With the growing significance of Non-Banking Financial Companies (NBFCs) & Micro-Finance Institutions (MFIs) in the country, the Elets Technomedia along with the Banking and Finance Post hosted its 7th edition of NBFC100 Tech Summit in Chennai on July 3, 2019.
The day-long the conference had an eclectic mix of speakers highlighting the success of the sector, the shortcoming, and steps they are taking to come out of the liquidity crisis post- IL&FS. The conference also had experts delivering their insightful views on the current financial scenario of the country through panel discussions and exploring ways in which technology is changing the landscape of the NBFCs.
Subrata Gupta, Managing Director, NABARD Financial Services Ltd, inaugurated the summit earlier in the day.
Speaking on the occasion he explained the Role of technology in the NBFC sector and said that “ It is not the matter of how efficient the technology is, it is a matter of how efficiently the technology is being used. While the companies are coming up with different technologies there is still a big gap in what you want the technology to do and the way it is going to be used by people on the field. To bridge that gap there is a huge requirement for training and capacity building. NBFCs have to address it internally, by simply adopting the technology will not help them.”
Several other eminent dignitaries namely P. Sridharan, Executive Director, Shriram Transport Finance Company Ltd, Bosco Mascarenhas, Head Business Development, Seshaasai Business Forms, Megha Dalela, Vice President-Products, Nucleus Software, Vijendra Katiyar, Director of Enterprise Business, India & SAARC, Trend Micro India Pvt Ltd, Muneebuddin Mohammed, Vice President, Cloud4C Services were also the part of the inaugural session.
“There is a big shift in customer’s expectation. More and more customers are adopting technology and digital platform,” said Muneebuddin Mohammed, while sharing his insights on ‘Cloud Strategy for Successful Digital Transformation Future.’
The Banking & Finance Post Magazine issue for May-June along with 4th BFSI CTO Summit, Mumbai brochure was also launched during the event.
Speaking on the occasion some experts highlighted the scenario of the financial sector post IL&FS crisis.
“Till IL&FS crisis happened nobody knew it’s an NBFC. A wide spectrum of NBFCs has been impacted because of this crisis,” said V G Suchindran, Chief Financial Officer, Veritas Finance Pvt Ltd.
“There has been a reduction in the disbursement of funds to NBFCs by the banks in the last quarter. There is a trust issue for lending to the NBFCs from the bank sides. If that is solved the insolvency issue will be resolved,” said Ajeeth Doss, Head of Treasury, Samunnati Financial Intermediation & Services Pvt Ltd.
The event was concluded with the felicitation ceremony.