Press release from Business Wire India
Source: Lex Witness Banking & Finance Legal Summit 2013
Tuesday, June 25, 2013 05:36 PM IST (12:06 PM GMT)
Editors: General: Consumer interest, Entertainment, Law & justice; Business: Advertising, PR & marketing, Banking & financial services, Business services, Information technology, Law firms, Media & entertainment, Publishing & printing
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Lex Witness Presents Banking & Finance Legal Summit 2013, Mumbai
Banking & Finance professionals convened for an interactive and engaging dialogue on practical solutions to emerging industry challenges
Mumbai, Maharashtra, India, Tuesday, June 25, 2013 -- (Business Wire India) -- India's first magazine on Legal and Corporate Affairs today hosted a well conceptualized Banking & Finance Legal Summit 2013 in Mumbai. An initiative undertaken for the professionals dealing with complex legal and regulatory framework in banking and financial services, the summit saw over 20 proficient speakers engaging in an interactive debate focused towards the changing state of both the industries in India, their vitals aspects and consequential emerging legal challenges.
In an official message sent for the initiative; Hon'ble Deputy Chief Minister of Maharashtra, Ajit Pawar, shared that the Indian banking and financial institutions are reshaping themselves with the implementation of Basel III regulations according to the guidelines of RBI issued in April. Though our industry survived the global financial meltdown while standing at the crossroads, further changing stringent regulatory requirements, issues of global money laundering and Benami transactions, increased frauds with advancement of technology, pressure for NPA reduction and recovery brings immense stress for legal professionals in banking and financial institution especially while dealing with sticky legal frameworks. Therefore, a platform to converse on the next set of business opportunities and solutions is a must. Further, sharing his best wishes for the success of the summit, Mr. Ajit Pawar, Hon'ble Deputy CM conveyed his greetings to the team of Lex Witness in choosing this very significant subject matter.
In recent times, Indian banking sector has emerged as one of the strongest drivers of country's economic growth. The industry has reached to the pinnacle of US$ 1.22 trillion making outstanding advancement owing to economic development and financial sector liberalization. A mixture of public, private and foreign ownerships, the sector is gradually moving towards a deregulated market economy from a regulated environment. With technology acting as a major catalyst, the adjustment to the emerging market dynamics has become effortless however it has also given rise to sophistication of frauds. The growth of organized crime has raised serious concern for legal departments to develop stringent control and monitor mechanism for cyber crimes and fraudulent documentations. Recent many cases against leading financial institutions have increased reputational risks associated with poor fraud detection capabilities. This has further created challenges for legal professionals as there is an increase in litigation from the consumers.
The summit gave a stage to all the panelists to share their expert viewpoints on the implementations of Basel III regulations, a set of reforms for banking and financial sector to strengthen the regulation, supervision and risk management. The performance of these measures with enhanced level of dynamism, and complexity within global regulatory landscape will likely add significant challenges for legal professionals from banking and financial sector to reorganize legal strategies to improve performance with reduced NPA and effective litigation management strategies. In addition, the enforcement of SARFAESI Act, (The Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002) providing the powers under the RBI guidelines has created difficulties for legal department of creditors to balance between the fundamental rights and enforcement of act with appropriate strategy to recover debt under various acts within the jurisdiction of courts.
Speaking on the occasion, PBA Srinivasan, Editor-in-Chief, Lex Witness said, "The Indian Banking Sector today is at the crossroads of an invisible revolution. On one hand, we have technology improvising every minute, government support and positive regulatory environment aimed towards opening the gates of the untapped rural market. One the other hand, we get tied up by threats like unorganized money lending market, frauds and customer dissatisfaction. Thus, it is vital to find out effective resolving strategies to overcome the challenges."
The summit also focused on various other key areas for discussion which included Legal issues of Money Laundering & Benami Transactions, Cyber Laws and IT Act as applied to Banking and Financial Fraud, Recognising and dealing with Fraudulent Documentation and Two benched Panels Discussion on: Who - What - How of Collaborative working with banking In house counsels and legal service providers.
The expert speakers' panel at Banking & Finance Legal Summit included Arpinder Singh-Partner & National Director - Fraud Investigation & Dispute Services, Ernst & Young India, B. Gopalakrishnan-President & Head (Law), Axis Bank, Nilanjan Sinha-General Counsel, GE Capital, Rajesh Talwatkar-Head - Litigation, L&T Finance, Raju Dodti-Senior Director & Head - Legal, IDFC Ltd, Amber Gupta-Head Legal & compliance, Aditya Birla Money, Uday Shankar Dutt - Advisor - Fraud Investigation & Dispute Services, Ernst & Young India, Sameer Karekatte-Head - Legal & Compliance, Reliance Life Insurance Company Limited and many more.
Commenting on the learning's of the day Shyam Grover, Group Editor & CEO, Lex Witness said, "Indian banking system has now become competitive and is trying hard to keep its pace with the global standards. However, money laundering is a growing nuisance and it not only poses threat to the stability of our financial system but also to the safety and sovereignty of countries around the globe."
The Lex Witness Banking & Finance Legal Summit 2013 was supported by Ernst & Young as Silver Partner, Deepak Sabharwal & Associates as Kit Sponsor, Institute of Directors as Associate Partner, Indian National Bar Association and Indian Law Journal as Supporting Partners, Lawyers Club India and CA Club India as Online Media Partners, Society of Indian Law Firms, LCIA India and Indian Corporate Counsel Association as Fraternity Partners.
For the Editors
WITNESS is a high quality monthly magazine with the power of fresh and original content that deals exclusively with subjects on legality. Some of India top-notch practitioners and experts contribute in WITNESS on subjects relevant to all stakeholders in this profession.
WITNESS, ever since its inception in 2009, has become India's most credible platform for the legal luminaries here to opine, comment and share their views. With an interesting blend of opinion pieces, commentary, reportage, analysis, interviews and movements, Lex Witness is a monthly magazine that reaches out to the entire fraternity of General Counsel/ Corporate counsel and lawyers and law firms besides key decision makers, luminaries, experts, policy makers, bureaucracy and the industry captains in India.
www.witnesslive.in
For more details on the Summit visit www.bfls.co.in
To view the photograph, please click on the link given below:
(L-R) A Panel Discussion in progress on Fraud Identification and Risk Management Challenge for Legal Professionals at the Lex Witness Banking & Finance Legal Summit 2013, June 25th , Mumbai
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(L-R) A Panel Discussion in progress on Fraud Identification and Risk Management Challenge for Legal Professionals at the Lex Witness Banking & Finance Legal Summit 2013, June 25th , Mumbai
CONTACT DETAILS
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KEYWORDS
CONSUMER, ENTERTAINMENT, LAW, MARKETING, BANKING, BUSINESS SERVICES, IT, LAW FIRMS, MEDIA, PUBLISHING
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