A two-day FIBAC banking conference on ‘Charting new Frontiers’ is inaugurated in Mumbai today. The conference is held on 25th & 26th August, jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indian Banks’ Association (IBA). Addressing the gathering at the FIBAC banking conference, the RBI Governor Sanjay Malhotra said that India is all set to be the world’s third-largest economy.

He said at present, the world economy is at a challenging phase marked by persistent trade frictions, highlighted uncertainty and geopolitical tension. Malhotra further stressed the importance of monetary policy in maintaining stability while supporting growth. He said the banking sector of India is at a critical juncture as navigates a choppy global environment characterized by heightened trend uncertainty and persisting geopolitical tensions. He said banking sector need to push the frontiers of truth. This sector must step up our efforts to address the emerging challenges and at the same time seize the opportunity that are coming the way.

He said, highlighting the reviewing system of regulatory cell, he said the proposed Regulatory Review Cell will review all regulations at least once in 5-7 years. He said RBI is examining measures to expand bank credit and will continue to conduct monetary policy with objective of price stability, economic growth. Sanjay Malhotra further said that the Generations of freedom fighters gave us a ‘Swatantra Bharat’, a free India, and now we must work for a ‘Samriddh Bharat’, a prosperous India. The two day conference of industry stalwarts and global thought leaders will highlight some of the key emerging issues related to the banking industry. Key success strategies will be discussed and a roadmap for the future of the Indian banking industry will be laid out.