Business Standard BFSI Insight Summit 2024 to Kick Off in India

New Delhi, India – India’s largest banking, financial services, and insurance (BFSI) event, the “Business Standard BFSI Insight Summit 2024,” is set to commence on Wednesday, bringing together influential leaders from the banking, insurance, and equity markets to explore the country’s economic landscape. This significant three-day summit will cover various critical topics impacting the financial sector, including geopolitical tensions, monetary policy dynamics, and insurance market penetration challenges.

Inauguration by SBI Chairman C S Setty

The summit will be inaugurated by C S Setty, the newly appointed chairman of the State Bank of India (SBI). Setty, who took over from Dinesh Kumar Khara in August 2023, is a veteran banker with over three decades of experience at SBI. He has previously held the positions of managing director in charge of international banking, global markets, and technology portfolios.

Key Discussions on Economic Challenges

The summit’s agenda includes an in-depth examination of several pressing issues. Geopolitical tensions are posing threats to India’s growth trajectory, while the recent easing of monetary policy by the Federal Reserve places pressure on the Reserve Bank of India (RBI) to adapt and ensure it does not fall behind. A growing concern among domestic banks is the rising stress in the unsecured retail portfolio, which poses risks to their stability. Moreover, the summit will address the persistent under-penetration of insurance in India, prompting the Insurance Regulatory and Development Authority (Irdai) to contemplate innovative strategies to improve market penetration.

RBI Governor Shaktikanta Das to Speak

Following the inauguration, the spotlight will turn to Reserve Bank of India (RBI) Governor Shaktikanta Das, who will engage in a fireside chat. Das, who has been recognized as the top central banker for two consecutive years, is nearing the end of his second three-year term, which concludes next month. He has led India’s central banking efforts through challenging periods, including the aftermath of the IL&FS crisis, the pandemic, and ongoing global tensions.

Despite geopolitical challenges, Das has maintained that India’s economic fundamentals remain strong, projecting a GDP growth rate of 7.2% for FY25. Nonetheless, there are signs of slowing momentum, with some high-frequency indicators reflecting a dip in economic activity during the second quarter.

Recently, while inflation rates have shown a decline, an uptick in September caused concerns, prompting speculations that the RBI might delay any interest rate cuts until February, contrary to prior market expectations of a December reduction. Das’s remarks during the summit are anticipated to provide critical insights into the RBI’s stance regarding future monetary policy adjustments.

Insurance Sector Developments

Debasish Panda, leading Irdai since 2022, will also share insights during the summit. Under his leadership, the insurance industry has witnessed significant transformation, including the entry of six new players in the life insurance segment and crucial reforms in policy charges. By advocating for “Insurance for All by 2047,” Panda is focused on addressing India’s low insurance penetration.

Furthermore, Panda is expected to discuss the innovative marketplace concept, Bima Trinity, which comprises Bima Sugam, a digital insurance marketplace; Bima Vaahak, a women-centric agency force; and Bima Vistaar, offering a combination of personal, life, and property insurance products.

Focus on Equity Markets

The summit will also shed light on equity markets, as Ananth Narayan Gopalakrishnan from the Securities and Exchange Board of India (Sebi) discusses measures implemented to address concerns stemming from speculative trading practices. With the increasing prevalence of systematic investment plans among salaried individuals, Gopalakrishnan’s insights will be pivotal in understanding the regulatory landscape of the equity market.

Conclusion and Closing Address

The summit will conclude with a fireside chat featuring prominent banker K V Kamath, offering further reflections on the BFSI landscape in India. As the event unfolds, it promises to provide a vital platform for discussion and collaboration among industry leaders, paving the way for strategic advancements in India’s banking, financial services, and insurance sectors.