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  • Fintech Can Help Public Sector Banks To Leapfrog By Providing Scale And Improve Quality Of Lending

    Krishnamurthy Subramanian, Chief Economic Adviser, Govt of India has said that implementation of Fintech can help public sector banks to leapfrog as it can provide scale and improve the quality of lending, especially to large corporates. He added, it has been seen that Fintech can reduce NPAs even while enhancing lending volumes. Addressing a Special Session at the 17th Annual Capital Market Conference ‘CAPAM 2020' organized by FICCI, Subramanian said that the most important aspect of economic growth is the banking sector and India lacks in this area.

    In the Economic Survey, India only has one bank listed in the global top 100 banks in 2019; hence, the emphasis should be on making the banking sector globally-scaled and Fintech can play a vital role in it. Highlighting the importance of technology, Subramanian said that technology can play a pivotal part in helping the banks to achieve both scale and quality. Banks can employ artificial intelligence, machine learning and data analytics to identify willful defaulters. These technologies can also help in capturing the willingness to repay by the lenders as well.

    Subramanian said that COVID-19 and global financial crisis highlighted the significance of ethical wealth creation and self-reliance (Atmanirbharta). For achieving self-reliance, India needs cutting-edge capabilities and capabilities cannot be built without competition. Capabilities are built by utilizing comparative advantages and India's comparative advantage lies in its large domestic market. Subramanian said that Indian firms can craft their products and services by catering to the entire market, not just the richest 25%. Correct price points and volumes can help in reaching to people at the bottom of the pyramid as they also aspire to consume products availed by the affluent.

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Flash News 07-Dec-2020
  •  ( 16:35) Sensex jumps 347 pts, Nifty tops 13,350; HUL climbs 3%  
  •  ( 15:27) Omaxe doubles sales to Rs 2,145 cr in FY19-20 due to strong real estate demand  
  •  ( 13:42) Goodyear India approves an interim of dividend of Rs 80 per share  
  •  ( 13:38) European markets open in reds as last-ditch Brexit deal talks take place  
  •  ( 13:37) Sensex, Nifty hits record high again; broader markets outpace indices  
  •  ( 13:09) VE Commercial Vehicles commences production at Bhopal-based truck manufacturing unit  
  •  ( 13:08) Vidhi Specialty Food Ingredients gets environment clearance for new plant at Dahej  
  •  ( 13:08) Tata Consumer Products divests Australian MAP Coffee business  
  •  ( 13:07) Hindalco flags off new aluminium extrusion plant in Silvassa  
  •  ( 12:37) Broader markets outpace barometers; breadth remains strong  
  •  ( 12:37) Sensex, Nifty strike record high  
  •  ( 11:30) Nifty hovers 13,300 level  
  •  ( 10:59) IEX November 2020 Electricity Market Volume grows 61% Y-o-Y to 6,164 MU  
  •  ( 10:31) Market breadth strong  
  •  ( 10:31) Broader market rallies  
  •  ( 10:11) 63 Moons Technologies confirms being unaffected despite SEBI order  
  •  ( 09:29) Strong market breadth  
  •  ( 09:28) Kennametal India mergers arm, WIDIA India Tooling with holding company  
  •  ( 09:25) Sensex, Nifty strike record high  
  •  ( 09:19) Market opens higher  
  •  ( 08:25) Asian markets trading higher  
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07 December 2020 00:00
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