Why Four ‘P’: Padmavat, Padman, Pakoda and PNB became talk of the town recently? Philosophy of Youth (MANTRA) “Eat Better, Live Better, Feel Better & Look Better”. Don’t worry about saving, Mr. Himal K Parikh, President, IIM A Alumni Association and CEO & Founder Director Interface Capital Markets Pvt. Ltd said in an international conference organised at Chandkheda campus of Gujarat Technological University (GTU).
India Poised to be a $5 TRN Economy by 2028 Due to 4 ‘D’: Democracy, Demography, Demand and Digitalisation. Formalisation of Economy (DEMO | GST | RERA), Insolvency & Bankruptcy Code, Financialisation of Savings (Jandhan Accounts), Aadhar – Unique Identification Code, Mobility –Mobile, Internet & Broadband, Democratisation of Credit – MUDRA SCHEME will be other contributing factors. But for Faster Development, It lacks Discipline. Otherwise there is humongous growth opportunity. Corporate Governance in Financial Services Sector Will help the sector to be Faster, Higher, Bigger, Stronger, Safer he said.
Post Graduate Research Centre For Governance Systems of Gujarat Technological University(GTU) & B. K. School Of Business Management of Gujarat University, jointly organized the two-days 5th international conference on “Governance in Indian Financial Services Sector: Reforms and Remedies” (ICGS-2018). Mr. Parikh said that important commandments for ensuring corporate governance in banks are Banks shall realize that the times are changing. Banks shall establish an Effective, Capable and Reliable Board of Directors. Banks shall consider establishing an office of the Chairman of the Board. Banks shall establish a Corporate Code of Ethics for themselves. Banks shall have an effective and Operating Audit Committee, Compensation Committee and Nominating/ Corporate Governance Committee. Banks shall consider Effective Board Compensation, Banks shall disclose the information. Banks shall recognize that duty is to establish Corporate Governance Procedures that will serve to enhance shareholder value.
Prof. (Dr) Navin Sheth, Vice Chancellor of GTU expressed his opinion and said that lots of initiatives have been taken for financial reform but we lack self-discipline. Educational institutes should play important role for inculcating self-discipline in the student. If faculty members think and act in the direction, we can contribute a lot in the development of the country. Prof. (Dr.) Arkadiusz Januszewski, Head of Department of Management Information Systems, UTP University of Science and Technology in Bydgoszcz, POLAND spoke about the latest trends in management education. He said that Business simulation games, Gamification, Design Thinking and Creativity, Team-Based and Collaborative Learning, Blended learning, E-learning (Massive Open Online Courses – MOOC), Social & Digital Media in Education & Mobile learning: phones, tablets are the latest trends.
Mr. Amal Dhru, Ex-President, IIM A Alumni Association said on the occasion that The size of this Sector is huge. Bank Deposits are nearly Rs.100 Lakh Crores and so are the problem…Nearly Rs. 10 Lakh Crores are NPAs. This means nearly 10% of our deposits are locked up in NPAs & 12 to 14% of the advances are NPAs. Lack of Proper sanctioning and monitoring, wrong assessment of credit worthiness, lack of managerial skills, business uncertainties corruption etc are only some of the factors leading to pile up of NPAs. The Sector is vulnerable to Frauds like KYC Related Frauds, Technology related Frauds and Advances related frauds. At least Rs.10,000 Cr. worth of frauds p.a. are detected . This number will sky rocket in very near future, as it appears. Corporate Governance, Rules and Regulations, Enactments etc have a role to play. But ultimately it is the Moral Fabric of the Society and the individuals that plays the pivotal role. The Tests of Legality, Test of Fairness and the Test of Public Eye should be given top most priority. Quick resolution of punishable acts is a must. A justice delayed is a justice denied. Ethics go beyond rules and regulations. No one is born ethical or un-ethical. It is the environment, social acceptance and the lack of controlling infrastructure that paves way to un-ethical practices. Mr. Bhavdeep Bhatt, Institutional Head, Aditya Birala Sun life Bombay gave presentation about Mutual Funds.
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