Nitin Gadkari, India's Minister of Road Transport & Highways, believes that India has all the resources it needs and isn't facing any funding issues. He further added that banks are ready to lend money for the projects, if fact NHAI (National Highways Authority of India) has already arranged the funding by constantly monetising. "We are earning about Rs 40,000 crores on about Rs 5 lakh crores worth of roads we make via tolls. I aim to take this up to Rs 1 lakh crore in two years", the minister said. "In fact, we are giving higher interest to investors on our innovative products like InVTs of 8.5 percent compared to banks", he added, while speaking to Rahul Kanwal, News Director, India Today Group at the BT Banking Summit.
"India is moving from unorganised to organised market, informal to the formal market, unbranded to branded market and therefore has a huge scope to cater to the growing credit demand", said V. Vaidyanathan, MD & CEO, IDFC First Bank in conversation with Udayan Mukherjee, Global Business Editor, India Today Group at the Business Today Banking Summit.
"While credit growth is picking up pace, we may not see demand as we used to in the past. Expect credit growth now to be smaller and granular. Getting more credit demand from smaller companies, as they are growing much faster than the larger companies", said Hitendra Dave, CEO, HSBC India in conversation with Udayan Mukherjee, Global Business Editor, India Today Group at the Business Today Banking Summit. Piyush N. Singh, Senior Managing Director and India Business Lead, Accenture on the other hand believe banks will have to partner with corporates to encourage them to invest in sorting their own internals, however, the exuberance in credit growth will be missing.
In this session, union minister of state for finance Dr. Bhagwat Kishanrao Karad discusses the state of the Indian economy and the Modi government's fiscal and macroeconomic priorities. Watch his interaction with Siddharth Zarabi, Managing Editor, Business Today TV.
RBI Governor Shaktikanta Das explains the relevance of the CBDC or as we popularly know it – the E-Rupee. Sounding optimistic about the future of digital currency in India, hails the E-Rupee as the future of money, citing fast-paced transactions. The governor also clarifies the difference between CBDC & UPI, says the former is a “currency system” while the latter is a payments system.
RBI Governor Shaktikanta Das reiterates his aversion to cryptocurrencies. In conversation with India Today’s Business Editor Udayan Mukherjee he flags the use of cryptos as “gambling”, says the said financial product will undermine the power of RBI and thereby lose control over the supply of money in the country, also warns of “Dollarisation Of The Indian Economy”
Even as India’s December CPI eased to 5.72% versus an earlier 5.88%, core inflation continues to be a cause for concern. The 6% figure is not a very comfortable figure to deal with, says RBI Governor Shaktikanta Das. Speaking at the Business Today Banking & Economy Summit 2023, he reiterates that “Arjuna’s eye needs to be on Core Inflation” as we go forward.
India’s December inflation eased to 5.72% versus 5.88% in the previous month, within the Reserve Bank’s comfort range of 2-6% for the second straight month, largely aided by food inflation which came in at 4.19%. Will these levels nudge the central bank to reduce the quantum of their rate hikes in the next month? Stating that earlier theories on RBI being behind the curve is over, RBI Governor Shaktikanta Das said the target of 4% plus/minus 2% CPI gives sufficient flexibility in MPC decision-making. Speaking at the Business Today Banking & Economy Summit, the Governor tells Udayan Mukherjee that the current inflation target band is very robust
Speaking at Business Today's flagship Banking & Economy Summit, K.V. Kamath says India was poised to achieve double-digit growth as the government did the right things. Added that the Indian government and central bank resisted the temptation to hike interest rates, addressed the challenges, and contained the inflation
How can the sustainability of NBFCs be made more certain? Ramesh Iyer, Vice Chairman and MD, Mahindra Finance, says that Instead of funds, an NBFC's failure to manage liabilities caused it to fail or collapse. He claims that poor capital management and poor governance are also to blame for NBFC collapse. Ramesh continues by saying that the failure of one NBFC increased pressure on other NBFCs to raise money from the market. Ramesh further adds that any organisation of this nature needs the highest order of governance. Watch this Exclusive conversation with Saurav Majumdar, Editor, Business Today.
