Make financial institutions more agile: DFS Secretary
New Delhi, Feb 15: M Nagaraju, Secretary, Department of Financial Services (DFS), has stressed upon the need to enhance the Credit-GDP ratio — making our financial institutions more agile and exploring new ways of financing at a larger scale in line with the goals of Viksit Bharat.
Speaking at a ‘Chintan Shivir’ of the DFS in Coorg, Karnataka, he stated that the ideas generated during the session will pave the way for a shared vision and plan of action for the Department and its financial institutions.
At the event, experts from public policy as well as practitioners from various fields of financing presented their views and ideas.
Amitabh Kant, former CEO, NITI Aayog, spoke about the key role of banks for financing of MSMEs, requirement of Jan Vyapar on the lines of Jan Aadhar and developing appropriate rule-based instruments for further reducing the cost of doing business.
Dr KP Krishnan, former Secretary, Skill Development and Entrepreneureship, emphasised upon the need of some more GIFT Cities in India, a robust and thriving Bond Market and reduction in cost of intermediation, etc.
The key objective of the Shivir was to encourage fresh perspectives and creative ideas towards achieving the goal of Viksit Bharat at 2047 and the role of financial institutions.
It event witnessed active participation from all stakeholders, with vibrant discussions focusing on the pivots that the banking and other financial services participants need to take in the strategic context of Viksit Bharat.
According to Finance Ministry, eminent experts, panellists and participants discussed in detail on a range of topics such as Banking and Cyber Security, Financial Inclusion, ensuring a Fully Insured and Pensioned Society by 2047.
Ideas that emerged during the two-day event included replicating the concept Shadow CEO, autonomous organisation, digital trust, knowledge Half Life, innovative ways of increasing investment, exploring new insurance and pension products, increasing financial literacy and ways of becoming more resilient financial system in the dynamically changing global order.
