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

By Chennabasaveshwar

| Updated: Friday, August 24, 2018, 16:04 [IST]

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 — 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."

12:27 PM, 23 Aug

Union Minister for Home Kiren Rijiju inaugurates India Banking Conclave 2018

12:28 PM, 23 Aug

NITI Aayog is the knowledge partner of the Conclave being held in ITC Maurya Hotel.

12:30 PM, 23 Aug

Chief Advisor to India Banking Conclave Gopal Krishna is addressing the conclave.

12:37 PM, 23 Aug

Gopal Krishna Agarwal says, "The conclave will discuss challenges faced by banking, corporate and the issue of NPA. The issues discussed in the conclave will be submitted in the form of report the Government."

12:57 PM, 23 Aug

Sunil Ambekar, ABVP Organising Secretary, says, India has a great task ahead to move to other sectors from the field of manufacturing. Rural areas will witness increased economic activity in the coming days." Ambekar commends the banking sector for implementing Jan-Dhan Yojana.

1:12 PM, 23 Aug

"We are moving into a new era, but only economic prosperity will fulfil our ambitions," adds Ambekar.

1:15 PM, 23 Aug

Union Minister for Home Kiren Rijiju begins his address.

1:19 PM, 23 Aug

At the outset, Rijiju applauds the outreach of Jan-Dhan scheme. He says, " 32 Crore accounts have been opened under Jan Dhan. This is the sign of economically strong India."

1:19 PM, 23 Aug

At the outset, Rijiju applauds the outreach of Jan-Dhan scheme. He says, " 32 Crore accounts have been opened under Jan Dhan. This is the sign of economically strong India."

1:22 PM, 23 Aug

About demonetisation, Rijiju says, " It is true that people were in trouble, but it was necessary. I told people in a simple language that when you are sick you consult a doctor, then there is a problem in getting treatment. Likewise, it was necessary to remove the country's disease."

1:32 PM, 23 Aug

Rijiju says, "We come across reports of banking frauds. Hence, the financial discipline in the banking sector is need of the hour."

1:37 PM, 23 Aug

Rajan Dogra and Mahesh Babu Gupta present Kiran Rijiju a book called 'Hindu Economics'.

1:40 PM, 23 Aug

After the inauguration ceremony, three topics will be discussed in the first session of the India Banking Conclave. The topics are: Debt, Indian Problems and Indian Solutions.

1:43 PM, 23 Aug

Girish Chandra Chaturvedi, ICICI Bank Chairman, says, "Government should introduce reforms which settle the problems of the banking sector in a time-frame."

1:58 PM, 23 Aug

"The government should establish Development Financial Institutions for long-term lending. In developed countries, project clearance takes place in a few months, but we take years, says Girish Chandra Chaturvedi.

2:01 PM, 23 Aug

"Both Center and state governments have to play a bigger role than banks to bring in changes in the sector," adds ICICI Bank Chairman Girish Chandra Chaturvedi.

2:06 PM, 23 Aug

Ila Patnaik, former Principal Economic Advisor, Govt of India, speaking at the Conclave

2:13 PM, 23 Aug

Ila Patnaik, says, "The government allowed competition in Telecom Sector, because of which the reach of the sector increased. Whereas in Banking Sector it's not easy to get the licence. Yes, we have opened the accounts, but change will occur only when competition will be introduced in the sector."

2:52 PM, 23 Aug

"There is undue political interference in public sector banks. There is not enough pressure in any government to address this problem," says Ila Patnaik

2:58 PM, 23 Aug

"The culture of Indian banking also has to change.While facing customers they have a corporate approach and react as Govt.departments when it comes to other aspects" says Harsh Vardhan, Partner, Bain & Company during the session on "Indian Debt,Indian Problem and Indian Solution"

3:03 PM, 23 Aug

Harsh Vardhan endorses Ila Patnaik's view saying, "The lesser the government's interference, better it would be for banks."

3:10 PM, 23 Aug

Asked about if the government's interference reduced in the banks then banks may take their own decisions which may fail to fulfil the goal welfare of the people, referring to the nationalization of public sector banks, Ila Patnaik says, " The idea of nationalisation is failing. This only allowed the politicians to interfere in the banking sectors, but the real motive was not achieved.

3:16 PM, 23 Aug

On the issue of poor management of banks and Punjab National Bank fraud case, Ravi Kishan Thakkar, UCO Bank, says, " The PNB case was a system failure, but there was nothing to do with its ownership.

An interesting session on "Indian Debt,Indian Problem and Indian Solution"#GirishChandraChaturvedi #HarshVardhan @IlaPatnaik #IndiaBankingConclave #IndiaBankingConclave2018 @ceprind @NITIAayog @Oneindia pic.twitter.com/NeGRJTZ6Da
— Dailyhunt (@DailyhuntApp) August 23, 2018

3:34 PM, 23 Aug

The second session begins. Panellists will discuss 'India and Development Banks'. In this session, IDBI Bank CEO B Sriram, Economic Advisor and BJP's National Spokesperson Gopal Krishna Agarwal, KKR India CEO Sanjay Nair, Renew Power's CEO Sumanth Sinha and Yes Bank's Nikhil Sahni are participating.

3:43 PM, 23 Aug

IDBI Bank CEO B Sriram, says, "We need a long term-funding plan and an institution for the purpose. In the last 6 to 7 years, commercial banks are facing the problem as to how project finance can be done. On the other hand, there is also a need to create infrastructure in the country. In such a situation, we need Development Financial Institutions, it's time to strengthen such institutions."

3:50 PM, 23 Aug

Nikhil Sahani, Yes Bank, says, " Development Financial Institutions are needed. There is no problem in it, but there is a need to ensure returns. If we have to strengthen the development financial institutions then it is very important to have a better bond market."

4:15 PM, 23 Aug

BJP Spokesperson, Gopal Krishna Agarwal, says, " Members of the panel agree on one thing that Development Financial Institutions are needed. The government should consider strengthening development financial institutions. The government should ensure that Development Financial Institutions should not face the problems as commercial banks.

4:27 PM, 23 Aug

Emphasizing the sector-wise focus of Development Financial Institutions, B Sriram says, "If someone does not have knowledge of power sector, then how will it work? It is better to work in the field of expertise."

"Financial Institutions are much required for India's growth" says @gopalkagarwal-Economist at
#IndiaBankingConclave2018 @ceprind @NITIAayog @Oneindia pic.twitter.com/fTgRjCjzkp
— Dailyhunt (@DailyhuntApp) August 23, 2018

5:20 PM, 23 Aug

Gopal Krishna Agarwal, says, "Suppose a bank takes the help of an agency for the evolution of a particular project in that case, the bank will be responsible for the project, not the evaluation agency. In such cases, the role of the development financial institutions will also be very important.

5:34 PM, 23 Aug

The second session ends with a vibrant discussion on Development Finance.