Business Standard BFSI Insight Summit 2024: A Platform for Financial Discourse

The highly anticipated “Business Standard BFSI Insight Summit 2024,” India’s largest event focusing on the banking, financial services, and insurance (BFSI) sector, is set to commence on Wednesday. The three-day summit will bring together leading figures from various industries—including banking, insurance, and equity markets—to discuss the current economic landscape and future prospects of the Indian economy.

Key Discussion Topics

Industry leaders will focus on several pressing issues threatening to undermine growth in India. Geopolitical tensions will be a significant point of concern, with leaders exploring their potential to disrupt financial stability. Furthermore, the easing of monetary policy by the Federal Reserve is expected to pressure the Reserve Bank of India (RBI) to maintain pace with global trends. Participants will also address the rising stress in the unsecured retail loan portfolios, which has raised alarms among domestic banks. Another crucial topic will be the ongoing under-penetration of insurance in India — a situation that has prompted the Insurance Regulatory and Development Authority (Irdai) to seek innovative solutions to increase insurance accessibility.

Opening Ceremony

The summit will kick off with an inauguration by C S Setty, the newly appointed chairman of the State Bank of India (SBI). Setty, who took over in late August from outgoing chairman Dinesh Kumar Khara, carries over three decades of banking experience within SBI. Before his appointment as chairman, he served as managing director of international banking, global markets, and technology portfolios.

Following Setty’s inauguration, Reserve Bank of India (RBI) Governor Shaktikanta Das is set to engage in a fireside chat. Das, who has been recognized as the top central banker for two consecutive years, faces a significant moment as he approaches the end of his second three-year term.

Economic Growth Amid Challenges

Governor Das will address his experience at the helm of the RBI, particularly navigating the economic landscape amid various challenges, including international conflicts and the aftermath of the COVID-19 pandemic. While India’s economic growth remains robust, with the RBI projecting a GDP growth of 7.2% for FY25, high-frequency indicators suggest a slight downturn in momentum in the second quarter of 2024-25. Despite a reduction in the inflation rate recently, inflation ticked higher in September, largely due to rising food prices, prompting discussions on the RBI’s monetary policy stances. Market participants are particularly interested in Das’s insights regarding potential rate cuts, as comments indicating that an immediate reduction would be "premature" might delay anticipated rate cuts until February.

Insights from Regulatory Leaders

In addition to Das, T Rabi Sankar, deputy governor of the RBI, will also participate in a fireside chat. This conversation could be crucial for the fintech sector, as regulatory clarity becomes increasingly important amid rapid transformations in the industry.

The summit will also showcase the launch of two significant reports—one by Knight Frank and another by the Everest Group—providing insights into various segments of the BFSI sector.

Debasish Panda, who has been at the forefront of Irdai since 2022, will highlight his initiatives to foster growth in the insurance industry. Since taking charge, he has overseen the entry of six new players into the market—the first additions to the life insurance segment in over a decade. Panda has implemented necessary reforms, such as increasing surrender charges for policies in their first year, and has promoted the vision of "Insurance for All by 2047." Furthermore, his concept of "Bima Trinity" aims to broaden insurance accessibility through innovative market strategies.

Looking Ahead

As equity penetration continues to deepen in India, the Securities and Exchange Board of India (Sebi) is expected to play a critical role in ensuring market stability. Ananth Narayan Gopalakrishnan, a whole-time member of Sebi, will address ongoing challenges in the equity markets, including speculative trading practices.

The summit will conclude with a conversation featuring veteran banker K V Kamath, providing final insights into the future of the Indian BFSI sector.

The “Business Standard BFSI Insight Summit 2024” presents a platform for industry leaders to discuss these critical issues, fostering dialogue that could shape the future of banking, insurance, and financial services in India.