Guwahati, October 24 – The Indian Chamber of Commerce organized a significant Banking and Financial Market Summit today in Assam’s Guwahati, themed “Reaching Out to the Citizens in the New Age of Banking.”
The summit aimed to discuss the crucial aspects of financial inclusion, digitalization, and responsible lending practices in the evolving banking landscape.
In his welcome address, Sarat Kumar Jain, Chairman of the Assam & Meghalaya State Council of the Indian Chamber of Commerce, emphasized the importance of financial inclusion.
He stated that ensuring access to basic financial services like savings accounts, loans, and insurance for individuals and businesses, regardless of their socioeconomic status or location, is vital for a prosperous society.
He also highlighted the necessity of adopting digital technologies to enhance efficiency, improve customer experience, and reduce operational costs. Jain further advocated for promoting responsible lending practices and effective risk management strategies to sustain financial institutions.
Loken Das, Chief General Manager of the National Bank for Agriculture and Rural Development (NABARD), remarked on India’s long journey towards achieving financial literacy and inclusion, which began in 1969. He stressed that nationalized banks are meant to serve the people while remaining profitable. Das encouraged bankers to focus on uplifting the financial conditions of the poor and expressed optimism about the future of financial inclusion, given India’s advancements in digital payment systems and the rise of fintech companies.
However, he cautioned about potential cyber frauds, calling for robust cybersecurity measures within banks. He also highlighted the government’s ambitious plan to establish a bank branch every 5 km along national and state highways and urged banks to collaborate to achieve these goals.
Veekash Agarwal, General Manager of the North Eastern Development Finance Corporation Ltd. (NEDFi), pointed out the disparity in the Credit Deposit (CD) ratio between the Northeast, which stands at 60%, and the national average of 80%. He underscored the need for banks to relax lending norms and show greater confidence in borrowers to address this issue.
Ishantor Sobhapandit, Regional Director of the Indian Chamber of Commerce, emphasized the need to identify gaps in the banking and financial systems and formulate suitable policies for rectification.
The summit featured insights from various banking experts, including Vinaya Kumar Singh, Zonal Manager of Bank of India; Sonu Sharma, Vice President of Axis Bank; Prakash Upadhaya, Branch Manager of IDFC First Bank; Bikash Das, Deputy General Manager of Punjab National Bank; J.K. Sahoo, Assistant General Manager of Canara Bank; Anuj Jain, Deputy General Manager of SIDBI; Ankur Mondal, Branch Manager of ECGC Limited, Guwahati; Mrinmoy Pathak, Chartered Accountant and Subir Chattopadhyay, Founder Director of ATMs.
The event saw active participation from senior officials, industry leaders, and startups, culminating in an interactive session where delegates raised and addressed various relevant queries.
The summit served as a crucial platform for discussing the future of banking and financial markets in Assam and beyond, reinforcing the commitment to fostering financial inclusion and innovation.
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