CNBC-TV18 and Nucleus Software Host 'Banking Transformation Summit', Focus on India's Financial Future

The 'Banking Transformation Summit' hosted by CNBC-TV18 and Nucleus Software highlighted India's economic growth and the crucial role of banking institutions. The event featured keynote addresses, panel discussions, and insights from top banking professionals, emphasizing digital lending, data protection, and financial literacy.

VMPL Mumbai (Maharashtra) [India], September 3: CNBC-TV18 in collaboration with Nucleus Software organized the second edition of the 'Banking Transformation Summit' on Friday, convening a diverse group of banking professionals, policymakers, and finance experts. The summit's theme, 'Bharat's Banking Roadmap For The Future,' shed light on India's economic growth and underscored the pivotal role of banking and financial institutions in this journey.

Addressing the gathering, J. Swaminathan, Deputy Governor of the Reserve Bank of India, delivered the keynote speech and engaged in a fireside chat titled 'Transforming Financial Landscapes: Building Resilience for Economic Stability.' Swaminathan discussed the financial system's current dynamics and illuminated the regulatory approach of the RBI. He highlighted the healthy 11-12% annual growth in deposits but pointed out the challenge of meeting the surging credit demand, driven largely by digital lending. He linked these trends to broader changes in saving behaviors among younger generations, suggesting they are part of a financial cyclical pattern.

Swaminathan remarked, "We had 8-9 quarters where deposits were outpacing credit, but today the demand for credit is more, aided by digital lending. As the regulator, we have sensitized lenders that if this credit-deposit gap continues longer, it may pose challenges, particularly for players with a high credit-deposit ratio." The summit also featured a fireside chat with Dinesh Kumar Khara, Chairperson of the State Bank of India, followed by a panel discussion on 'Filling the Credit Gap to Fuel Economic Growth' with A.K. Tewari, MD of the State Bank of India; Prashant Kumar, MD & CEO of Yes Bank; and Ashok Vaswani, MD & CEO of Kotak Mahindra Bank.

During a Q&A session with Shereen Bhan, V. Anantha Nageswaran, Chief Economic Advisor to the Government of India, emphasized the importance of achieving a balanced portfolio between financial and real assets for Indian public and enhancing financial literacy. He stated that the financial sector's expansion depends on employment generation, income growth, and increased savings. Nageswaran also stressed the importance of growing insurance alongside banking, aiming for higher financial inclusion compared to the past decade.

In a conversation about new-age digital lending, Vishnu R. Dusad, MD & Co-founder of Nucleus Software, emphasized data protection. He noted that with the new data protection act, banks and NBFCs must reevaluate their data management approaches to ensure security and prevent misuse. Dusad highlighted, "We are entering an era where data is truly the new oil, and its value will continue to grow. However, with this value comes the obligation to avoid the misuse or mishandling of data. It's critical that financial institutions adopt robust policies to prevent data breaches and build trust with customers."

Expressing pride in the event's success, Shereen Bhan, Managing Editor of CNBC-TV18, stated, "At CNBC-TV18, India's most credible & influential business news platform, we focus on sectors essential to economic growth. The Banking Transformation Summit united India's financial sector's top minds to discuss future banking strategies while addressing present challenges and opportunities." Other sessions featured industry thought leaders, including Prashant Kumar, MD & CEO of Yes Bank; Ashok Vaswani, MD & CEO of Kotak Mahindra Bank; and Kunal Shah, Founder of CRED.

The evening concluded with special felicitations by CNBC-TV18 for Dinesh Kumar Khara, Chairperson of the State Bank of India, and Shyam Srinivasan, CEO of Federal Bank, recognizing their long-standing service in the banking sector. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)

(With inputs from agencies.)