Blog

Banking Conclave 2025 Shines Spotlight on Role of Credit for a USD 5 Trillion Economy

January 15, 2025

The Banking Conclave 2025, organised by the Bombay Chamber, brought together industry leaders, policymakers, and experts to discuss the transformative role of credit in achieving India’s ambitious $5 trillion economy goal. The Conclave featured thought-provoking discussions, keynote addresses, and insightful panels, focusing on pressing issues in the banking and financial sectors.

In her welcome address, Pinky Mehta, President of the Bombay Chamber and CFO of Aditya Birla Capital Ltd, emphasised the importance of fostering financial literacy, developing innovative products such as green bonds and social impact bonds, and maintaining a conducive regulatory environment. “By addressing these challenges, we can ensure that credit plays a transformative role in shaping India’s economic growth. This will create a more inclusive, resilient, and sustainable economy capable of achieving the $5 trillion milestone and beyond,” she stated.

Delivering the Theme Setting note, Rajiv Anand, Senior Vice President of the Bombay Chamber and Deputy Managing Director of Axis Bank, highlighted the integral role of credit in India’s growth journey.

He stressed the need to balance financial innovation with regulatory prudence to ensure sustainable economic development. As the world grapples with geopolitical uncertainties, Anand underscored the importance of maintaining a resilient banking system capable of absorbing global shocks. He also called for a renewed focus on digitisation and financial inclusion, describing them as pivotal in democratising access to credit and fueling the aspirations of India’s burgeoning entrepreneurial ecosystem.

N. S. Vishwanathan, Former Deputy Governor of the Reserve Bank of India and current Independent Director & Non-Executive (Part-time) Chairman of Axis Bank, delivered the Keynote Address. He spoke about the critical role of regulatory frameworks and financial innovation in fostering economic growth. Discussing India’s economic trajectory, Vishwanathan noted that the GDP for FY 2024-25 is estimated at $4.27 trillion, leaving a $730 billion gap to achieve the $5 trillion milestone by 2027-28. “This journey requires more than just ambition; it demands strategic investments and a resilient financial system,” he remarked.

Vishwanathan highlighted the financial health of India’s banking sector, citing strong indicators like a 26% Capital to Risk-weighted Assets Ratio (CRAR) and a Net Interest Margin (NIM) of 5.1%. However, he acknowledged challenges such as rising costs of funds, narrowing gaps between deposit and loan growth, and increasing reliance on high-cost funding. He emphasised the need for innovative financing in agriculture to boost productivity and inclusion, as well as renewed private-sector capital expenditure with a focus on sustainability. “Banks must embrace watchful risk-taking to ensure credit growth does not compromise asset quality. Lessons from past episodes of high NPAs remind us that unbridled credit growth can strain the system, but with a disciplined approach, we can foster a robust credit culture,” he stated.

The event also featured a presentation on Global Trends in Banking by Joydeep Sengupta, Senior Partner and Leader of the McKinsey Center for CEO Excellence at McKinsey & Company. Drawing on McKinsey’s extensive research, Sen Gupta highlighted the pivotal role of the banking industry, which generated $1.15 trillion in net income in 2023—equal to the combined net income of the next two largest industries. He discussed the sector’s resilience, evidenced by sustained growth in return on tangible equity and healthy capital levels, while cautioning against rising regulatory pressures and evolving customer expectations.

Sengupta described the transformation underway in the banking sector, fueled by digitisation, artificial intelligence, and shifting customer behavior. “The global financial system intermediated $410 trillion in assets last year, underscoring its immense scale and responsibility,” he stated. However, he noted that despite strong financial performance, the banking industry remains undervalued, with skepticism about its long-term ability to innovate and create value.

