India’s economy is on a positive trajectory, with the banking sector showing stability despite facing global and domestic hurdles, as per M. Nagaraju, Secretary of the Department of Financial Services (DFS), Ministry of Finance. Speaking at the Indian Banks’ Association’s (IBA) Summit on Risk Management, Nagaraju emphasized the need for banks to integrate risk management as a strategic responsibility across all operations.
Nagaraju highlighted the resilience of the economy and the banking sector, stressing the crucial role of risk management within banks. He underlined the importance of embedding risk management practices into all banking functions to ensure sustained stability and performance.
At the summit, Challa Sreenivasulu Setty, Chairman of the IBA and State Bank of India, and Gopal Murli Bhagat, Deputy Chief Executive of the IBA, also shared insights. Setty emphasized the significance of managing intermediation risks in banking, urging a focus on core operational risks amidst the evolving landscape of emerging risks.
Bhagat characterized the risk summit as a platform for collaboration and innovation in redefining risk management strategies across the banking and financial sector. The event, attended by over 200 participants, including officials from various banks and industry experts, aimed to foster dialogue and exchange of ideas on risk management practices.
Nagaraju unveiled a collection of top essays from banking professionals and a survey report on risk management practices during the summit. He lauded the contributions of banking professionals, recognizing their expertise as pivotal in navigating future challenges in the financial domain.
