Gurgaon (Haryana), June 5 (ANI): Union Corporate Affairs Minister Dr. M. Veerappa Moily on Tuesday emphasized upon strengthening the economic and financial institutions as their ability to harness the potential of inclusive markets, encourage technological innovation, invest in people, and mobilize the talents and skills of a large number of individuals is critical for economic growth.
Addressing a brainstorming meeting of the Banking Sector organized by the Indian Institute of Corporate Affairs (IICA), an autonomous body under the Ministry of Corporate Affairs at their IMT Manesar Campus here today, Dr. Moily said the Rs 64 trillion-Indian Banking industry is poised to grow exponentially as the sector reflects the health of an economy.
" Indian banks have proved their mettle time and again as their regulations align with international standards, while they remain conventional in their approach," he said.
Dr. Moily said there is a need to be extremely conscious of the fact that growth also needs to be sustained and it has to be inclusive.
"Otherwise, we will be failing in our fundamental responsibilities towards the society which has provided us the environment to grow," he added.
Dr. Moily pointed out that measures such as adopting the culture of good corporate governance, which includes sustainable reporting, are necessary steps towards this direction.
"In order to achieve inclusive development of the economy, it is essential to move towards the system of creative capitalism where incentives for both profit and recognition motivate both self interest and caring for others. This creates challenges for traditional governance structures, which can be met by bringing in creativity in the corporate governance system," he said.
The main objective of this meeting was to formulate capacity building programmes for senior management functionaries of the banking sector and related regulators. The meeting focused on imperative issues and developments in the field of CSR, IFRS, Corporate Governance and BASEL III
A Memorandum of Understanding (MoU) between the Indian Institute of Corporate Affairs (IICA) and Institute of Chartered Accountants of India (ICAI) was also signed on this occasion. This will mean that the IICA will be used as the hub for the training programmes conducted by the ICAI in their 14-acre state of the art campus in Manesar and will ensure a close working partnership on several fronts between the two institutes.
The participants in the meeting included Manoj Kumar, Joint Secretary, Ministry of Corporate Affairs, J N Shah, President, The Institute of Chartered Accountants of India, Dr. Bhaskar Chatterjee, DG and CEO, IICA and CMDs or top management from 29 banks such as the Reserve Bank of India, State Bank of India, Punjab National Bank, Overseas Bank of India, etc. (ANI)
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