Two panel discussions explored critical topics. The first, on Managing Balance Sheets in a Changing Geopolitical Environment, was moderated by Latha Venkatesh, Executive Editor of CNBC TV18. It featured panelists Rajiv Anand, Senior Vice President, Bombay Chamber & Deputy Managing Director, Axis Bank; R. Govindan, Senior Vice President Corporate Finance & Chief Risk Officer, L&T; Amit Agarwal, President & Head – Private Credit, Edelweiss Alternatives; Rakesh Singh, MD & CEO, Aditya Birla Finance; and Rajiv Sabharwal, MD & CEO, Tata Capital. The discussion delved into the multifaceted impact of geopolitics on growth and financial stability. Panelists discussed the rupee’s depreciation and its effect on credit quality, corporate margins, and the challenges of raising dollar funds in a volatile global landscape.

The second panel, on Climate Finance, was moderated by Lavanya Ashok, Partner – Growth Equity at Trifecta Capital. Panelists included Namrata Rana, Partner and National Head ESG, KPMG; Neville Dumasia, Leader – Industrials & Energy, EY India; and Dhanpal Jhaveri, Vice Chairman – Everstone Group & CEO – Eversource Capital. This panel explored the role of innovative financing models, such as blended finance, in scaling climate technologies, and highlighted opportunities in emerging sectors like sustainable agriculture and battery storage.

The conclave concluded with a Vote of Thanks by Abizer Diwanji, Founder of NeoStrat Advisors LLP. Aditya Birla Capital Ltd, Bank Of Baroda & Ashwin Sheth Group were the co-sponsors of the Conclave, while the Associate Sponsor was Axis Mutual Fund.

Invitation for Bid – Sri Lankan Catering Ltd Ref No. SLC/DPC/GOODS/2024/066

We wish to inform you that, the Sri Lankan Catering Ltd. has invited sealed bids for the following.

Please find attached herewith a copy of the procurement notice of the above.

Thank you.

With warm regards,

Shirani Ariyarathne, Actg. Consul General

Minister (Commercial), Consulate General of Sri Lanka

34, Homi Mody Street, Fort, Mumbai 400001.

Tel: (+ 91 22 )22045861/22048303, Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

Expression of Interest for partnership with Colombo Dockyard PLC

Expression of Interest for partnership with Colombo Dockyard PLC

i. The Mission wishes to highlight a promising investment opportunity in Colombo Dockyard PLC (CDPLC), a leading player in the maritime industry, located at the strategic Port of Colombo, one of the busiest and most significant shipping hubs in the world.

ii. CDPLC is Sri Lanka’s leading ship repairing, shipbuilding, and heavy engineering facility, offering products and services to international quality standards at a competitive price and lower turnaround time.

iii. CDPLC is a globally recognized player in the ship building and ship repairing segment and has integrated advanced technologies and operational expertise, complemented by a highly skilled and trained Sri Lankan workforce.

iv. CDPLC is specialized in the building of Cable Laying Vessels, Offshore Support Vessels, Eco Bulk Carriers, Passenger Vessels, Harbour Tugs, Work Boats to name a few.

v. In Ship repairs, CDPLC having 4 graving docks with a maximum dry dock capacity of 125,000DWT provides services for routine dry-docking repairs, major layup repairs, collision damage repairs, conversions and retrofits.

vi. With long-standing business relationships with its global clientele, it ensures a continued business stability and growth potential in all its business sectors.

vii. Considering the financial distress CDPLC is facing currently, CDPLC is seeking potential investors who can revitalize the Company and ensure long-term sustainability, and invites those interested parties to initiate direct discussions with the management.

Attached herewith Introductory report on CDPLC and contact details of CDPLC to submit expression of interest. The timeline for expression of interest is 15th January 2025.

Appreciate your cooperation in disseminating the above information among your esteemed members on the above.

Regards,

Shirani Ariyarathne

Actg. Consul General
Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

2025 Select USA Investment Summit

SelectUSA is the U.S. federal government program dedicated to attracting and retaining investment in the U.S. economy. This program is dedicated to facilitating and promoting impactful business investment into the United States to create jobs, spur economic growth, and promote U.S. competitiveness.

