The Indian economy has witnessed a tectonic shift across sectors in the post liberalization era, which has not only introduced regulatory course corrections, but has also favourably impacted sectoral performances and in the process changed the basic fabric of the foundations of the economy. Banking and Financial Services Sector, one of the core sectors responsible for driving the economic growth momentum, was deeply impacted on account of the metamorphosis.
Even though the sector has gone through many tumultuous periods over the last two decades, the Indian financial services sector could withstand the external macroeconomic shocks due to its strong resilience and the control exercised by the Regulators and the Government of India. The new emerging face of the Banking & Financial Services sector in India is typified by a strong, transparent and resilient system. The industry is slated for a faster growth with the Central Government approval for increased private investments and foray of international players.
The Department of Economic Affairs and Policy (DEAP) of Indian Chamber of Commerce (ICC) has been the perfect industry growth enabler for the country over the years, through provision of rich policy directives & suggestions to the Government & Regulators, drafting of macro and micro-economic policy blueprints for various Ministries at both Central & State Government levels, and organizing national level Conferences and Interactive Sessions with Industry experts thereby forging valuable B2G and B2B connectivity. Having its strong focus on the Banking, Mutual Fund and Insurance sectors, the DEAP has worked closely with RBI, AMFI, SEBI, IRDA, major Industry Associations and renowned sectoral players. The Chamber has partnered both Government and Industry initiatives to boost economic performance during the last couple of years, thereby bringing about a facelift for the economy. ICC Mutual Fund Summit, ICC Banking Summit and ICC Insurance Summit are the annual flagship events of the National Chamber in the BFSI domain, which act as effective industry voices for these sectors, and witness the coming together of key policy makers, industry captains & international consultants, who share their valued insights about important policy interventions and reforms required across sectors, also dwelling on the prospects and challenges of the Indian financial market. Important dignitaries who have graced the Chambers’ various Conferences on the Capital Market in the recent past include Chairman, IRDA; Member, IRDA; Chairman, Bombay Stock Exchange; Deputy Governor, RBI; Chairman, SEBI; Executive Director, SEBI; Senior Ministry of Finance Officials ; Chairman, AMFI, MDs & CEOs of all leading Indian Corporate Houses, amongst others.
Being a progressive, pro-growth Chamber, ICC is a strong proponent of financial sector reforms, and also believes that financial inclusion should be of utmost priority, if the country has to sustain an equitable and inclusive growth path. Prudent monetary & fiscal policy measures need to be taken to keep the inflation at bay, and to develop an environment conducive for investment and growth. The Chamber also publishes ICC Policy Watch, Indian Economy Tracker and Financial Sector Newsletters, which aim at spreading awareness and financial knowledge to members, along with analyzing each sector’s quarterly performances. Apart from undertaking these works, the Department has its own Internship program for International students.
The Department is headed by Mr. Rajarshi Ghosh.
ICC Banking & Finance Sector – Subcommittee Members :
Mr. J Harinarayan – Retired Chairman IRDAI
Mr. Sudhin Roychowdhury – Ex Member Life IRDAI
Ms. Tajinder Mukherjee , CMD, National Insurance Co Ltd
Mr. Mayank Bathwal, MD & CEO , Aditya Birla Health Insurance Co Ltd
Mr. Ranjan Kumar Mishra – CGM, State Bank of India
Dr. S K Ghosh – Group Chief Economic Advisor, State Bank of India
Mr. P Venkatesa Perumal – Field General Manager, Indian Bank
Mr. Manoj Sinha – Senior VP & Zonal Head East, SBI Funds Management Pvt. Ltd
Mr.. J.P Gadia – MD & CEO, Resurgent India Ltd
Mr. Vikas Rathie – President & National Sales Head, ITI Mutual Fund
Mr. Amit Jain – CFO, Ashika Group of Companies Ltd
Mr. Arun Laddha – Director J R Laddha Financial Services
Mr. Nirmal Bajaj – Director Extra Cover Insurance Brokers Pvt. Ltd
Mr. Shiv Tiwary – CMO, Reliance Life Insurance Company Limited
Indian Chamber of Commerce had organised 3 Editions of Emerging Insurance Conclave & Awards since 2018. The first 2 editions were in Bangkok & the last one was at Kolkata. Insurance Companies from 7 countries namely India, Bangladesh, Nepal, Bhutan, Sri Lanka, Myanmar & Thailand had participated in all editions.
Insurance Institute of India was Knowledge Partner, National Insurance Academy was Academic Partner along with Life Insurance Council & General Insurance Council were the Association Partners.
PwC was the Process Reviewer for all the 3 editions. Participation in Awards is free.
Along with the Awards a day long International Conclave is also organized on the same day for Conglomeration of ideas and sharing the best practices in a pan Asian level. Some of our esteemed Speakers were Mr. Ruud Sommerhalder, Partner, PwC and Head of Insurance Practice of PwC in Asia, Mr. Edy Tuhirman, CEO, Generali Indonesia, Mr. Tadthep Sujutjorn, President Thailand Insurance Institute, Dr. Sandar Oo, MD, Myanma Insurance, Mr. Nasir A Choudhury, Founder, Green Delta Insurance, Dr. Chuchatr Pramoolpol, Deputy Secretary – General, Office of Insurance Commission, Thailand, H. E. Mrs. Kshenuka Senewiratne, Ambassador of Sri Lanka to Thailand, Dr. Sanjay Kumar, Commercial Representative, Embassy of India, Thailand to name a few.
This Award & Conclave has already created a name for itself because of its robust processes & neutral characteristics & knowledge sharing platform respectively.
Banking & Fintech:
In banking & Fintech space we organise Banking Baithak, B2B meets with Banks & Prospective customers & Banking Summit at Kolkata & Mumbai. Many of the banks are our members & we create customized programmes as per their requirements.
Fintech Summit has completed 5 editions & this year also this will be held in Mumbai. Here the main focus is Industry connect. The cuated Fintech Startups pitch in front of the Big Boys of BFSI. We have deep connect & MoU with the Incubation Centers which helps us to source Quality Fintech Start ups for Pitching.
In the capital market space apart from regional conferences in tier 2 & 3 cities our flagship Annual meet will be completing 14 editions this December. We work very closely with SEBI to create Financial Literacy programs on a regular basis.
We also work with PFRDA to create Investment Awareness programs both virtually & physically.
With this background & the success of the Insurance Awards ICC Proposes to organise Emerging Asia Banking Conclave & Awards at Goa in 2022, where we expect participation from India, Nepal, Bhutan, Bangladesh & Myanmar. PwC again will be the Process Reviewer for the Awards.
ICC BFSI Committee:
ICC BFSI committee is chaired by Mr. Atanu Sen & Mentored by Mr J Harinarayan, Mr Sudhin Roychowdhury, Mr. Ashish Srivastava, Mr. Abhay Tewari, Mr. Mayank Bathwal.
Some other notable members are Mr. Ameya Prabhu, Mr. Arun Laddha, Mr. J P Gadia, Mr. Shiv Nath Tiwary, Mr. Debabrata Das, Mr. Prassana Lohar to name a few.