National-Conference-on-Retail-Credit-Issues,-Challenges-and-Redressal-Mechanisms.
A
National Conference on Retail Credit - Issues, Challenges and Redressal
Mechanisms was organized by the Department of Finance, GITAM Institute of
Management, in collaboration with Indian Bank on 31st October, 2015.
Dr. M.S.V. Prasad, Head of the Department of Finance was the Convenor of the
Conference.
Prof.
K. Siva Rama Krishna, Dean and Principal, GITAM Institute of Management, in his
Welcome Address, highlighted that retail credit poses a big challenge as there
are many issues and mechanisms involved and also stressed the need to mitigate
risks. Prof G. Subrahmanyam, Vice Chancellor, GITAM University in his address
provided a brief overview of retail credit with reference to Indian and world
economy. He highlighted the need for security in retail credit sector and
called for an intensive research to know about the sector since it is now
crowded with banks offering lots of financial products. In the Opening Remarks,
Mr. V. Jagannadha Rao, Assistant General Manager, Indian Bank, Visakhapatnam,
defined the concept of retail credit as a credit given to consumers for
purchase of goods and services, with banks deriving only a thin interest
margin. He stressed on the concepts of home loan, vehicle loan, mortgage, rent
and cash.
The
chief guest of the event was Shri C.Rajendiran, IRS, Principal Commissioner of
Customs, Visakhapatnam. He highlighted that the economy needs to be kept going
as nothing can be achieved or improved if we are stagnant. He mentioned that
Rs. 6,46,000 crores will be taxed this year. He said that in the retail credit
sector, a focus on the skills, talent and energy of young India are essential.
He stressed on the need to prevent misuse of credit facilities and to attract
foreign investments.
The
conference saw three vibrant sessions with lots of data, opinions and ideas
generated about the retail credit sector, with both bankers and customers
putting forth their points of view and airing the positives and negatives of
this sphere. Over thirty papers were presented and the abstracts were
published.
The
Valedictory Session saw the presence of the Pro-Vice Chancellor, GITAM
University, Prof. D. Harinarayana who spoke of the change in the mindsets of
consumers with spending and dependence on credit seen as a virtue in comparison
to the old idea of saving more. The Chief Guest Sri M.Sudhakar Reddy, Chief
Manager, Indian Bank spoke of massive effort made by the Indian banking system
to include every social sector and the even the poorest and the most backward
as beneficiaries of banking services especially loans. He emphasized that
though there were instances of misuse of loan facilities, there were many
models of economic growth and entrepreneurship based on the retail credit support
offered by banks. He spoke of his great pleasure in associating with GITAM
Institute of Management as part of the CSR activities of Indian Bank. A large
number of students, research scholars, faculty members, banking and finance
personnel from various institutions participated in this event.