Finance Conclave 2016

There has been significant revolution in the Indian Financial Sector and the Banking space and is facing a continuous challenge of the rising Non-Performing Assets (NPAs) and further the adoption of IFRS in the Indian Financial reporting arena is creating strides into the way financial reporting shall be done in future.

The first speaker Mr. J.K. Vishwanath, Chief Credit Manager of DCB bank Ltd. talked about the rising NPAs and what were the key learnings and implications that could be drawn from them. Indian has a vibrant GDP growth of about 7-8% and it could be directly connected to the growth of the banking industry as its growth is measured by the number and the amount of loans extended which directly could be connected to the country’s growth.He finished his talk with the following:“Before lending look only for character, character and character”&“All bad loans are made in good times”.

Mr. Dhiraj Relli, the CEO of HDFC Securities who talked about the emerging scenarios and current trends in banking and finance. He gave a back drop of the current financial situation in the country and said that India has a visible workforce as its population is young and the country’s growth is consumption driven and not dependent on exports and imports. He gave a macroeconomic perspective of the current happenings in India.

Mr. Vivian Pillai started his talk by laying the context of the situation and talked about the adoption of Ind AS which is more or less relating to IFRS and all Indian companies would have to follow it by April 2017. He told that Indian GAAP had no clear guidance on various issues and IFRS would help to clear those issues.

Mr. Sumit Srivastav talked about the technical disruptions in banking. He talked about the four critical factors – Cost of acquisition, Cost of production and distribution, Cost of distribution and cost of compliance. He talked about how technology has revolutionized banking, how big data and Analytics are being used for customer services, how mobile banking services is changing the banking space, how the fintech revolution is changing the way banks function and how the goal posts for the banks keeps changing and moving ahead as the institutions keep achieving and moving towards the goal.

Finally the conclave came to an end with Mr. Shreyas Petkar summarised the ideas of all the speakers and laid stress on being a specialist and not a generalist.