Since its inception, SelectUSA has assisted thousands of clients, including economic development organizations (EDOs), domestic firms, and international companies, facilitating over $200 billion in client-verified investment, supporting more than 200,000 jobs across the United States and its territories.

Every year, the U.S. Department of Commerce hosts its Annual Investment Summit. The 2025 SelectUSA Investment Summit will take place May 11-14, at the Gaylord National Resort and Convention Center in National Harbor, MD.

The SelectUSA Investment Summit is the premier event in the United States for FDI promotion. Investment Summit attendees can expect to:

• Forge partnerships and connect with economic developers from 50+ states and territories, companies from 90+ markets, speakers, government officials and more; set up one-on-one or group meetings and make your investment deals happen.
• Gain advice and information from policy and industry experts in more than 50 sessions providing you with actionable instruction on everything from developing a workforce to understanding incentives.
• Explore the Exhibition Hall featuring economic development organizations, service providers, industry experts, and international tech startups.

The SelectUSA Investment Summit draws more than 5,000 attendees! You can expect to meet EDOs representing the U.S. states and territories, more than 2,500 business investors with representation from 90+ international markets, and industry experts who will provide insight and advice on how to make your move to the U.S.!

We hope you will consider joining the 2025 Investment Summit and take advantage of year’s event the best yet!

APPLY NOW to attend the biggest FDI event of 2025 : www.selectusasummit.us

Sustainability Conclave: Green Growth for a Viksit Bharat

As India moves toward its vision of Viksit Bharat by 2047, Green Growth has become essential to achieving sustainable and inclusive development. It promotes economic progress while safeguarding the environment, emphasising clean energy, resource efficiency, and innovation. Green growth not only addresses climate change but also fosters job creation, sustainable industries, and resilient ecosystems. By embracing this approach, India can ensure that its journey toward becoming a developed nation is both environmentally responsible and future-ready.

Keeping this context in mind, Bombay Chamber, under the aegis of its Sustainability Committee, organised its Annual Sustainability Conclave themed Green Growth for a Viksit Bharat on December 13th, 2024, at the St. Regis Hotel, Mumbai. Over 85 delegates attended the Sustainability Conclave, including a dynamic lineup of Directors, CXOs, CSOs, Managing Directors, and CEOs, making it a power-packed gathering of industry leaders.

The conclave opened with remarks by Pinky Mehta, President of the Bombay Chamber and CFO of Aditya Birla Capital Ltd., followed  by a keynote address by Lt. Gen. Pawan Chadha, VSM, General Officer Commanding (Maharashtra, Gujarat & Goa Area), who provided valuable insights into India’s sustainable development journey and how the armed forces is working towards a sustainable army.

The first panel discussion, moderated by Sachin Jain, CEO India and Southeast Asia of Cleantech Renewable Assets, explored business opportunities for green growth. The panel included distinguished speakers such as Anjali Bansal, Founder of Avaana Capital; Amit Kumar Sinha, MD & CEO of Mahindra Lifespace Developers; Vineet Rai, Founder of Aavishkaar Group; and Deepesh Nanda, President of Renewables at Tata Power and MD & CEO of Tata Power Renewable Energy Limited.

A fireside chat on the topic Carbon Credits: The India Story featured Anirban Ghosh, Chairperson of the Sustainability Committee of the Bombay Chamber and Head of the Centre for Sustainability at Mahindra University, in conversation with Dr. Rambabu Paravastu, Advisor to Greenko Group and the World Bank Group, and GC Advisory Chairperson of the Forum for Sustainable Enterprises.

The second panel discussion focused on navigating an evolving BRSR landscape. Moderated by Smitha Hari, President (India) of auctusESG, the session featured prominent panelists including Anirban Ghosh, Chairperson of the Sustainability Committee of the Bombay Chamber and Head of the Centre for Sustainability at Mahindra University; S Lakshminarayanan, Executive Director (Sustainable Development) of Indian Oil Corporation; and Santosh Kumar Singh, Chief Sustainability Officer of Larsen & Toubro.

