Technology has shaken up the banking sector in India. Various digital transformation measures have disrupted the industry and will continue to do so in the long run.
This will happen at a more rapid pace than we have ever known. In that light, Shaktikanta Das, governor of the Reserve Bank of India (RBI) started the proceedings by reinforcing the theme about why banks need to look beyond tomorrow.
He also spoke about various opportunities and challenges faced by India’s lenders. He acknowledged that these are “turbulent times” across the globe. But he was more optimistic about India’s situation. “The recently released Financial Stability Report by the RBI highlights that the Indian financial system remains resilient and supportive of the ongoing economic revival. It also shows that banks are well positioned to withstand even serious stress scenarios without falling below the minimum capital requirement”.
The first panel discussion focused particularly on what the future is in store for an industry from “an outside in perspective”, said Sanjiv Chadha, Managing Director & CEO of Bank of Baroda, who moderated the session.
“Technology for every industry is like your spine. If you don’t have a backbone, your brain is not getting the signals. Technology has become like that to help customers get the experience that they deserve,” said Arundhati Bhattacharya, Chairperson and CEO.