BFSI Conclave 2023 Diverse dimensions of inclusive growth discussed

The Institute of Management Technology (IMT) Hyderabad, in collaboration with BFSI consortium, on Monday conducted the first edition of the BFSI Conclave titled “Innovations for Inclusive Growth.”
India is poised to achieve a 5 trillion economy by 2027, while aiming to become the third largest economy in the world. It is the responsibility of the government and regulators to take every segment of the people in the growth story.  India’s digital push has created significant marks in banking the unbanked segment through various initiatives, 67 per cent of rural and semi-urban have been brought into the formal banking system through Pradhan Mantri Jan Dhan Yojana.  Still, India needs to go a significant distance to ensure inclusive growth.  The conclave emphasised purpose based and impactful innovation to onboard the bottom of the pyramid.
The programme comprised various speakers from the Asian Development Bank (Manila), Insurance Regulatory Development Authority, Bandhan Bank, Aix Bank, Jana Small Finance Bank and SucSEED Innovation fund gathered to exchange insights and strategies. The event’s agenda included dynamic panel discussions and addresses that explored the diverse dimensions of inclusive growth, from Banking, Financial Services and Insurance Sectors.
Dr Sriharsha Reddy K, Director of IMT Hyderabad, welcomed everyone on behalf of IMT. Rajesh Balaraju, London Stock Exchange Group, Core group member BFSI conclave, mentioned the need for practical knowledge in this hour.
Prof Sarath Babu, BFSI Conclave Chair, IMT Hyderabad, discussed the conclave theme – Innovations for Inclusive Growth. He mentioned that digital finance is making it easier to take credits. He highlighted the need for Inclusive Banking.
Joined by esteemed guest Dr Subhash Chandra Khuntia, Chairman of Jana Small Finance Bank and former IRDAI Chairman, the conversation provided in-depth insights into the multifaceted dynamics of insurance penetration in rural versus urban India.