Financial Market Conclave on Indian Financial Markets: Powering the India Growth Story

The Bengal Chamber of Commerce & Industry organized Financial Market Conclave on 15th September, 2023 at the ITC Grand Central, Mumbai. The theme of the Conclave was Indian Financial Markets: Powering the India Growth Story. The Conclave discussions were around the issues in the Banking and Finance sectors, Capital market, Insurance Market and other related industry issues.

The Conclave was addressed by Guests of Honour Mr. C.S. Setty, MD, State Bank of India and Mr. S S Mundra, Chairman, BSE and Former Deputy Governor, RBI.

The other dignitaries were Mr. Amitabh Malhotra, Managing Director & Head of Global Banking, HSBC India, Mr. Dhiraj Relli, MD & CEO, HDFC Securities Limited, Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance, Mr. G S Agarwal, CFO, Shriram Housing Finance, Mr. Shekaar Subramanian, Head-Structured Finance, Fedfina, Mr. Vishal Kapoor, CEO, Bandhan Mutual Fund, Mr. T. S. Ramakrishnan, MD & CEO, LIC Mutual Fund, Mr. Deepak Mehta, Head - Strategic Alliances, UTI Mutual Fund, Mr. Anand Pejawar, Whole Time Director, SBI General Insurance Company Ltd., Mr. Abhay Tewari, MD & CEO, SUD Life Insurance Co. Ltd., Mr. Ashok Suvarna, Chief Distribution Officer, Aditya Birla Sun Life Insurance Co. Limited, Mr. Gaurav Arora - Chief- Underwriting Claims, Property & Casualty, ICICI Lombard General Insurance Co. Ltd.

Mr. C.S. Setty, MD, State Bank of India stated that inclusive growth and backed by technology and digital public infrastructure has enabled the journey towards 5 trillion dollar economy in which financial inclusion is one of the key factors and he has mentioned about Jandhan Account in this reference. Also, we need to understand the credit need of the future and secure their citizen with insurance and empowerment with compound growth factors from capital market, mutual fund etc. Pre-approved credit lines is going to be a game changer. Lots of fintechs are there today. Mainstream banks and Fintechs combined together will ensure the digital connect between the banks and the customers beyond physical borders. Participation of end users is important in financial inclusion.

Mr. Amitabh Malhotra, Managing Director & Head of Global Banking, HSBC India spoke of digital revolution and stated that lots of positive development is taking place in the BFSI sector. UPI as a technology is revolutionary. ESG is becoming important in the banking industry. However, availability of people having the domain knowledge is a challenge. Regulatory framework in terms of bank’s obligations must be clear cut.    

Mr. Dhiraj Relli, MD & CEO, HDFC Securities Limited – There is need of infrastructure development in the country and it would grow as we grow. Finance will enable all businesses. So, there is a need to leverage the digital ecosystem to democratize the payments and the banking system. Financial inclusion needs to be low cost and end user driven. ESG is an important parameter for banks, business, and the entire ecosystem. When you follow sustainability and ESG framework you get a green halo from all the stakeholders and the regulators, investors, partners, employees have a positive view of the organization. Green halo has many positives across all the stakeholders.

Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance – When we talk of financial inclusion, insurance inclusion is a very important too. The insurance literacy needs to start early right from school and colleges.  

Mr. S S Mundra, Chairman, BSE and Former Deputy Governor, RBI – The banking system today is well capitalized, sharper and stabilized. Global development can always impact but there is every reason to be optimistic. Mr. Mundra mentioned that the cash to derivatives ratio is quite high in India.