Indian Chamber of Commerce (ICC) organized the 11th ICC Banking Summit, 2019. The programme primarily focused on the liquidity situation in the banking sector and financing the MSME sector.
‘Liquidity is essential to run businesses properly’
‘Liquidity is like blood in the body and there should be enough liquidity for businesses to run properly in an economy. So liquidity should be flowing more into the economy for the country to prosper’
- CS Ghosh, C&MD, Bandhan Bank
Recommendations at the conference
The conference focussed on the key issues that MSMEs face while approaching banks for capital procurement. It was stated that there was plenty of deposits available in the market, but there is a dire need to build trust between banks and entrepreneurs for a smooth lending process. MSMEs should approach banks directly for their financial needs.
MSMEs are revenue-earners, so they should have a proper focus on their brand name creation in the market, because that would bring more foreign exchange into the country. In many scenarios, MSMEs exporting their products abroad do not even know the proper dollar valuation at which their products should be exported. This gap needs to be bridged and banks, along with MSMEs, need to work closely to resolve these issues.
MSMEs should be more aware of the changing business models and they should try to adapt to the newer environment in this era of digitization.
In the second half of the programme, a workshop for MSMEs was held, where six banks, including State Bank of India and Allahabad Bank, addressed the individual needs of MSMEs and UTI Mutual Fund focused on short-term cash management for MSMEs.
Inaugural session attended by eminent personalities
- CS Ghosh,CEO and MD, Bandhan Bank
- D Sarkar, Director, Bank of India and former CMD, Union Bank of India
- Jyoti Prakash Gadia, MD, Resurgent India Ltd
- Pradeep Sureka, Vice-President, Indian Chamber of Commerce
- Atanu Sen, Director, Punjab & Sindh Bank and former DMD, State Bank of India; Trustee NPS and Chairman ICC BFSI Expert Committee