regulator. GIFT IIFC is a full fledged financial ecosystem with global connect," says K Rajaraman, Chairperson, IFSCA.
"We need the AIF ecosystem to grow in India. There is ongoing work happening in AIF to reduce type-I and type-II errors. There is a need to have an ongoing dialogue on regulations so that corrections can be done," says Ananth Narayan, Whole Time Member, Sebi.
"We did two things right and third we got lucky to bet on UPI before the others. Payments are not the same as running a WhatsApp chat or an insta post. You have to put people on the ground. Well established big tech has always resisted regulation, we on the other hand welcome it," says Sameer Nigam, Founder & CEO, PhonePe.
Sajjid Chinoy, chief India economist at JP Morgan, added that the world is struggling with the creation of blue collar jobs. In India, it is particularly important for next 10-15 years. "India's challenge is to make blue collar jobs which is at the heart of compressing the inequality on how do you get exports and manufacturing exports. Creating white collar jobs is our revealed comparative advantage. Next 5-7 years are crucial," he said.
"We need the AIF ecosystem to grow in India. There is ongoing work happening in AIF to reduce type-I and type-II errors. There is a need to have an ongoing dialogue on regulations so that corrections can be done," says Ananth Narayan, Whole Time Member, Sebi.
"We did two things right and third we got lucky to bet on UPI before the others. Payments are not the same as running a WhatsApp chat or an insta post. You have to put people on the ground. Well established big tech has always resisted regulation, we on the other hand welcome it," says Sameer Nigam, Founder & CEO, PhonePe.
Sajjid Chinoy, chief India economist at JP Morgan, added that the world is struggling with the creation of blue collar jobs. In India, it is particularly important for next 10-15 years. "India's challenge is to make blue collar jobs which is at the heart of compressing the inequality on how do you get exports and manufacturing exports. Creating white collar jobs is our revealed comparative advantage. Next 5-7 years are crucial," he said.
"Managing demographic dividend difficult for India," says Samiran Chakraborty, MD & Chief Economist, Citibank.
"Mobile ownership with women is still low, frauds are another hindrance," says Jatinder Handoo, CEO, DLAI on on challenges with digital payment acceptance.
"The consumer is not shying away from giving a bit extra if one can provide convenience of taking a loan. Making the customer journey simple and seamless. We don't want to sacrifice margins for growth," says Rakesh Singh, MD & CEO, Aditya Birla Finance.
Digitalisation has helped us grow way differently. Reach has spread across the country to nearly 200 locations. Wherever we see reasonable bank deposits, we would be there. By 2030, we will be one third of the banking industry, said ICICI Prudential Mutual Fund MD, Nimesh Shah
NBFCs account for 25 per cent of the whole credit system. Current regulations allow banks and NBFCs to co-exist, said Rajiv Sabharwal, MD of Tata Capital, at BS BFSI Insight Summit. "There is hardly any difference in governance and compliance between large NBFCs and banks," he added.
Mahesh Patil, CIO, Aditya Birla Sun Life Mutual Fund at BS BFSI Insight Summit said, "The bigger risk lies on the global side. In India there has been a steady and sustainable recovery. Indian economy may continue to grow at a good pace. India should do relatively better than most large global economies, so should our markets. It is a buy-on-dips market."
"India is the best growth story in the world. Problems in China have further cemented that view. India is the best domestic equity story in emerging markets," said Christopher Wood, Global head of equity strategy, Jefferies at BS BFSI Insight Summit.
At BS BFSI Insight Summit, KV Kamath said, "Post Covid-19 and the situation in the European Union, we saw inflation rising. India had a measured response. EU didn't do much at all"
One of the most anticipated events of the year — the Business Standard BFSI Insight Summit 2023 — has been kicked off in Mumbai on Monday with India’s highest decision-makers brainstorming on the country’s future growth trajectory and maintaining financial stability amid global headwinds.
The summit starts with a fireside chat with K V Kamath, the veteran banker who pioneered credit-card and EMI (equated monthly instalment) culture among India’s aspirational youths two decades ago. He has worn many hats — from chief executive of ICICI Bank and chairman of Infosys to leading the Brics Bank. He is now chairperson of the National Bank for Financing Infrastructure and Development. He is also chairman of textile-to-technology giant Reliance Industry’s Jio Financial Services, which promises to disrupt the financial sector like never before.
While Kamath starts the summit, it concludes with Reserve Bank of India (RBI) Governor Shaktikanta Das, the latest recipient of the prestigious Governor of the Year by Central Banking — a first since Raghuram Rajan was honoured with this in 2016.
