The Business Standard BFSI Insight Summit 2023, one of the most anticipated events of the year, begins in Mumbai on Monday. Top decision-makers in India will be discussing how to keep the country’s finances stable in the face of external challenges and how to best position the nation for future prosperity.
The BFSI summit opens with a fireside talk with K V Kamath, the seasoned banker who, twenty years ago, helped India’s aspiring youth establish the credit-card and EMI (equivalent to monthly installment) cultures. He has held numerous positions, including chairman of Infosys, chief executive of ICICI Bank, and head of the Brics Bank. At the National Bank for Financing Infrastructure and Development, he now serves as chair. Additionally, he serves as chairman of Reliance Industry’s Jio Financial Services, a textile-to-technology behemoth that aims to revolutionize the financial industry.
While Kamath opens the BFSI summit, Reserve Bank of India (RBI) Governor Shaktikanta Das brings it to a close. Das is the most recent recipient of Central Banking’s coveted Governor of the Year award; Raghuram Rajan last received this accolade in 2016. All parties involved in India’s economy and business will be closely monitoring Das’ remarks at the summit. In the next few days, the financial industry community will analyze them.
Also read, Jindal India throws its hat in the ring for Future Enterprises by submitting debt resolution plan
RBI Composed according to analytics prior to BFSI Summit:
India has not been immune to global shocks as it has integrated with the global economy since economic reform began in 1991. The Indian coast is frequently battered by waves from wealthy nations.
Despite challenges such as high inflation driving up interest rates in industrialised countries, especially the US, where treasury yields reached a 16-year high, the RBI under Das was largely composed. With words and deeds, the RBI has stepped in to maintain order and reduce volatility in the financial markets.
There are also difficulties at home. The central bank is constantly monitoring its ability to carry out its primary duty, which is to limit inflation, as a result of the extremely lax monetary policy implemented during the Covid years, a dramatic increase in economic activity since then, and unpredictable weather patterns mostly caused by El Nino.
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