New Delhi, Aug 20: India Banking Conclave (IBC) an initiative by Centre For Economic Policy Research (CEPR) along with its knowledge partner NITI Aayog have plans to organise this conclave with the objective of making banking sector more formidable to face the multiple future challenges.
Apparently with the introduction of new technology and the growing number of customer base of the banking sector, it has to face many challenges. This conclave will come out with suggestions to deal with them as well. The conclave will be addressed by leaders like BJP president Amit Shah, Union ministers and honchos from the financial sector.
The initiative will give an opportunity to project how action will lead to develop a discourse and how series of action taken by the government will reduce the risk of the bank in terms of capital and a brighter future in the offering. This will also help in reviving the investment cycle and help India to achieve more than 8 per cent GDP growth rate. Banks have always played very important role in the growth story of any country.
But there are certain moot questions that the banking sector is facing. These questions will certainly be discussed in the conclave that included: How bad the situation is?; Why is it important to clean up banks?; How will this improve the fortunes of the banks, the work culture and approach towards business?; What should be the right approach?; Is creation of big banks a solution, or we need to clean up first before going ahead with the plans of creating bigger banks?; How can banks cater to the needs of development sector?; What does clean up of balance sheets mean for a common man?; Why previous government did not do it?; How prepared the banks are to take the challenge of evolving technologies?; With the widening consumer base, how can technology help the modern day need of the consumer?
All these questions are likely to addressed in the conclave which will be addressed by BJP national president Amit Shah, Union cabinet minister Arun Jaitely, Union Railways minister Piyush Goyal, Union commerce and industry ministry Suresh Prabhu, Union minister of state (I/C) MSME Giriraj Singh, Reserve Bank of India governor Urjit Patel, Vice chairman of NITI Aayog Rajiv Kumar, ICICI Bank chairman Girish Chandra Chaturvedi, former chairperson of SBI Arundhati Bhattacharya and many other leaders from the industry.
Interestingly participation of film makers and producers, real estate developers, educational institutions, academics and policy makers is appreciated by the conclave organizers besides stakeholders from the industry including banking and insurance sector joining it.