Indian Chamber of Commerce hosts Banking Summit

Guwahati: The Banking and Financial Market Summit organized by the Indian Chamber of Commerce today focuses on engaging with citizens in the modern era of banking. During his Welcome Address, Mr. Sarat Kumar Jain, Chairman of Assam & Meghalaya State Council of Indian Chamber of Commerce, emphasized the significance of financial Inclusion. This involves widening access to fundamental financial services such as savings accounts, loans, and insurance for all individuals and businesses, irrespective of their socioeconomic status or location. He also endorsed the use of digital technologies to increase efficiency, enhance customer experience, and lower costs while advocating for responsible lending practices and risk management strategies to secure the continuity of financial institutions.

Mr. Loken Das, Chief General Manager of the National Bank for Agriculture and Rural Development (NABARD), stated at the Summit that India became aware of the significance of financial literacy and inclusion in 1969, but acknowledges that there is still much progress to be made. He mentioned that banks, especially nationalized ones, should serve the public while also remaining financially viable. Bankers need to consider providing their services to the less fortunate in order to improve their financial situations and should be willing to offer their support at all times. He additionally mentioned that India has achieved global leadership through the digitalization of payment methods, and the future of financial inclusion appears promising with the rise of new fintech companies. With the shift towards digital financial transactions, he also warned about the possibility of cyber fraud. Therefore, banks need a strong cyber security mechanism. The Indian government aims to establish a branch every 5 kilometers along National or State Highways. He also pushed for the collaboration of all banks to reach these goals.

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Mr. Veekash Agarwal is the General Manager at North Eastern Development Finance Corporation Ltd. (NEDFi) stated that the Credit Deposit ratio in North East is 60 pc compared to the national CD ratio of 80 pc.  This just shows how banks are not lending enough and borrowers are unable to get loans. Banks must adjust their norms and display more trust in borrowers to improve this situation.

According to Mr. Ishantor Sobhapandit, Regional Director of Indian Chamber of Commerce, it is important to pinpoint the shortcomings in the banking and financial system and develop appropriate strategies to address them. Vinaya Kumar Singh, the Zonal Manager (Dy.), was among the other experts who presented at the Summit. General Manager of Bank of India is Mr. Sonu Sharma, Vice President of Axis Bank is Mr. Prakash Upadhaya, and Branch Manager of IDFC First Bank is Mr. Bikash Das. Mr. J. K. Sahoo, General Manager of Punjab National Bank, Mr. Anuj Jain, AGM of Canara Bank, Mr. Ankur Mondal, DGM of SIDBI, Mr. Subir Chattopadhyay, Branch Manager of ECGC Limited in Guwahati, and Mr. Mrinmoy Pathak, Founder Director of ATMs, who is also a Chartered Accountant. Senior Officials, Industry Houses, and Start Ups attended the program in high numbers.

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