Das’ comments in the summit will be closely watched by all the stakeholders on India’s economy and business. They will be dissected by the financial sector community in the coming days.
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IFSC being developed as a hub for reinsurance and NRI insurance business: K Rajaraman, Chairperson, IFSCA
7:13 PM![]()
More people are entering financial market, indicating improving investors' trust: Chairperson, IFSCA
"More and more people are entering the financial market, which shows that investors' trust is going up. IFSCA is a unified regulator. GIFT IIFC is a full fledged financial ecosystem with global connect," says K Rajaraman, Chairperson, IFSCA.
7:07 PM![]()
Very important that quality, cost effectiveness gets rewarded: K Rajaraman, Chairperson, IFSCA
"Very important that quality, cost effectiveness gets rewarded. Regulation should be up to standard for these goals to be met," says K Rajaraman, Chairperson, IFSCA.
6:15 PM![]()
We need the AIF ecosystem to grow in India: Ananth Narayan, Whole Time Member, Sebi
"There is ongoing work happening in AIF to reduce type-I and type-II errors," said Ananth Narayan, Whole Time Member, Sebi.
6:13 PM![]()
There is a need to have an ongoing dialogue on regulations: Ananth Narayan, Whole Time Member, Sebi
"There is a need to have an ongoing dialogue on regulations so that corrections can be done," says Ananth Narayan, Whole Time Member, Sebi
5:59 PM![]()
Generative AI is the smartphone moment for artificial intelligence: Rajesh Mirjankar, CEO & MD, Kiya.AI
"Generative AI is the smartphone moment for artificial intelligence," says Rajesh Mirjankar, CEO & MD, Kiya.AI.
5:41 PM![]()
Security cannot be an afterthought: Raghavendra Singh, Head of Cloud Security Practice, TCS
Raghavendra Singh, Head of Cloud Security Practice, TCS said, "There is a moment when you move data to the cloud, make sure guard rails are built. Security cannot be an afterthought."
5:24 PM![]()
Well established big tech has always resisted regulation, we on the other hand welcome it: PhonePe CEO
"We did two things right and third we got lucky to bet on UPI before the others. Payments are not the same as running a WhatsApp chat or an insta post. You have to put people on the ground. Well established big tech has always resisted regulation, we on the other hand welcome it," says Sameer Nigam, Founder & CEO, PhonePe.
5:21 PM![]()
We are in cloud 2.0 which we call at TCS: Raghavendra Singh, Head of Cloud Security Practice, TCS
"We are in cloud 2.0 which we call at TCS. More personalisation is done. Cloud is offering you power", says Raghavendra Singh, Head of Cloud Security Practice, TCS.
5:14 PM![]()
Post Covid we have seen a jump in outsourcing to a cloud or data centres: Sujeeth Willliams
"Post Covid we have seen a jump in outsourcing to a cloud or data centres," Sujeeth Willliams, Director-BFSI, India, NTT Global Data Centers & Cloud Infrastructure India.
4:56 PM![]()
World is struggling with the creation of blue collar jobs: Sajjid Chinoy, chief India economist at JP Morgan
Sajjid Chinoy, chief India economist at JP Morgan, added that the world is struggling with the creation of blue collar jobs. In India, it is particularly important for next 10-15 years.
"India's challenge is to make blue collar jobs which is at the heart of compressing the inequality on how do you get exports and manufacturing exports. Creating white collar jobs is our revealed comparative advantage. Next 5-7 years are crucial," he said.
4:49 PM![]()
Managing demographic dividend difficult: Samiran Chakraborty, MD & Chief Economist, Citibank
"Managing demographic dividend difficult for India," says Samiran Chakraborty, MD & Chief Economist, Citibank.
4:25 PM
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Entire supply chain needs to be digitalised: Sharath Bulusu, Director - Product Management, Google Pay
"Quality of the connectivity and the resilience of the payment system to deal with connectivity drops are the main aspects. The entire supply chain needs to be digitalised so the small shopkeeper is able to pay it forward," says Sharath Bulusu, Director - Product Management, Google Pay.
4:22 PM![]()
Mobile ownership with women is still low: Jatinder Handoo, CEO, DLAI
"Mobile ownership with women is still low, frauds are another hindrance," says Jatinder Handoo, CEO, DLAI on on challenges with digital payment acceptance.
4:21 PM![]()
Cash is still king in some place: Kalyan Kumar, Executive Director, Punjab National Bank
"In some places, cash is still king for multiple reasons - limited infrastructure, cultural preferences and the cash is tangible," says Kalyan Kumar, Executive Director, Punjab National Bank.
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First Published: Oct 30 2023 | 6:50 AM IST
