2nd Gyan Sangam – Retreat for Banks & Financial Institutions

By Neeraj Mishra|Updated : March 8th, 2016

As per the recommendations of the P. J. Nayak Committee, government has initiated a series of reforms in the governance of the Public Sector Banks.

One such event organized to discuss the governance reforms in PSBs working was the Gyan Sangam. Here are the details of the Gyan Sangam, considered important for the Interviews.

The two day “Retreat for Banks and Financial Institutions” called “Gyan Sangam” was held on4th and 5th March, 2016 at State Bank Academy at Gurgaon (Haryana). This is the second edition of Gyan Sangam. First one was held last year in January, 2015 at Pune.

The Objectives behind the Gyan Sangam meet are the following:

  • To take forward the Government’s commitment to reforms in the banking and financial sector.
  • To arrive at a common understanding among the professionals, Regulators and the Government on the reform required in the PSBs in the current economic situations.
  • To provide an informal academic environment, which can bring out the creative best of the minds of professionals and regulators.

RBI Governor Raghuram Rajan, Minister of State for Finance Jayant Sinha and Financial Services Secretary Anjuly Chib Duggal inaugurated the meeting. And Finance Minister Arun Jaitley addressed the participants on Saturday.

McKinsey & Company were the knowledge partners of the Gyan Sangam Event.

The participants have been divided into five Working Groups(given below) to devise strategies for specific sectors.

  • Restructuring (Merger and Acquisition);
  • NPA Management and Recovery;
  • Technology;
  • Digital and Financial Inclusion;
  • Credit Growth and Risk Management.

The Groups have been formed keeping in view the outcomes related to access, efficiency, stability, profitability/value creation.

In his Budget speech, Finance Minister Arun Jaitely had said that a roadmap for consolidation of public sector banks (PSBs) will be spelt out.

Addressing the Gyan Sangam participants Shri Jaitley said that as part of strategy for consolidation of banks, an Experts’ Group would be constituted immediately to look into all the issues related to it.

Shri Arun Jaitley also talked about the banker’s support to the consolidation of banks, thus having strong banks rather than having numerically large number of banks

Talking of NPA recovery during the discussions, he said that there is a need to amend the Debt Recovery Tribunal (DRT) Act and SARFESI Act.

Government is also considering bringing the Bankruptcy and Insolvency Law in second part of the current Budget Session.

Reserve Bank of India Governor Raghu Ram Rajan talked on Asset quality review, a measure that hit earnings of public sector banks in the third quarter as they set aside more money to cover bad loans. The RBI wants to complete the clean-up of bad loans through AQR by March 2017.

Banks were also evaluated, on the progress of the recommendations from the first Gyan Sangam that was held in Pune last year.

It is to be noted that after seven months of first Gyan Sangam, the government came out with a strategy, Indradhanush, to revive public sector banks.

In the budget 2016-17, Rs 25,000 Crore has been allocated towards recapitalization of public sector banks.

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