Lucknow: The Indian Investors Federation (IIF) recently hosted the prestigious Banking Leadership Summit, a gathering of industry stalwarts to explore the transformative impact of digitalisation on India’s economy. Held at the iconic Taj Mahal Hotel in Lucknow, this event spotlighted technological advancements revolutionizing the banking sector, driving financial inclusion, and shaping a robust economic future for India.
A Platform for Insights and Innovation
The summit began with a panel discussion on digitalisation’s role in banking transformation, setting the tone for insightful deliberations. Pankaj Kumar, Chief General Manager of NABARD, emphasized the importance of leveraging technology for economic growth, especially in agriculture. “Technology is here to stay, and India is leading in digital transactions. By focusing on supporting microenterprises in agriculture, we pave the way for inclusive economic growth,” he said.
Ajay Thakur, CEO of TGI SME Capital Advisor LLP, highlighted the progress achieved over the past decade. “Today, 48% of India’s transactions are digital. Financial literacy and inclusion are essential for sustainable growth, and empowering young entrepreneurs will catalyze India’s journey towards global leadership,” he remarked.
Technological Innovations Driving Change
Panelists shared their insights on the innovative technologies reshaping banking. Sharad Chandak, Chief General Manager of SBI, discussed the bank’s efforts to secure data and enhance customer experiences through its cloud system, “Meghdoot.” He stressed the significance of digital platforms like UPI, which have revolutionized payments and expanded banking access to underserved populations.
Ajay Khanna, General Manager of the Central Bank of India, outlined the importance of inclusive banking schemes powered by technology. “Our priority is to ensure financial products reach the masses effectively. Nurturing our team to adapt and innovate is key to achieving this,” he stated.
S.K. Gupta, Chief General Manager of Indian Bank, highlighted the life-changing impact of affordable loans. Stories of self-help groups and students benefiting from easy loan access exemplify the transformative potential of digital banking.
Digitalisation and Financial Inclusion
The adoption of technologies like blockchain, machine learning, and big data analytics has transitioned banks from traditional, branch-focused models to customer-centric digital platforms. These advancements have streamlined operations, reduced costs, and enhanced financial inclusion.
Ranjeev Kumar, General Manager of Canara Bank, underscored the success of the Pradhan Mantri Jan Dhan Yojana in reaching marginalized communities. “Through targeted schemes for women and students, we are empowering the unserved and underserved sections of society,” he said.
Mritunjay, General Manager of PNB, emphasized the role of digitalisation in fostering transparency and clean banking practices. “India is poised to set global benchmarks in digital banking innovation,” he declared.
Recognizing Excellence
The summit culminated in the Banking Leadership Awards, honoring exemplary contributions to the sector. Sharad Chandak received the Lifetime Achievement Award for his pivotal role in driving innovation and fostering a culture of excellence at SBI. Ajay Khanna was named General Manager of the Year for his efforts in promoting financial inclusion at the Central Bank of India.
Notable winners included:
- Deputy General Manager of the Year: Ashutosh Singh, UCO Bank.
- Assistant General Manager of the Year: Manish Srivastava, Union Bank of India.
- Bank of the Year: State Bank of India.
- Business Leader of the Year: Anuj Aggarwal, MD of CP Milk and Food Products Pvt. Ltd., who emphasized entrepreneurship as a cornerstone of India’s economic progress.
Spotlighting Key Initiatives
The summit also recognized achievements in specific areas such as digital banking innovation, renewable energy financing, and support for microenterprises. SBI’s leadership in digital banking and PNB’s success in renewable energy initiatives were highlighted as benchmarks of excellence.
The awards in key categories included:
- Education: SBI took the top position, followed by Union Bank of India.
- MSME Support: Bank of Baroda led, with SBI and UBI securing the next positions.
- Women’s Branch Excellence: Recognized branches included UCO Bank in Aliganj and SBI in Gomti Nagar.
A Vision for the Future
Anupama Anand, Principal Additional Director General of the CBDT and chief guest, articulated the transformative role of digitization in both banking and governance. “From ATMs to UPI, digital banking has not only enhanced convenience but also empowered rural and urban communities alike,” she observed.
Ajay Thakur commended the IIF’s efforts in organizing the summit, describing it as a significant step in aligning the banking sector with India’s economic aspirations. “The collaboration fostered here will shape a future-ready banking ecosystem,” he concluded.
The event closed with the national anthem, leaving attendees inspired to drive innovation and inclusivity in India’s banking sector. By embracing digitalisation, Indian banking is not only redefining customer experiences but also contributing significantly to the nation’s economic growth.
