By BS Reporter
The banking fraternity witnessed the curtain raiser of The Indian Banks’ Association’s (IBA) annual bankers conference titled BANCON 2012 which was hosted by Bank of Maharashtra in the city.
The conference will be held on 24th and 25th November.
The focus of this year’s conference is to highlight how business model innovation in financial services sector is likely to spur the industry’s growth momentum in the coming decade.
Jatin Pant, partner, McKinsey & Company shared the findings of a survey the company has conducted for Bancon, and pointed out that the Indian banking industry enjoyed an unprecedented period of growth in the last decade as industry assets grew four fold from USD 290 billion in 2001 to over USD 1600 billion in 2011.
"Indian banks did better than their emerging Asia counterparts, with ten of them among Asia’s top 30 value creator banks in the past decade. In the next ten years, banking revenues in India may climb further from USD 56 billion in 2010 to USD 250 billion by 2020 — contributing to more than 12 per cent of Asia’s total banking revenue growth. Consequently, four to five Indian banks could potentially enter the global top 20 by market capitalisation by 2020," he added.
Also present at the day one of the conference were Narendra Singh, chairman and managing director of Bank of Maharashtra and C V R Rajendra executive director, BoM and
Dr K Ramakrishnan chief executive, IBA who shared their views on the current scenario of the Indian banking sector.