Under the IMC Chamber of Commerce and Industry’s ongoing Thought Leadership series, IMC organised a fireside chat with Rajnish Kumar, former Chairman of State Bank of India to discuss the ‘Custodian of trust views on financial happenings’. The session was moderated by Deepak Premnarayen, Past President of IMC and Executive Chairman, ICS Group.
In this era of the digital world as advanced technology is disrupting and reshaping businesses, the role of banks as custodian of public trust is vital while at the same time adopting new technologies in their operations is equally important.
‘Rajnish Kumar elucidated various elements impacting the banking industry like an adaptation of cryptocurrency, privatisation of banks, performance of banks during the pandemic, inflation outlook and stabilizing interest rates.
India needs an overall investment of 100 lakh crore in 5 years to make India a 5 trillion dollar economy. This can be achieved through synergies between the government and private sector. Increase in private investments in agriculture, infrastructure, manufacturing, services sector etc. Infrastructure and power are the critical sectors, and good reforms and policies will give a strong boost. The ease of doing business has improved significantly. However, the need for consistent and transparent policies delivered through technology will help boost smaller businesses and the unorganised sector.
Digitisation has truly changed the face of the economy, technology is at the core of every business may it be healthcare, manufacturing, agri etc. In the near future, no business, public or private will survive without technology.
Sharing his views on cryptocurrency
Nobody has yet been able to define cryptocurrency. There are conflicting views between governments and jurisdictions globally. Strong guidelines focussing on consumer protection, anti-money laundering etc. is a must to deal with this new animal.’
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