India’s premier business and financial news channel, CNBC-TV18, organised a resoundingly successful Banking Transformation Summit 2023 on August 23.

As per a press release from the TV channel, the event served as a powerful congregation of industry visionaries, leaders, and experts from the banking and financial sectors, all collectively exploring India’s capabilities while centering discussions on the theme of ‘Charting the Course for India’s Economy to Reach Five Trillion Dollars and Beyond.’

In her welcome speech Shereen Bhan, Managing Editor of CNBC-TV18, emphasized that technology adoption was reducing operational costs and increasing workforce productivity. “Innovation and collaboration in the space ensure the long-term efficiency and resilience of India’s banking sector,” she added.

The event’s focal point was a dialogue with Uday Kotak, MD & CEO of Kotak Mahindra Bank, titled “Equipping A New India.” In a conversation with Bhan, Kotak expressed, “The financial sector should support India’s aspirations, and I’m looking forward to India becoming a 30 trillion dollar economy soon.”

The summit delved into a diverse range of topics. Latha Venkatesh, Executive Editor of CNBC-TV18, moderated a panel titled “$5 Trillion Economy & Beyond: Ambition to Reality”. Esteemed figures such as CS Setty, MD of State Bank of India; Shyam Srinivasan, MD & CEO of Federal Bank; Prashant Kumar, MD & CEO of Yes Bank; and Ashu Khullar, CEO of Citi Bank India shared their perspectives.

A fireside chat featuring KV Kamath, Chairman of the National Bank for Financing Infrastructure and Development (NaBFID), focused on banking’s role in India’s economy. Kamath highlighted the evolution of the banking landscape with open source and fintech startups and the need for adaptation to meet the needs of an aspirational India.

Discussions extended to fintech and banking collaboration in a panel led by Ritu Singh, Associate Editor of CNBC-TV18. The session featured luminaries like Chetna Sinha, Founder-Chairperson of Mann Deshi Bank; Sucharita Mukherjee, Co-founder and CEO of Kaleidofin; and Rishi Gupta, MD & CEO of Fino Payments Bank.

Technology’s pivotal role in shaping the banking landscape, according to the press release, was explored in a fireside chat moderated by Reema Tendulkar, Editor- IT & Telecom at CNBC-TV18. Vishnu R Dusad, Founder & MD of Nucleus Software, underlined the importance of an encompassing ecosystem and digital footprints.

The summit’s culmination came with a panel on the new regime for Non-Banking Financial Companies (NBFCs). Industry leaders such as Umesh Revankar of Shriram Finance Ltd.; Rajiv Sabharwal, MD & CEO of Tata Capital; and Jairam Sridharan, MD of Piramal Capital and Housing Finance participated.

Parag Bhise, CEO of Nucleus Software, extended a vote of thanks, acknowledging the event’s significance in fostering dialogue, insights, and innovation among industry leaders.