HDFC Bank director said a major challenge before India is its dependence on oil Keki Mistry Said.
Mistry said the trajectory of oil prices always needs to be monitored as India imports 85 per cent of its oil requirements and is the world’s third largest oil importer. “Oil prices have a direct impact on both inflation, current account deficit and GDP.” He said this while delivering the annual lecture on the foundation day of Bandhan Bank.
Responding to a question on potential risks in traveling to India during a fireside chat at the event, Mistry said the biggest risk for India is oil risk; Climate is another risk.
On climate, he said a major part of India’s economy comes from agriculture and rainfall across the world has been erratic. “Nobody knows where climate conditions are going to worsen. So it poses a risk because we have a young population.”
Another factor that Mistry mentioned was the creation of jobs. “Since we are a young country, we have a lot of people passing out from schools and colleges every year. So it is important that we create jobs for these people.” “Luckily we’ve been able to do that,” he said.
“The biggest strength of the Indian economy is that it is a domestic consumption economy and we have a lot of young people in India,” he said.
He also pointed out that the entry levels – mortgages for GDP or credit cards for GDP – were too low. So, there will always be economic growth, especially in the banking sector.
In his speech, Mistry said that India’s economic growth in recent years has exceeded expectations. “Both the government and the Reserve Bank of India have done an excellent job in managing the economy in the last three years and especially during the Covid period. This has contributed significantly to making India the fastest growing economy in the world.” ,
He said, “I truly believe that there is no better place to be than India at this time.”
Mistry, who was the CEO and vice-chairman of HDFC till its merger with HDFC Bank, said the housing and real estate sector holds the key to unlocking the potential of the Indian economy. “Housing is one of the largest job creators in the economy, linked to around 300 industries in terms of direct jobs and jobs created in ancillary industries like cement, steel, paint, electricity.” Mechanic
On the occasion of Foundation Day, Chandra Shekhar Ghosh, Founder, Managing Director and Chief Executive Officer, Bandhan Bank said that though it is a bank for all, Bandhan will remain committed to inclusive banking and reach out to those who do not have easy access. meets. For formal financial services.
In 2015, Bandhan became the first microfinance company to receive a universal banking license. “Eight years is not a long time. We have been able to scale rapidly but we have just started,” Ghosh said.
The size of the total bank business was Rs 2 trillion, he said. “We are going to start our co-lending business from today,” he said.
The bank has recently opened a branch at Leh. It has also opened a branch in Srinagar. With the launch of Leh and Srinagar, Bandhan is now present in 35 of the 36 states and union territories. “We are not present only in Lakshadweep,” Ghosh said.
In the last two quarters, the bank opened 350 branches. And 150 more branches are expected to be opened this year.