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JANUARY-FEBRUARY 2019 | VOLUME 05 | ISSUE 01 | US $20 | `200

Cover Story

Factors DRIVING

TechRevolution

in India’s BFSI Sector

Articles

Benjamin Henshall
Country Manager India
& Director of Sales, Financial
Services APAC, Red Hat

Sabyasachi Goswami

SVP – Head Sales & Strategy
Perfios

Dr Saibal Paul
Associate Director
Sa-Dhan

Pinak Chakraborty
Senior Vice President of Technology
Digibank, DBS

Interviews

Pavan K Gupta
Chief Executive Officer
Muthoot Housing Finance Company Ltd

Abhijit Ray
Co-founder and Managing Director
Unitus Capital

Mehjabeen Taj Aalam
Head of Information Technology
at Muthoot Homefin (India) Limited



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CONTENTS
JANUARY - FEBRUARY 2019

ARTICLE

COVER STORY

08

12 Andhra Pradesh -The Sunrise State

INDUSTRY SPEAKS
16 Perfios Software Solutions

Real-time Analysis & Decisioning
Sabyasachi Goswami
SVP-Head Sales & Strategy, Perfios

20 Open Banking: A Strategic Approach to

Factors Driving Tech-Revolution
in India’s BFSI Sector

28 Inclusive Growth in North-East India: The Way Forward
Through Alternative Channels of Microfinance
Dr Saibal Paul
Associate Director, Sa-Dhan

Win Digital Consumer

Benjamin Henshall
Country Manager, India & Director of Sales, Financial
Services APAC, Red Hat

INDUSTRY PERSPECTIVE
18 Affordable Housing: Growth Driver for Banks and Housing
Finance Companies
Pavan K Gupta
Chief Executive Officer, Muthoot Housing Finance
Company Ltd

30 How Much Security is Enough?

Mehjabeen Taj Aalam
Head of Information Technology at Muthoot Homefin
(India) Limited

23 Tejora—Architecting Solutions to Meet Highest

54 Digital Transformation in Banking Sector: A Journey in the
Making
Pinak Chakraborty
Senior Vice Presidents, Technology, Digibank, DBS

Standards in BFSI
Surabhi Shenoy
Managing Director, Tejora Private Limited

56 Unitus Capital

Helping Businesses in Financial Inclusion Space
Abhijit Ray
Co-founder and Managing Director, Unitus Capital

CONFERENCE REPORT

32
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EDITORIAL
JANUARY - FEBRUARY 2019

Technology Paving Way for Pro-Consumer BFSI Sector
To remain aligned with the rising significance of technology, the Banking and Finance
sector in India is making a lot of investment in the IT and digital advertising.
The Indian Banking, Financial Services and Insurance (BFSI) sector spent $9.1 billion in IT
in 2018, which is an 11.7 percent increase (Year-on Year), a leading research firm stated
in a report.
According to a report by Internet and Mobile Association of India (a non-profit body),
the BFSI sector spent Rs 2,022 crore on digital advertising (46 percent of its total
advertisement budget).
The statistics show how there is a symbiotic relationship between IT and BFSI in India.
While these numbers would match up to the Gross Domestic Product of a few African
nations, what they prove is that the growth of the Indian IT market is still predominantly
driven by the BFSI agenda.
Similarly, for large banks, insurance companies or other fintech and financial services
players, IT is perhaps the most critical catalyst to grow, both on their corporate enterprise
and consumer front.
This camaraderie between BFSI and IT has been prevalent from the early days of tech
adoption in India: Banks have always shown the way. We can trace the evolution as BFSITech 1.0 (Internet adoption); BFSI-Tech 2.0 (migration to data centers); BFSI—Tech 3.0 (the
SMAC- Social, Mobile, Analytics and Cloud, amalgamation with security, mobility, analytics
and cloud defining banking agenda. We are presently in BFSI-Tech 4.0 phase — technologies
like blockchain, contact-less payments using NFC mechanisms, AI and gameplay are driving
this phase of digital transformation.

