homeeconomy NewsFinancial sector thriving, driving growth despite COVID 19 and digital disruption: PwC India’s Gayathri Parthasarathy
Financial sector thriving, driving growth despite COVID-19 and digital disruption: PwC India’s Gayathri Parthasarathy
Gayathri Parthasarathy, Partner and Leader of Financial Services at PwC India, stated that the banking sector plays a huge role in India’s growth objectives as it has been highly resilient in the face of the COVID-19 pandemic and other challenges and has shown strong profitability in recent quarters.
Parthasarathy made this statement while talking about the current state and prospects of the financial sector in India during a PwC CEO Dialogues hosted by CNBC-TV18 which also had Zarin Daruwala of Standard Chartered Bank, Govind Singh of Utkarsh Small Finance Bank, Rajiv Sabharwal of Tata Capital, Ashwini Kumar Tewari of SBI, Prashant Kumar of YES Bank, J Venkatramu of India Post Payments Bank, Kaushik Shaparia of Deutsche Bank India, and Sanjeev Krishan of PwC in India.
According to Parthasarathy, credit growth from 2022 to 2023 has been high at 15 percent and the NPA gross or net ratio has been coming down for all scheduled commercial banks. “Digital transformation is happening all over the country and the banking sector. Innovations in payments such as UPI and UPI lite are leading to disruptive technologies that can help banks grow,” she said.
“To reach the last mile, credit inclusivity needs to come in for the bottom of the pyramid. Rural entrepreneurship needs to thrive for India’s growth to be fundamentally higher. A well-defined strategy for India and Bharat can come up through the usage of technology and data.”
She also stressed the importance of talent development and upskilling in the banking sector. She said that the talent of today may not be needed tomorrow as the sector undergoes rapid changes due to technology, customer expectations, and regulations. She said that the banking sector needs to invest in reskilling and retraining its workforce to equip them with the skills and competencies required for the future.
She also mentioned sustainability as a key factor for the banking sector. She said that while other sectors are focusing on environmental, social, and governance (ESG) aspects, the banking sector needs to come up with an integrated strategy on ESG and how it can align its business goals with social responsibility and profitability goals.
Parthasarathy concluded by saying that she is optimistic about the future of the banking sector in India and that PwC India is committed to helping its clients navigate the challenges and opportunities ahead.
(Edited by : Vivek Dubey)
First Published: Jun 8, 2023 7:45 PM IST
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