From L to R: Sudhir Sinha, Chief Executive Officer, Uttar Pradesh Microfinance Association, Raman Aggarwal, Chairman, Finance Industry Development Council, Dr Amitabh Rajan, Chairman, Reserve Bank of India Services Board, P Satish, Executive Director, Sa-Dhan and Manu Raj Singhal, Lead-BFSI Vertical, Elets Technomedia at the inaugural session of 6th NBFC100 Tech Summit.
Underlining the challenges and the opportunities associated with the non-banking institutions in India, the inaugural session of 6th NBFC100 Tech Summit, New Delhi concludes.
Unveiling the summit, Manu Raj Singhal, Lead-BFSI vertical, Elets Technomedia, welcomed all the esteemed speakers, partners and delegates to the sixth edition of the confluence.
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The session titled, “Non Banking Financial Company: An Opportunity in a Storm” began with the opening speech by Dr Amitabh Rajan, Chairman, Reserve Bank of India Services Board, who highlighted the ongoing challenges faced by the Non-Banking Financial Companies (NBFCs) in India, role of media during the tough times and the way forward.
India is different and so are the challenges faced by the NBFCs here. In the tough times, there is a need to speculate and think beyond, said Ranjan, while addressing the inaugural session.
“We have to find out our own way in India to deal with the challenges in the NBFC sector rather than getting panicked by the Newspapers which generally highlight scams and draw conclusions based on the west,” said Rajan.
“We have to find out our own way in #India to deal with the challenges in the #NBFC sector rather than getting panicked by the Newspapers which generally highlight scams & draw conclusions based on the west,” says @DrAmitabhRajan3 , Chairman, RBI Services Board. #eletsNBFC. pic.twitter.com/q1GOeVsWZg
— The Banking & Finance Post (@BFSIPost) March 15, 2019
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Taking the session ahead, P Satish, Executive Director, Sa-Dhan-a microfinance institution and one of the host partners of the conclave, spoke about the transition of NBFCs and Microfinance Institutions (MFIs) over the years. He also explained the role of regulatory bodies in ensuring the emerged of MFIs as lending institutions.
“After going through a lot of hardships, NBFCs-MFIs in India are now emerging as one of the leading lending institutions. This transition was possible due to adherence to the vital guidelines initiated by the Reserve Bank of India“, said Satish from Sa-Dhan.
“After going through a lot of hardships, #NBFCs–#MFIs in #India are now emerging as one of the leading lending institutions. This transition was possible due to vital adherence to the guidelines initiated by @RBI“, says P Satish, Executive Director, #SaDhan. #eletsNBFC pic.twitter.com/bSSgicUfsw
— The Banking & Finance Post (@BFSIPost) March 15, 2019
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Proceeding further, Raman Aggarwal, Chairman from the Finance Industry Development Council (Host Partner of the conclave) asserted on the role of regulatory bodies in framing the developmental strategies of financial institutions, especially in India. He termed the regulators are the most vital and evident contributors to development.
“Regulation and development both go hand-in-hand and significant for the growth of any sector. It is a necessity in case of financial institutions,” said Aggarwal.
“Regulation & development both go hand-in-hand & significant for the growth of any sector. It is a necessity in case of #financial institutions,” says Raman Aggarwal, Chairman, @FIDC_NewDelhi, at 6th NBFC100 Tech Summit, New Delhi. #eletsNBFC pic.twitter.com/UgRg884u1X
— The Banking & Finance Post (@BFSIPost) March 15, 2019
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Emphasing on the rising significance of MFIs in the country and explaining their contribution towards the upliftment of the underbanked segments of the society, Sudhir Sinha, Chief Executive Officer, Uttar Pradesh Microfinance Association said, “MFIs are not just serving the lending demands of the remotest segments of the society, they are also generating a lot of scope for employment across the country.”
“#MFIs are not just serving the lending demands of the remotest segments of the society, they are also generating a lot of scope for #employment across the country, ” says Sudhir Sinha, CEO, #UttarPradesh #Microfinance Association at 6th NBFC100 Tech Summit. #eletsNBFC pic.twitter.com/GeviB630TI
— The Banking & Finance Post (@BFSIPost) March 15, 2019
Uttar Pradesh Microfinance Association is one of the host partners of the summit.
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The conclave hosted several insightful panel discussions on topics namely Modifying Credit & Liquidity Risk Framework of NBFCs & The Role of Regulatory Bodies, New Enterprise Technologies that NBFCs would Like to Embrace Next Year, Technology and its Importance in Curbing Fraudster Attacks in NBFCs , Rising Significance of Digital Lending: Challenges & Opportunities and Growing Role of CISOs in NBFC Sector.
While Experian India was Analytics Partner, FinBox was the Alternative Data & AI Partner of the summit.
Singzy and Tata Tele Services were the exhibitors and NexMoney was the branding partner.
The summit concluded with a felicitation ceremony where leaders and emerging faces across the BFSI sector were recognised for their exemplary contribution.