The conclave concluded with a vote of thanks delivered by Sandeep Khosla, Director General of the Bombay Chamber.

Lothal to become Global Hub for Maritime Heritage with National Maritime Heritage Complex”: Sarbananda Sonowal

The Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal along with the Minister of Labour & Employment and Youth Affairs, Dr Mansukh Mandaviya and the Chief Minister of Gujarat, Shri Bhupendra Patel made a joint review to assess the progress of the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat, on Saturday.

The Ministry of Ports, Shipping, and Waterways, under Sagarmala Programme is developing the National Maritime Heritage Complex, a world-class facility which will showcase India’s maritime heritage from ancient to modern times, adopting an innovative “edutainment” approach using cutting-edge technology to spread awareness and attract international tourists.

Lothal, a prominent city of the ancient Indus Valley Civilisation dating back to 2400 BCE, holds historical significance for its advanced dockyard, thriving trade, and renowned bead-making industry. Artifacts such as seals, tools, and pottery unearthed by archaeologists reveal a rich cultural and economic history, making it a pivotal site of the Harappan civilisation.

The Ministers toured key project landmarks, including INS Nishank, the Lothal Jetty Walkway, and the Museum Block. They also interacted with onsite workers to understand their challenges being faced and progress made so far. Shri Sonowal expressed satisfaction with the significant milestones achieved in civil infrastructure development, noting that the project is advancing on schedule.

Boosting Local Involvement and National Heritage
A key focus of the review was the integration of local communities into the project’s development. Speaking on the occasion, Shri Sarbananda Sonowal said, “We are committed to ensuring that the NMHC is completed on time and to the highest standards. This project will boost tourism, provide a platform for maritime education, and foster collaboration between India’s maritime community and the global industry. It is a crucial step toward making India a leading maritime nation.”

Highlighting the socio-economic impact of the project, Shri Sarbananda Sonowal said, “This project will create employment, foster skill development, and empower the youth of Gujarat. The NMHC is a project of national importance, offering tremendous opportunities for growth and learning in the maritime sector. The visionary leadership of PM Shri Narendra Modi ji has ensured that India remains on course towards all round development of the country and that the people reap the fruit of India’s developmental story.”

The NMHC is poised to become a cornerstone of India’s maritime legacy, harmonising cultural and historical significance with economic and educational development. With 65 per cent of Phase 1A already completed, the project is on track to meet its timeline and establish itself as a global beacon of maritime heritage.

“Under the dynamic leadership of Prime Minister Shri Narendra Modi ji, the government is committed to ensuring the National Maritime Heritage Complex (NMHC) is completed on time and to the highest standards,” said Sarbananda Sonowal. “The project will boost tourism, provide a platform for maritime education, and foster greater collaboration between India’s maritime community and the global maritime industry. This is a crucial step toward realising the vision of making India a leading maritime nation – boosting the effort led by Shri Modi ji towards transforming India into becoming an Atmanirbhar Bharat by 2047,” the Union Minister added.

The Government of India remains steadfast in its commitment to the success of the NMHC, which is expected to boost Gujarat’s tourism economy and solidify India’s position as a maritime leader on the world stage.

The National Maritime Heritage Complex (NMHC) in Lothal, Gujarat, is set to become an international tourist hotspot, celebrating India’s rich maritime legacy. Spanning from ancient civilisations to modern times, the complex will use a unique blend of education and entertainment, incorporating the latest technology to immerse visitors in the country’s maritime history.

Designed as a world-class destination under the Sagarmala Programme, NMHC aims to showcase India’s naval achievements and cultural connections through interactive exhibits, state-of-the-art displays, and engaging storytelling. This initiative is poised to not only preserve India’s maritime heritage but also to attract global tourists and foster a deeper appreciation of its historical significance.
Senior officials of the Ministry of Ports, Shipping, and Waterways, the Ministry of Defence (Navy and Coast Guard), the Government of Gujarat, renowned architect Hafeez Contractor, and Tata Projects Ltd have participated in the review.