At the BT Best Banking & Economy Summit, Nuclear Software’s Parag shares why the age of Artificial Intelligence is a massive opportunity for India rather than a challenge. He highlights three key strengths — India’s deep technology talent pool, vast data advantage, and the country’s proven ability to leapfrog into emerging technologies. With over 40 years of specialized domain expertise, Nuclear Software believes AI success is not just about technology, but about understanding business use cases. Parag explains how domain knowledge combined with AI innovation is helping them roll out embedded, real-world solutions for customers.
India’s banking sector is entering a structural shift driven by AI, emerging technologies and sharper leadership accountability. At the BT Best Banking & Economy Summit, Manoj Kumar of KPMG said the industry is evolving beyond traditional models. Banks are now investing heavily in AI-led innovation, differentiated technology strategies across public, private and foreign institutions, and sharper performance benchmarks.He also pointed to a growing focus on leadership impact — signalling that transformation is no longer just institutional but driven from the top. With stricter evaluation standards and rising competition, the banking landscape is becoming more technology-centric and accountability-driven than ever before.
India’s banking sector may be entering one of its strongest phases in decades. At the BT best Banking & Economy Summit, Sanjay Doshi said NPAs are at multi-year lows, balance sheets are largely cleaned up, and regulatory clarity has strengthened sector confidence. With capital flows robust — from domestic investors, global funds and private equity — banks are now expected to pivot from retail-heavy lending towards corporate exposure and acquisition financing. He added that scale will increasingly matter, with the possibility of Indian banks exploring global acquisitions in the future. However, competition for CASA deposits from wealth management firms and rising cyber fraud risks remain key challenges. Strong capital, strong growth, strong confidence — banking appears to be in a “sweet spot.”
Parag Bhise, CEO, Nucleus Software discusses the fundamental transformation of the banking workforce and operational DNA. This conversation shifts the focus from AI as a buzzword to AI as a structural necessity for modern institutions. Bhise highlights how generative agents are replacing manual back-office tasks, allowing banks to pivot toward high-value customer engagement. As AI adoption accelerates, the "force" behind banking is becoming leaner, faster, and more data-driven. Understand the transition from traditional product-centric models to customer-centric intelligence. This session provides a roadmap for banks to navigate the transition, ensuring they remain relevant as the industry moves toward autonomous financial services.
At the BT Banking and Economy Summit, Union Minister Nitin Gadkari outlined sweeping reforms in India’s road infrastructure and BOT model. In conversation with Business Today, Group Editor, Siddharth Zarabi, he said the government has redesigned agreements to reduce contractor risk, introduced revenue-sharing safeguards, and accelerated clearances with 90% land acquisition before project awards. With FASTag, technology-led tolling, and NBFC participation, collection costs have sharply fallen, boosting efficiency and transparency. Gadkari highlighted massive expressway expansion, North East connectivity projects, green construction innovations, and reduced logistics costs. Confident in funding and execution capacity, he asserted India can execute projects worth ₹10 lakh crore without financial constraints.
At the BT Banking and Economy Summit, Union Minister Nitin Gadkari, in conversation with Business Today, Group Editor, Siddharth Zarabi, outlined the transformation of India’s road infrastructure and financing models. He said highway monetisation through InvIT, TOT, BOT and hybrid annuity models has unlocked massive investor confidence, claiming projects worth ₹1.5 lakh crore can be monetised in days. Gadkari highlighted reforms such as 90% land acquisition before awarding projects, full environmental clearances, and restructuring stalled projects to protect banks from NPAs. With strong IRRs, growing automobile demand, and falling logistics costs, he asserted that infrastructure is now financially viable, bankable, and central to India’s economic growth story.
At the BT Banking & Economy summit, Nitin Gadkari highlighted how infrastructure has been central to India’s growth over the past 11 years under the Modi government. He said roads, logistics, fuel innovation and expressways are transforming economic efficiency. Gadkari cited studies showing India’s logistics cost has fallen from 14–16% of GDP to single digits due to access-controlled highways and faster connectivity like Delhi-Mumbai and Chennai-Bengaluru corridors. He emphasized electric trucks, battery swapping, and hydrogen pilots as game changers, reducing fuel costs and import dependence. With alternative fuels like ethanol, LNG and hydrogen, Gadkari expressed confidence that India could shift from energy importer to exporter in the coming years.
