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India Banking Conclave Highlights: 'Banks have full autonomy under Modi Govt', says Goyal

By Chennabasaveshwar
Google Oneindia News

New Delhi, Aug 23: The first day of two-day India Banking Conclave witnessed vibrant discussion with respect to Development Finance, reforms in the banking sector and India vision 2030 and Banking.

Banks have full autonomy under Modi Govt, says Piyush Goyal

The conclave is being organised by the Centre for Economic Policy Research (CEPR) and the government Think Tank NITI Aayog. Not only the best minds of the banking and financial sectors will participate but also some renowned international names too will figure as the sector is undergoing a major churning at least in India. The focus will be on reform in the banking sector.

Two-day conclave organised is planned in such a way that deliberations on every issue that is good for the banking industry and such issues that are plaguing the sector will be compiled in the form of a report for handing it over to the government so that action can be initiated on them in the long run.

The programme will see panel discussions on NPAs, development of banks with changing times, privatisation versus merger and the future of banking, among other issues.

Stay tuned for Live updates:

Newest First Oldest First
3:27 PM, 24 Aug
Subhash Sharma, Director, Centre for Economic Policy Research. Secretary, BJP-Punjab, presents reportage of India Banking Conclave.
3:27 PM, 24 Aug
Gopal Krishna Agarwal, BJP National Spokesperson, Economic Thinker,shares takeaways of the conclave.
3:27 PM, 24 Aug
Gopal Krishna Agarwal, BJP National Spokesperson, Economic Thinker,shares takeaways of the conclave.
3:26 PM, 24 Aug
The valedictory session begins on the last day of the Indian Banking Conclave.
3:10 PM, 24 Aug
Kashmiri Lal says, "Even after so many fraud cases, people do not break the glass of banks, there is only one reason behind this, the current leadership. The current leadership is continuously working, hence, the people have confidence in the banks."
3:05 PM, 24 Aug
Kashmiri Lal, Swadeshi Jagran Manch, says, "There were 23,000 banking frauds in the last five years. If you calculate the account then there is a fraud within an hour. There is not much room for improvement in banking, when there is a lot of need.The people of the country have never seen the financial connectivity, as achieved under the Modi government's JanDhan Yojana.
2:46 PM, 24 Aug
The last session of the India Banking Conclave starts: "Banks for Republic India"
2:44 PM, 24 Aug
Piyush Goyal, says, "We should not forget the Indian context in which the banks have to run - the poor of India, MSMEs of India, farmers of India to whom also we have an obligation to perform."
2:41 PM, 24 Aug
I can say with pride and confidence that in 4 years not single phone call would have gone from any politician, or bureaucrat in Govt. to any banker in the case of loans, write-offs, or settlements. We have completely given them autonomy to work, says Goyal
2:41 PM, 24 Aug
After the Insolvency & Bankruptcy Code, I'm delighted to share that in the first 32 accounts that have got resolved the recovery has been upwards of 55%, the cost of recovery is down to less than 1% , and usually the recovery happens within 12-15 months.
2:41 PM, 24 Aug
Piyush Goyal says, "It must be the first time in history, in the last 4 years, that refineries, steel plants and land stacks of land have to be actually sold and defaulters are running away from the country.Prior to 2014, the average time to resolve a bad account was 4.5-5 years, the average recovery was under 26%, and the cost to recover this was nearly 9% of the loan amount."
2:40 PM, 24 Aug
While the NDA-2 Govt. under PM Narendra Modi decided to clean up the banking system, Indian Bank stood strong and did not have to go through stress that most other Public Sector banks had to go through:
2:40 PM, 24 Aug
We all are very familiar with the interference that Public Sector Banks had to suffer until 2014, where we are given to understand loans used to be decided and sanctioned based on incoming phone calls. We all very familiar with the kind of political pressures that were exerted until 2014, both in the appointment of management of Public Sector banks and then subsequently in the operations of these banks.
2:39 PM, 24 Aug
Goyal says, "When we look back at the great role Indian banks have performed in the growing economy of India, sometimes we tend to belittle their importance and the challenges within which many of these banks have performe."
2:39 PM, 24 Aug
Goyal: From a few years, our developmental financial institutions are actually supporting farmers and promoting the industry to meet the needs of India's consumption.
2:35 PM, 24 Aug
Giving the example of coal block allotment, Goyal says, "The first 221 coal blocks were allocated and the entire country got stressed. Banking sector faced troubles. We adopted transparent methods, which has solved a lot of problems."
2:33 PM, 24 Aug
Piyush Goyal says, "GST,demonetisation, insolvency and bankruptcy act are being implemented in promoting honesty in the banking sector."
2:25 PM, 24 Aug
Piyush Goyal says, "For the first time when people who took big loans are returning the money to the banks. Till now, it used to be the problem of the banks. Now the lenders are afraid that they have to return the money. Then, people like you and me who took small loans used to think about paying the debt."
2:21 PM, 24 Aug
Goyal says, "We should not forget the Indian context to bank reforms and growth - the poor, the SMEs, the artisans, the farmers."
2:10 PM, 24 Aug
Referring to government banks, Piyush Goyal, says, "It is true that many times wrong practices appear in the system, but Indian banks have done a lot of good work. Their challenges have been very high. Political pressure has been quite high on banks. However, the problem of banks is not limited to PSBs but it has also been in private sector banks."
2:04 PM, 24 Aug
Union Minister Piyush Goyal says, "For the first time, we have been gathered to discuss the future of Indian banking with an Indian perception."
2:04 PM, 24 Aug
The next session in the India Banking Conclave is - 'Masterclass with Piyush Goyal'.
1:14 PM, 24 Aug
Talking about 'Banking for Tomorrow', Sanjay Nayar, says, "Technology is changing fast in the banking sector, so now regulators will have to keep up with the changes.This is a big challenge. The Banking Regulation Act 1934 and 1949 is not yet amended."
1:11 PM, 24 Aug
Facebook India director Shivnath Thukral, says, "The definition of the bank has changed for the new generation. They chat online and pay. Who had thought this would happen, but this is happening. They are using a bank which they have not even seen. The concept of bank account is going out of customers' mind. For young Generation, banking has become like other commodities for the loan.
1:03 PM, 24 Aug
Sanjay Nayar KKR India, says, "Technology has changed the finance. Technology is understanding your behaviours. For example, you are in the Chrome store and your SMS comes from your bank that your salary is coming to such a date and if you want to buy a television you can get a loan. Technology has changed a lot."
12:49 PM, 24 Aug
Parth Gandhi, says, " Digital technology has changed the fundamental structure of banking. We have to keep our eyes open because the world is changing rapidly.
12:46 PM, 24 Aug
The 3rd session of the second day of the India Banking Conclave - 'Banks for Tomorrow' begins. In this session, Ardith Basu, MD of State Bank of India, Sivanath Thakral, Director of Facebook India, Partha Gandhi, Managing Partner of Aeon Capital is participating.
12:45 PM, 24 Aug
The second session ends on a humours note by Ratin Roy and G Padmanabhan.
12:32 PM, 24 Aug
Ratin Roy further says, "The government interference in the banks should be reduced."
12:28 PM, 24 Aug
Small haircut means privatization, medium haircut means merger. Before he could explain the big haircut, G Padmanabhan intervened saying, "The government needs a headshake."

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