PINAKI MAJUMDAR
Jamshedpur, Nov 16: The Finance Association at XLRI (FINAX) hosted ‘GNOSIS 21’ – the two- day 12th Annual Finance Symposium which concluded last evening.
Usually held in India’s financial capital Mumbai, this year’s event was organized online owing to the pandemic. The event saw the participation of faculty, students and corporate delegates all over India.
The theme was “Shifting Tides in Financial Services”. As the pandemic is receding, numerous paradigm shifts such as digital finance, IPOs, neo-banking, cryptocurrency and financial planning, which are making its way into the Indian economy and financial services industry.
The keynote address of the symposium was given by R Gandhi, former deputy governor of the Reserve Bank of India.
He illustrated the long history of technology and history ‘Jugalbandhi’ and how this time enabled by technological progress made over the past 20 years have made way for digital push in Indian banks.
Backed with solid data gathering, he informed the delegates about how the shift to digital banking has ensured more inclusiveness. He discussed how RBI and the Indian government has been the front-runner in terms of integrating technology in the Indian finance ecosystem.
RTGS, NEFT and UPI have enabled faster and larger real-time payments arrangements. Gandhi informed the attendees about the steps being taken by RBI to introduce digital currency by December this year and make government securities available to retail investors through the recently launched Retail Direct platform by the RBI.
Fr. Paul. Fernandes, director, XLRI highlighted that how the recent financial crises have exposed inadequacy and vulnerability of the traditional mechanisms in managing risk, it is imperative that we have to look for newer and innovative ways to ensure the safety of assets.
He emphasized the new innovations in the banking system should act as catalysts to reduce economic inequality and protect people’s hard-earned money.
Dr HK Pradhan, senior professor of Finance and Economics at XLRI articulated the greater role of banks in financial intermediation despite digital deepening and entry of payment banks.
He highlighted the financial sector to have been quick and adaptive to technology, the digital penetration in transaction responding to lockdown, and the accentuation of risk capital finding their way into many emerging sectors in payments system, including e-commerce, and innovative start-ups.
