India Inc. Gears Up for A Stronger Tomorrow

The 5th Annual Banking & Finance Legal Summit 2018 organized by Lex Witness – India’s 1st Magazine on Legal & Corporate Affairs on 6th July at JW Marriott Juhu, Mumbai experienced over 30 industry veterans as Speakers and 90 delegates from the Banks, Financial Institutions and Insurance Industry.

As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalized and well-regulated. The
financial and economic conditions in the country are far superior to any other country in the world. Credit, market, and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well. Indian banking industry has recently witnessed the roll-out of innovative banking models like payments and small finance banks. RBI’s new measures may go a long way in helping the restructuring of the domestic banking industry. The digital payments system in India has evolved the most among 25 countries with India’s Immediate Payment Service (IMPS) being the only system at level 5 in the Faster Payments Innovation Index (FPII).

In August 2017, Global rating agency Moody’s announced that its outlook for the Indian banking system was stable. In November 2017, Global rating agency Moody’s upgraded four Indian banks from Baa3 to Baa2. The bank recapitalization plan by Government of India is expected to push credit growth in the country to 15 percent and as a result, help the GDP grow by 7 percent in FY19. And then, of course, we cannot forget the breathing lifeline that the Banking segment has today, the IBC & its full throttle passion towards making Indian Inc. debt free as far as the bad loans are concerned. Needless, to say there is an amazing machinery at work and it will indeed come out with statements that could rewrite the Indian banking history. Amidst all this, there still remains an ambience of confused change, teething issues, legal and regulatory hassles, crosssector impact, wait and watch operational mode, so on and so forth. While on one hand, the IBC is spearheading the economic canvas of the nation, however, there remains a huge segment of the BFSI space that is wondering what’s in for them tomorrow?

It was against this background that The 5th Annual Banking & Finance Legal Summit 2018 was organized with more focus on practical knowledge sharing. With a combination of power packed panel discussions focused on topical subject, the summit proved out to be a good platform to analyse, interpret and strategize the current and future response to legal, regulatory and compliance challenges.