The takes and responses of the speakers at the inaugural session, who included CMDs and CEOs of some leading public sector banks and financial institutions called for enabling policies and prudent management of the situation to set things right.
They also called upon corporates to manage their companies well particularly at a time when goings are tough.
To pull the country out of this situation, corporates must do some prudent and proper business restructuring, said Shubhalakshmi Panse, Chairman and Managing Director, Allahabad Bank, during a CMD Roundtable held during the inaugural session.
"The corporates will be judged how they perform when things are not neither gung-ho nor honky dory or the growth cycle moves smoothly. The biggest challenge is to manage things during the downturn," she explained.
However, she said on the positive side, the action is now taking place beyond the tier-I or tier-II cities. "That's where the opportunities lie and financial inclusion is taking place," she added.
Panse also called for new blood to add viguour to the public sector banking in India.
According to M Narendra, Chairman and Managing Director, Indian Overseas Bank, managing the fundamentals is of paramount importance.
"Managing capital, managing assets, managing costs and risks, and at the same time, giving improved services to customers are the things new-age banks are expected to ensure," he said.
The UCO Bank CMD, Arun Kaul, called for controlled devices to ensure steady and sustainable growth of the sector.
S B Nayar, Chairman and Managing Director, IFCI, underscored the need for out-of-the-box ideas. "Giving equity more value is a challenge" he said.
Atanu Sen, MD and CEO, SBI Life Insurance Co. Ltd., said, "Innovation is not something that is new, but a profound understanding of customers' needs and work accordingly. We must be able to offer the right products to customers," he said.
In his welcome address, Sudhir Deoras , Chairman, CII Eastern Region, said CII Banking Colloquium has over the past few years come to be seen as a powerful platform for influential bankers, financial experts and representatives from industry houses to interact and exchange ideas, vision and perspectives,
"We all agree that overall scenario is scary, and many feel that there is little hope of light at the end of the tunnel. But we at CII are confident, with the RBI becoming active and the Government resolute to do set things order in terms of policies and implantation, we will hear some good news soon," Deoras said.
The CMD Roundtable was moderated by Gopika Gopakumar of CNBC.
The inaugural session was also marked by the release of a CII-KPMG study report - Indian Banking - Maneuvering through Turbulence: Emerging Strategies.
Deoras also thanked KPMG, CII Eastern Region's knowledge partner for the Banking Colloquium 2013. "I thank Mr Shashwat Sharma, Partner, KPMG and his team for their ardent efforts in preparing the report," he said.
Sharma, Partner KPMG, said the turbulence in the financial market presents an opportunity to deliver innovative models.
"We need to go back to the basics and offer the right products to customers," he said.
Vijay Maheshwari, Chairman, CII ER Banking Core Group and Director, Sumedha Fiscals Ltd, delivered the concluding remarks.
Saugat Mukherjee, Regional Director, CII Eastern Region, was also present at the inaugural session.
--IBNS (Posted on 14-09-2013)