BFSI Conclave 2023: Innovations for Inclusive Growth

Hyderabad: The Institute of Management Technology (IMT), Hyderabad, in collaboration with BFSI consortium, successfully conducted the first edition of the BFSI Conclave. Themed "Innovations for Inclusive Growth".

India is poised to achieve 5 trillion economy by 2027, and we are aiming to become the third largest economy in the world. It is the responsibility of the government and regulators to take every segment of the people in the growth story. India’s digital push has created significant marks in banking the unbanked segment through various initiatives, 67 per cent of rural and semi urban have been brought into formal banking system through Pradhan Mantri Jan Dhan Yojana. Still, India needs to go significant distance to ensure the inclusive growth. The conclave emphasized purpose based and impactful innovation to onboard the bottom of the pyramid.

Distinguished speakers and delegates, including representatives from the Asian Development Bank (Manila), Insurance Regulatory Development Authority, Bandhan Bank, Aix Bank, Jana Small Finance Bank and SucSEED Innovation fund gathered to exchange insights and strategies. The event's agenda included dynamic panel discussions and addresses that explored the diverse dimensions of Inclusive Growth, from Banking, Financial Services and Insurance Sectors.

Dr. Sriharsha Reddy K, Director of IMT Hyderabad, welcomed everyone on behalf of IMT. Mr. Rajesh Balaraju, London Stock Exchange Group, Core group member BFSI conclave, addressed all and mentioned the need for practical knowledge in this hour.

Prof.(Dr.) Sarath Babu, BFSI Conclave Chair, IMT Hyderabad, discussed the conclave theme – Innovations for Inclusive Growth. He mentioned that digital finance is making it easier to take credits. He highlighted the need for Inclusive Banking.

The Keynote Speaker – Mr. Arup Chatterjee, Principal Financial Sector Specialist at Asian Development Bank, Manila- talked about integrating climate action in financial markets and the insurance sector. He mentioned how Large and well-capitalized companies can easily switch to green tech, whereas low-income households face more issues. He talked about Biodiversity loss and sustainable business models. He mentioned that not acting now would cost us all later.

Following the second segment of event, Prof. (Dr.) V.C. Chakrapani, Dean of Academics at IMT Hyderabad, catalysed an engaging fireside chat. Joined by esteemed guest Dr. Subhash Chandra Khuntia, Chairman of Jana Small Finance Bank and former IRDAI Chairman, the conversation provided in-depth insights into the multifaceted dynamics of insurance penetration in Rural versus Urban India. Their illuminating discourse underscored the pivotal role of fintech in bolstering insurance access specifically for women in rural areas. Moreover, the session explored the far-reaching implications of the recent merger between fintech unicorn SLICE and a small finance bank, examining its potentially transformative effects within the insurance sector's landscape.

Mr. Santanu Mukherjee, Board Member at Bandhan Bank and IMT Hyderabad, initiated a panel on inclusive banking innovations. He emphasized MSMEs' GDP impact, comparing India to China. Fintech raised banking access to 90%, highlighting microfinance's role in credit and insurance.

Mr. Ratan Kumar Kesh, Executive Director at Bandhan Bank, shed light on banking's historical and current role in fostering inclusion. He emphasized the growing accessibility of credit over time and shared insights into the pivotal role of SHGs and JLG’s. Mr.Kesh addressed the Deep Pocket Inspection (DPI) Layer barrier, proposing Aadhaar services as a solution for streamlined identity verification.

Mr. Apurva Sahijwani, EVP & Head of Private Banking at Axis Bank, discussed the significance of Mutual Funds and Bond markets in financial inclusion. He highlighted how India's evolving Capital Markets are revolutionizing investment approaches, enhancing accessibility and participation for individuals.

Dr. Yerram Raju, Founder Director at Telangana Industrial Health Clinic, an esteemed panelist, highlighted trust and loyalty in lending enterprises and the pivotal role of MSMEs in financial inclusion. He emphasized the engagement of families and street vendors. Additionally, he elaborated on how schemes like MUDRA and PM Rojgar Yojna boosted inclusion and engagement.

Mr.Vikrant Varshney, Co-Founder and Managing Partner of SucSEED Innovation Fund emphasized fintech's transformative role in inclusion while disrupting traditional banking. He highlighted advancements like NEFT replacing checks and innovations such as Neo Banking and BNPL products. Mr. Varshney showcased how everyday activities like IRCTC or OLA bookings uninterruptly make people purchasing insurance, illustrating enhanced financial engagement.

The special address was done by Mr. Venkat Changavalli, CEO, IIBI, Advisory council, IRDAI. He discussed Innovations for Inclusive Insurance. He emphasized the launch of 108 and his contribution to the country at the age of 70 years. He mentioned changing your perspective sometimes to see things clearly. At the end of the special address.

As the event approached the conclusion, the resounding message echoes: integrated efforts are critical in achieving India's ambitious economic goals, and events like these provide the platform for actionable discussions and inclusive transformations.