As India targets a 30 trillion dollar economy under the Viksit Bharat 2047 vision, the banking sector faces a critical challenge — how to scale loan growth nearly tenfold without triggering a surge in bad loans. Speaking at the BT Banking Summit, Nidhu Saxena, MD and CEO of Bank of Maharashtra, emphasises that this growth must be sustainable, compliant and risk-aware. She highlights that banks must carefully balance expansion with strong regulatory discipline, while also preparing for emerging risks, including those linked to rapid digital adoption. Saxena points out that banks alone cannot fund India’s ambitious growth journey. A broader financial ecosystem, including development finance institutions and innovative financing models, will be essential, particularly for long-gestation infrastructure projects. She also reflects on the digital transformation of banking post-COVID, noting that while technology has improved efficiency and reduced customer acquisition costs, physical branches continue to play a crucial role, especially in rural and semi-urban India. The discussion underlines that India’s path to becoming a developed economy will depend not just on faster credit growth, but on building a resilient and well-balanced financial system.
At the Business Today Banking & Economy Summit, Shaktikanta Das, Principal Secretary to the Prime Minister, outlined India’s next growth pillars spanning artificial intelligence, trade integration, and financial resilience. He highlighted the ₹10,300 crore IndiaAI Mission to build sovereign AI capacity through indigenous large language models across 22 Indian languages, alongside small language models for wider access. On trade, he said India has concluded major free trade agreements with the UK, EU, US, Oman and New Zealand, marking a paradigm shift toward negotiating from a position of strength. Das also cited $135.4 billion remittances and stronger balance sheets as signs of structural transformation.
As India moves steadily towards becoming a 30 trillion dollar economy under the Viksit Bharat 2047 vision, the role of the banking sector is coming sharply into focus. Speaking at the BT Banking Summit, Rajneesh Karnatak, MD and CEO of Bank of India, highlights a critical gap — despite strong economic momentum, India currently has only a handful of banks in the global rankings. He explains that scale, asset size and market capitalisation are key parameters where Indian banks must expand significantly. Karnatak emphasises that for India to sustain high GDP growth, credit expansion must keep pace, often growing at nearly twice the rate of GDP. He also points out that banking alone cannot shoulder this responsibility, and calls for deeper bond markets and a broader financial ecosystem, including NBFCs, mutual funds, insurance and pension sectors. With a diverse population spanning rural to metro regions, India requires a multi-layered banking structure — from small and medium institutions to a few globally competitive giants. The discussion outlines what it will take for Indian banks to secure a stronger position globally and support the country’s long-term economic ambitions.
At the Business Today Banking & Economy Summit, Shaktikanta Das, Principal Secretary to the Prime Minister, highlighted fiscal prudence, sustained capital expenditure, and manufacturing resurgence as key pillars of India’s economic strength. He noted the fiscal deficit’s decline from 9.2% of GDP in FY22 to 4.4% in FY26, with further consolidation budgeted at 4.3% in FY27. Central government debt is targeted to fall toward 50% of GDP by 2031. Capital expenditure has risen fourfold since FY18, with ₹12.2 lakh crore budgeted for FY27. He also underscored infrastructure expansion and manufacturing growth, including India becoming the world’s second-largest mobile phone manufacturer.
At the BT Best Banking & Economy Summit, Ravi Narayanan, MD & CEO of SMFG India Credit, said microfinance does not need a structural overhaul but a measured evolution. He emphasized that the sector’s foundational goal was to bring the “credit invisible” into the formal system — a target India has largely achieved. As aspirational households move toward asset building, diversification is a natural progression for financial institutions. However, Narayanan cautioned against unnecessary policy shifts or abrupt structural changes that could create volatility. Instead, he called for stability, responsible growth and strong customer protection, while allowing the industry to evolve organically through cycles.
At the Business Today Banking & Economy Summit, Shaktikanta Das, Principal Secretary to the Prime Minister, highlighted India’s resilience amid global economic turbulence marked by geopolitical fragmentation, supply chain shifts and fiscal stress in major economies. Citing IMF concerns over downside risks to global growth, Das said India’s stability stems from calibrated fiscal and monetary interventions post-COVID, executed in coordination with the Reserve Bank of India. He noted that nearly one-sixth of global real GDP growth in the post-pandemic period has come from India. The NSO pegs FY26 growth at 7.6% and FY25 at 7.1%, reinforcing India’s status as the fastest-growing major economy.
At the BT Best Banking & Economy Summit, Dr. Alok Misra, CEO& Director of MFIN, strongly rejected the “brutal stress” narrative around India’s microfinance sector. While headlines cite 16% NPAs and ₹55,000 crore in stressed assets, Misra clarified that Portfolio At Risk stands at 4.7%. He attributed the spike to external disruptions — heatwaves, state-level agitations and policy uncertainty — not structural underwriting failures. With 96.4% of loans compliant with RBI norms and MFIN guardrails, and overleveraging reduced to 3%, the sector believes peak stress has already passed. The bigger challenge now is the funding winter — though Misra hinted that positive developments may emerge soon.
