Mumbai, May 7: M. Nagaraju, Secretary of the Financial Services Department of the Ministry of Finance, stated on Thursday that despite global and domestic challenges, India‘s economy is growing steadily, and the banking sector is performing strongly and remains stable.
Addressing the first summit on risk management organized by the Indian Banks’ Association in Mumbai, often referred to as the financial capital of the country, Nagaraju emphasized that risk management in banks should not be viewed merely as a formal process but as a strategic responsibility that must be integrated into every function of the banking system.
He remarked, “Despite various challenges, the economy is progressing well, and the banking sector is in a stable and strong position. Risk management is a crucial function of banking and should be incorporated into all operations.”
The session was also addressed by Challa Srinivasulu Setty, President of the Indian Banks’ Association and the State Bank of India, and Gopal Murali Bhagat, Deputy CEO of the Indian Banks’ Association. Setty noted that the core of banking lies in managing risks associated with financial intermediation. He pointed out that new and emerging risks are becoming increasingly complex, but banks should not overlook their fundamental operational risks.
Gopal Murali Bhagat described the risk summit as not just an annual event but a collaborative platform to rethink risk management in the banking and financial sector and to promote innovation.
Over 200 participants, including senior officials from public, private, foreign, and cooperative banks, as well as experts from all-India financial institutions, attended the conference.
Additionally, Nagaraju released a commemorative essay book based on the top 30 entries selected from over 650 submissions received from banking professionals across the country, along with unveiling a survey report based on risk management processes.
He praised the contributions of banking professionals, stating that their collective expertise will play a vital role in addressing future challenges in the financial sector.