Fintechs and banks have gathered pace in recent years, however, NBFCs have failed to match them. Do NBFCs still have an advantage over banks and fintechs that ensures their relevance in the evolving industry? How is NBFC's customer-focused strategy assisting them in obtaining a position in the competitive financial sector? Tune in to watch Saurav Majumdar, Editor, Business Today as he holds an exclusive conversation with big players from NBFCs’ world Ramesh Iyer, VC & MD, Mahindra Finance, and Manish Shah, MD & CEO, Godrej Capital
Indian exports across the board will get hit badly if companies in the country don’t comply with green requirements to tap into green and sustainable financing as western nations start coming up with carbon taxes to keep their own corporates competitive, said Vineet Rai, Founder and Managing Partner, Aavishkaar Capital, at the Business Today Banking & Economy Summit 2023. The role of banking and financing in mobilising capital more effectively towards projects and institutions working towards climate change has become more crucial as India has committed to achieving a net-zero carbon emission target by 2070. The country is estimated to need an estimated $7.5 trillion by 2070 and $1 trillion by 2030 to finance its goal. “Europe is becoming very tough with its own corporations. Basically, western corporations are becoming uncompetitive and the countries have come up with carbon taxes that will hit us hard. If you don’t comply, your exports will suffer soon because the world needs to have a level playing field and they will find their ways to do it,” Rai said at the session titled ‘Sustainable Finance in the Green Economy’.
With India Inc. turning its attention and money towards green energy, banks are not far behind in offering them customised 'Green Financing'. The issue came up at the BT Banking and Economy Summit 2023 in Mumbai where banks revealed their plans to be part of the 'green revolution'. Explaining how green financing actually works Ankur Khurana, MD, Corporate, Commercial & Institutional Banking, India, Standard Chartered Bank said the approach towards assessing business to finance – whether telecom towers or power or shipping and infra or ports — has changed in the last 3-4 years. “What we encourage our large clients to do, and it’s already happening, is that do you have a transition plan? Are you willing to make investments to move to renewables? Are automobile firms looking at EV as a strategy?" Saying that the process will involve a transition period, Khurana added. “A lot of international banks and institutions have drawn hardlines about not financing thermal power, though the last 12 months have thrown new challenges. But it is about both financial markets and conglomerates coming together and saying there is a transition, we need the money to get to that transition, which won’t happen overnight.”
Marico Innovation Foundation launches the first Innovation playbook In Response To The Rising Global Plastics Challenge. The book identifies the challenges created by plastic waste at the macro and commercial levels. It also outlines the opportunities and recommendations for plastic waste. Aabha Bakaya caught up with the pioneer of this foundation, Harsh Mariwala, Amit Chandra, Chairperson, Governing Council, Marico Innovation, and Dr. Mashelkar, Governing Council member and Chairperson Emeritus, Marico Innovation.
ICICI Bank wins the Best Bank Of The Year Award for the third year in a row at the BT-KPMG Best Banks Awards. The 27th edition of the BT-KPMG Best Banks & Fintechs Awards saw thirteen winners – five quantitative awards and eight jury awards – being felicitated by Union Minister for Road Transport and Highways Nitin Gadkari, K V Kamath, Chairperson of the National Bank for Infrastructure Financing and Development and India Today Group Chairman and Editor-In-Chief Aroon Purie. ICICI Bank also bagged the award for ‘Best Bank in Innovation’.
Anand Rathi Wealth reported a 35 percent increase in Q3 consolidated net profit and Revenue saw a rise of 29 percent on a year-on-year basis. For 9MFY23, assets under management increased 20 percent to ₹37500 crore. While speaking to BTTV's Sakshi Batra, Rakesh Rawal of Anand Rathi Wealth said strong client addition aided the growth in Q3 and shared his outlook for FY23. Here is the full conversation
U.S. consumer prices fell for the first time in more than 2-1/2 years in December as gasoline and motor vehicle prices declined, offering hope that inflation was now on a sustained downward trend, though the labor market remains tight. India's inflation levels also eased in December, as per the data released by the Govt. Will inflation ease further in the coming months? To know more watch this conversation with D.K. Joshi, Chief Economist, CRISIL, Madan Sabnavis, Chief Economist, Bank of Baroda, Saugata Bhattarcharya, Chief Economist, Axis Bank.
This year's BT-KPMG awards have been given to 8 banks and 2 fintech companies. Honourable minister for Road Transport & Highways Shri Nitin Gadkari, Honourable Minister of State for Finance Bhagwat Kishanrao Karad, and veteran banker K V Kamath presented awards to this year's winner. Here's a list of winners!