At the BT Best Banking & Economy Summit, Dr Alok Misra, CEO & Director of Microfinance Institutions Network, shares a realistic outlook on the future of microfinance. Responding to questions on whether pure-play MFIs will survive till 2047 or evolve into diversified financial hubs, he says predicting that far ahead is speculative. Instead, he outlines a vision till 2030–32. While credit remains core, MFIs are expanding into insurance and lobbying to distribute pension products like Atal Pension Yojana through NBFCs. He stresses that scaling nano and micro enterprises — which form the bulk of India’s MSMEs — is critical for inclusive growth. Policymakers, lenders and regulators must work together to ensure sustainable sector performance.
At the Business Today Banking & Economy Summit, Madan Sabnavis highlighted structural stress in deposit mobilisation, citing falling deposit rates, tax asymmetry favouring equities over debt, and competition from mutual funds. He argued banks need tax incentives for deposits, given their critical role in funding government borrowing and priority sectors, warning that lower returns could hurt senior citizens’ income and consumption. Somya Kanti Ghosh pointed to UPI-led volatility in CASA deposits and stressed protecting over 200 crore deposit accounts while ensuring fair returns. Offering a counterview, Ashima Goyal noted banks’ strong profitability and urged balanced tax reforms across asset classes.
At the BT Best Banking & Economy Summit, Ashishkumar Chauhan, MD & CEO, NSE, highlighted India’s leadership in market settlement reforms. India was the first major market to implement T+1 settlement, with the US following nearly 18 months later and Europe expected to transition by 2028. Faster settlement reduces counterparty risk by shrinking the time between trade and settlement. However, Chauhan explained that moving to T+0 settlement involves global operational challenges. International investors operate through multiple intermediaries across time zones, making real-time settlement complex. While Indian retail investors and institutions can adapt quickly, global participation requires alignment. He emphasized that while India is technologically capable, broader ecosystem readiness will determine the timeline for T+0 implementation.
At the BT Banking and Economy Summit, Business Today TV’s Shailendra Bhatnagar speaks with Hitesh Sethia, MD & CEO, Jio Financial Services, and Sudipta Roy, MD & CEO, L&T Finance, on AI and the Viksit Bharat 2047 vision. Roy outlines an ambitious roadmap, projecting a massive expansion in India’s credit base, with NBFCs potentially growing from $0.5 trillion today to multi-trillion dollar scale over the next two decades. Sethia underscores the need for strong risk management, regulatory support, and technology-led agility. Both leaders agree that innovation, capital flow, and disciplined growth will define the future of India’s financial ecosystem.
At the BT Best Banking & Economy Summit, Ashishkumar Chauhan struck a distinctly geopolitical note, warning that the world is entering a phase of “tectonic shifts” comparable to watershed moments like the World Wars, the fall of the Berlin Wall, and the inflationary upheavals of the 1970s. He said that while global alliances remained broadly stable from 1944 to 2025, the current moment marks a structural reset. Power equations are changing, new technological rivalries are emerging, and geopolitics will increasingly shape economic outcomes. Referring to the global AI race, Chauhan described a polarised landscape dominated by the United States and China, each offering competing models of control and openness. In such a shifting environment, he said, India — now far larger in economic heft — must carefully define its strategic role. The next decade, he suggested, will test how intelligently India navigates these moving parts.
The Business Today Best Banks Awards Ceremony marks the culmination of the Banking & Economy Summit, celebrating excellence across India’s banking and NBFC landscape. Based on the rigorous BT KPMG Best Banks and NBFCs Survey, the awards recognise institutions that have demonstrated superior performance across financial strength, governance, innovation, customer service, and risk management. The evaluation process combines quantitative metrics with qualitative assessments, ensuring a holistic recognition framework. The ceremony honours banks and NBFCs that have emerged stronger in the era of The Great Reset, setting benchmarks for the industry and inspiring future transformation.
Infrastructure development is central to India’s growth ambitions, and financing this expansion requires strong collaboration between government and financial institutions. Nitin Gadkari, Minister for Road Transport & Highways, shares insights on India’s infrastructure roadmap, public-private partnerships, and funding mechanisms. Moderated by Siddharth Zarabi, the session explores how banks and NBFCs can support large-scale infrastructure projects while managing long-term risks. The discussion highlights innovative financing models, capital mobilisation, and the role of infrastructure in job creation and economic competitiveness. Anchored in The Great Reset theme, the session outlines how infrastructure finance can drive sustainable growth.
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