Mumbai, May 7 (IANS). M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, said on Thursday that despite global and domestic challenges, India’s economy is growing at a good pace and the banking sector is performing stable and strong.
Addressing the first summit on risk management of the Indian Banks Association held in Mumbai, the financial capital of the country, Nagaraju said that risk management in banks should not be seen as just a formal process but as a strategic responsibility and should be included in every function of the banking system.
“Despite various challenges, the economy is growing well and the banking sector is in a stable and strong position. Risk management is an important function of banking and should be integrated into all functions,” he said.
The session was also addressed by Challa Srinivasulu Setty, President, Indian Banks Association and State Bank of India and Gopal Murali Bhagat, Deputy Chief Executive Officer, Indian Banks Association.
Setti said the fundamental basis of banking is the management of risks associated with financial intermediation. He said that new and emerging risks are becoming increasingly complex, but banks should not ignore their core operational risks.
Gopal Murali Bhagat described this Risk Summit as not just an annual event, but a common platform to promote innovation and a new way of thinking about risk management in the banking and financial sector.
The conference was attended by over 200 participants including senior officials from public sector, private sector, foreign and co-operative banks as well as pan-India financial institutions and industry experts.
Additionally, Nagaraju released a commemorative essay book based on the top 30 entries selected from over 650 entries received across the country from banking professionals, and also unveiled a survey report based on risk management processes.
He appreciated the contribution of banking professionals and said that their collective expertise will play an important role in addressing the challenges of the financial sector in future.
–IANS
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