University School of Applied Management, Punjabi University, organised UGC-sponsored national seminar on 'Innovations in banking and financial markets: issues and challenges' on Monday.
Vice-chancellor, Punjabi University, Dr Jaspal Singh, while presiding over the inaugural session, said innovations in banking and financial markets were highly significant for the developing nations like India for competing with world economies in the global era. He said such innovations must be inclusive of the wider society to enable them to reap benefits.
MD, State Bank of Patiala (SBP), SA Ramesh Ranjan said keeping pace with innovations in the banking sector has become a challenge in the modern times. "Appropriate measures for secure financial transactions and its implementation right upto the grassroots level of the society was needed to generate awareness among the masses," he said. He said transparency could help in bringing back integrity in todays's unruly financial markets.
Assistant vice-president, National Stock Exchange, New Delhi, Rana Usman said innovations and reinventing the technologies in the financial sector were thought provoking challenges, involving ongoing processes. She said attitude change was a must for making these innovations realistic and relevant to the common man, aiming at saving his time and money and enabling him to reap gains.
ADGP (IT and Telecommunications), Punjab, Jasminder Singh, quoting various financial scams, said supervision at the local level banking had posed a challenge in the era of e-banking. "Thus, imperfections in the banking and financial markets must be plugged in. Any innovation must meet the demands of the rural masses, ensuring that the benefits of the financial policies and schemes reaches them."
Earlier head of the department Dr Ritu Lehal and orgnising secretary of the seminar Dr Manjit Singh welcomed the guests and delegates.