Showcasing the excellence and innovations made in the field of Non-Banking Financial Companies (NBFCs) in South India, 4th NBFC100 Tech Summit commences in Hyderabad today.
This mega congregation of experts from across financial institutions was inaugurated by Ajay Mishra, Special Chief Secretary, Department of Energy, Government of Telangana.
Jayesh Ranjan, Principal Secretary- Information Technology, Industry & Commerce, Department, Government of Telangana also shared his valuable insights of NBFCs at the summit as Special Guest.
Other eminent dignitaries namely Gowra Srinivas, President, Federation of Telangana & Andhra Pradesh Chambers of Commerce & Industry, Dr Ruchi Agarwal, Senior Researcher, Indian School of Business, Dr B Yerram Raju, Adviser and Telangana Industrial Health Clinic Limited, Government of Telangana were also a part of the inaugural session.
Explaining the revolutionary changes in NBFCs, Ajay Mishra, Special Chief Secretary, Department of Energy, Government of Telangana said,”Non-Banking Financial Companies(NBFCs) have undergone a paradigm shift from the last three decades. Their scope, style of functioning and meeting the customer needs, everything changed significantly. These institutions are growing positively.”
While the Banking, Financial Services and Insurance (BFSI) sector in Indian is struggling to handle the menace of Non-Performing Assets (NPAs).
“There are many advantages in investing with NBFCs. NBFCs have tactfully handled their Non-Performing Assets (NPAs). I must say, their NPA scenario is far better than the banking counterparts. Rating agencies are also playing a vital role in classifying all the NBFCs. This has helped the investors in planning investments with NBFCs with greater confidence,” said Gowra Srinivas, President, Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry.
Talking about the overall banking and financial sector in India and the challenges it is facing, Dr Ruchi Agarwal, Senior Researcher, Indian School of Business said, “We are lagging behind the international standard in terms of benchmarking for almost a decade. Indian banking governance needs a far more innovative and progressive framework.”
Signifying the rising economic popularity of Hyderabad, where the summit was organised, Dr B. Yerram Raju, Adviser, Telangana Industrial Health Clinic Limited, Government of Telangana said, “Hyderabad is growing at a faster pace, in several dimensions. The cities growth rate is much higher than the national average.”
