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Unveiling India’s Financial Future: Highlights from the Business Standard BFSI Insight Summit 2024

March 9, 2025
Smart Money

Business Standard BFSI Insight Summit 2024: A Gathering of Financial Leaders

The much-anticipated “Business Standard BFSI Insight Summit 2024” is set to commence on Wednesday, bringing together prominent figures from India’s banking, financial services, and insurance (BFSI) sectors. The three-day event will focus on key concerns affecting the country’s economic landscape and will feature discussions led by industry leaders, regulators, and experts.

Key Themes of Discussion

At the summit, industry leaders will delve into pressing issues that threaten to disrupt growth within the BFSI framework. Topics on the agenda include:

  • Geopolitical Tensions: Participants will assess how global conflicts and political instability could impact economic growth in India.
  • Monetary Policy Challenges: The easing of monetary policy by the Federal Reserve is expected to generate pressures on the Reserve Bank of India (RBI). Leaders will discuss strategies to ensure that India does not fall behind in the global financial arena.
  • Stressed Retail Portfolios: Rising stress levels in unsecured retail portfolios, particularly in credit cards and microfinance, are raising red flags for domestic banks. The need for proactive management of these portfolios will likely be a focal point of discussions.
  • Insurance Penetration Issues: With a persistent under-penetration of insurance in the country, agencies such as the Insurance Regulatory and Development Authority of India (Irdai) are compelled to think innovatively about how to expand insurance coverage across various demographics.

Inaugural Address by C S Setty

The summit will be officially inaugurated by C S Setty, the newly appointed chairman of the State Bank of India (SBI). Setty, who took the reins from Dinesh Kumar Khara in August 2023, brings over three decades of experience with SBI, having worked in various prominent roles including managing director with oversight of international banking and global markets. His insights will set the tone for the discussions surrounding the future of India’s banking landscape.

Fireside Chats with Key Regulators

Following Setty’s opening remarks, RBI Governor Shaktikanta Das will engage in a fireside chat that promises to shed light on the central bank’s strategies amid current economic conditions. Das, who is nearing the end of his second three-year term, has been recognized as one of the top central bankers globally for two consecutive years. His tenure has encompassed significant challenges, including the aftermath of the IL&FS crisis and global events like the pandemic and ongoing geopolitical tensions.

Despite these challenges, Das remains optimistic about India’s economic growth trajectory, projecting a GDP growth rate of 7.2% for FY25—although there have been signs of slowed momentum in the latter part of the year. Market participants will be keenly observing his commentary on potential monetary policy shifts, particularly in light of recent inflation trends and discussions around potential interest rate cuts.

In addition, T Rabi Sankar, the RBI’s deputy governor, will participate in a separate fireside chat focused on the transformative impact of fintech and the necessity for regulatory clarity to support innovation in the sector.

Report Launches and Innovations in Insurance

The summit will serve as a platform for significant report launches, including one by Knight Frank and another by the Everest Group, both promising valuable insights into current trends and future prospects in the BFSI landscape.

Debasish Panda, the Irdai chief, will also highlight advancements in the insurance sector. Panda’s leadership has led to a notable increase in new market players, with six industry entrants in just two years. He has championed reform efforts aimed at increasing insurance penetration and has set ambitious goals, including the call for “Insurance for All by 2047”.

Panda’s initiatives include the introduction of the "Bima Trinity" framework, which encompasses innovative strategies like Bima Sugam—a marketplace for insurance products, Bima Vaahak—an agency force focused on women, and Bima Vistaar—a comprehensive insurance product.

Equity Market Perspectives

As equity market penetration continues to deepen in India, discussions led by Ananth Narayan Gopalakrishnan from the Securities and Exchange Board of India (Sebi) are expected to address regulatory measures designed to promote stability and curb speculative trading practices. His insights will be critical as the market navigates fluctuations and increasing investor participation.

Conclusion of the Summit

The summit will culminate with a conversation featuring veteran banker K V Kamath, summarizing the key insights garnered over the three-day event. The Business Standard BFSI Insight Summit 2024 aims to provide a comprehensive overview of the challenges and opportunities facing India’s BFSI sectors, setting the stage for future growth and innovation. As leaders and regulators share their expertise, the dialogue is anticipated to shape the strategic direction of India’s financial landscape for years to come.