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Raghuram Rajaninaugurates two-day banking conference FIBAC 2015Reserve Raghuram Rajaninaugurates two-day banking conference FIBAC 2015Reserve

Raghuram Rajaninaugurates two-day banking conference FIBAC 2015Reserve - PDF document

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Raghuram Rajaninaugurates two-day banking conference FIBAC 2015Reserve - PPT Presentation

ranks of prosperous nations we must remember that what sets poor nations apart from the rich is not people or resources or even luck but good governance which comes from strong frameworks and strong ID: 508905

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Raghuram Rajaninaugurates two-day banking conference FIBAC 2015Reserve Bank of India focusing on bringing down inflation and working with Govt. and banks onspeeding up resolution of distressed projectsMUMBAI, August 24, 2015. ranks of prosperous nations, we must remember that what sets poor nations apart from the rich is not people or resources or even luck but good governance, which comes from strong frameworks and strong institutions. Asummary explanation of the economic problems of the recent past is that they arose because India outgrew itsinstitutions. A summary of the Government and the Reserve Bank’s measures to restore sustainable growth is that weare building the necessary institutions.”While delivering her welcome address,Dr. Jyotsna Suri, President, FICCI and CMD, Bharat Hotels,said thatbiggest challenge for the Indian industry today is the financial stress - owing to high cost of finance. “Since the needof the hour is to revive demand and push the investment cycle, I request you to consider deeper cut in the policyrate in the next monetary policy review. I am equally hopeful that with the recapitalisation of public sector banks,reduction in policy rate will get transmitted into lower lending rates by an equivalent amount,” she added.Mr. Arun Kaul, Chairman Incharge, IBA and CMD, UCO Bank,underlined that rural India is far behind in adoptingtechnology for inclusive growth. The need is to provide accessible, convenient and simple banking in terms of mobileand internet banking. He added that FIBAC is a unique platform to deliberate and ideate on issues of financial nature.Ms. Arundhati Bhattacharya, Chairperson, FICCI Banking and FI’s Committee, Hon. Secretary, IBA and Chairman,State Bank of India,said that the macro parameters of Indian economy look good but the need is to focus on microparameters as well. The need is to look at the financial sector’s lending strategy, enhancing risk management,leveraging technology, robust interface and consolidation and restructuring of the banking sector.“This year the BCG research highlights the massive disruptive potential of technology and analytics for the Indianbanking sector. We found that adoption of online banking is lagging online shopping by 2 years in India. Using bestpractices from experiences of online shopping and developing banking applications, India can see over 300 millionnew digital banking consumers in next five years. Together with support from the regulator, banks can furtherexplore ways to offer value added services to engage consumers digitally,” saidMr. Saurabh Tripathi, Practice Head-Banking, The Boston Consulting Group IndiaDr. A Didar Singh, Secretary General, FICCI,said thatthe annual banking conference FIBAC gives an opportunity toaddress the new issues rising in the sector. This year the focus is on disruptive innovations, which has led to entry ofnew entities into the sector, resulting in creation of new markets by way of technology.In his vote of thanksMr. M V Tanksale, Chief Executive, IBA,said that for more than a decade now we have beensuccessfully organizing the FICCI IBA joint conference, FIBAC, and every year it goes from strength to strength interms of quality, participation and acceptance. Utmost care is taken to design the conference around thecontemporary theme, which holds the interest of the delegates.On the occasion the RBI Governor released a Knowledge Paper, titled ‘Inclusive Growth with DisruptiveInnovations’, prepared by BCG.-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------FICCI Media division