Dr Ravi Gupta
Editor-in-Chief
The Banking & Finance Post

Magazine and Founder Publisher
and CEO, Elets Technomedia Pvt Ltd

The magazine’s latest cover story “Factors Driving Tech-Revolution in India’s BFSI Sector”
tries to outline and examine precisely these technologies and how they are helping BFSI
adopt a more customer-friendly look.
This digital transformation is not by choice but borne out of necessity to stay more
relevant in a pro-consumer society and world.
The issue also carries a special feature “Has BFSI Reached Cloud Nine?” that captures
the nuances and dynamics of cloud deployment in banks and insurance companies. More
importantly, there is an attempt to explore whether migration to cloud really enhances
the transformation especially from the secure, agile and scalable perspective.
Our magazine’s latest issue also features interviews with Pavan K Gupta, CEO, Muthoot
Housing Finance Company and Abhijit Ray, Co-founder and Managing Director, Unitus
Capital and interesting industry insights by Mehjabeen Taj Aalam, Head—IT, Muthoot
Homefin, Pinak Chakraborty, SVP-- Technology, Digibank, DBS and Benjamin Henshall,
Country Manager, India & Director of Sales, Financial Services APAC, Red Hat.
We have also brought out a report of the 5th NBFC100 Tech Summit Mumbai, highlighting
the future of Non-Banking Financial Companies (NBFCs) in today’s challenging times. The
Summit touched upon challenges and future roadmaps of NBFCs, Payments Banks, Small
Finance Banks, Microfinance Institutions (MFIs), Housing Finance Institutions and many more.
Continuing our legacy of creating knowledge-sharing platforms for the BFSI sector, we
are organising the 3rd Elets BFSI Leadership Summit in Mumbai. The summit aims to
congregate CXOs and technology experts from across BFSI domain.
We hope our collection of articles, interviews, reports and special stories will prove
thought provoking and evoke invaluable feedback of our esteemed readers.

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JANUARY - FEBRUARY 2019

7


COVER
STORY

FACTORS DRIVING
Tech-Revolution in
India’s BFSI Sector

Technology is reinventing everything around us. The world is
now entering an era of ‘Digital Darwinism’, a stage where various
technologies are emerging faster than the adaptability speed of
organisations. Amidst this transformation, the banking and financial
sector is also aligning itself with the emergence of digital forces, leading
to creation of new ways interpreting data and the means to do so costeffectively, writes Rashi Aditi Ghosh of Elets News Network (ENN).

8

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COVER
STORY

EVOLUTION OF TECHNOLOGY IN
THE BFSI SECTOR
In the late 1990s, implementation of
information technology helped some
private sector lenders across the country
in unveiling non-branch banking services.
Initially, internet banking was presumed
to be an insecure option for a transaction
by the users. However, the particular
mode of banking witnessed a whopping
growth in the 2000s due to the initiatives
taken by the government. The Reserve
Bank of India (RBI) in a bid to popularise
it. The cost of online transactions was
also dropped significantly. The mode that
earlier received negative reviews from
the users, enhanced level of customer
satisfaction gradually, by ensuring the
benefits of banking anytime anywhere.
It helped the users in performing all the
important banking formalities without
even visiting the bank branch.

Ankur Gupta, Principal Secretary,
Department of Electronics &
Information Technology and
Elections, Government of Haryana
says, “Technology has indeed
transformed banking but I still feel
that there are a lot of areas requiring
intervention when it comes to offering
convenient options for consumers. Today,
if you want to lodge a theft complaint
or want to put up a service request,
you will be made to call the customer
care service. The customer care service
rather than helping you out with your
problem will keep you waiting for a long
time, transferring your call from one
department to other. It is important to
offer better and hassle-free customer
service options to the consumers much
prior to implementing world-class
technologies.”
In the last few decades, the banking sector
in India realised the rising significance of
digital technologies and the urgent need
to embrace the same for streamlining
their services. The sector is making
considerable investments in a bid to

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create digital infrastructure so that it
can offer better solutions pertaining to
mobile banking, e-wallets and virtual
cards, etc. To name a few, Digital-only/
Virtual Banking, Biometric Technology,
Artificial Intelligence, Blockchain
Technology, Bitcoin and Robotics are
key innovations in the digital banking
segment.
LR Ramchandran, CGM, Financial
Inclusion & Banking Technology,
NABARD says, “Banking is not an
easy operation; it is a very complex
activity. Digital transactions might
look an easy activity but it involves
a lot of touch points as far as cyber
security measures are concerned. The
sector has undergone a massive change.
Banking activities that earlier needed
human intervention, are now handled
by machines. When technology was
introduced in banking and operations
started witnessing paradigm shift, the
Reserve Bank of India (RBI) took
several transformative measures to
reinvent the entire banking industry

and took it to the digital platform, at the
same time ensuring safety and security.”
Padma Jaiswal, Secretary,
Department of Information
Technology, Government of
Puducherry said, “The complete
Banking, Financial Services and
Insurance (BFSI) sector has undergone
massive changes due to technology. The

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sector is now extended to a lot of new
segments apart from the financial genre
as information technology is opening
up new vistas for the industry. From
urban to rural, banked to underbanked,
BFSI industry is offering a bouquet of
services that suit the requirements of all
the consumers.”
WHAT IS FINTECH?
FinTech, an abbreviated term used to
describe technology that proposes
improvement in the delivery and usage
of financial services. It is utilised to help
companies in a better management of

financial operations, processes and lives
by utilising specialised software and
algorithms that are used on computers
and, increasingly, smartphones. In
the 21st century, FinTech was initially
applied to resolve the back-end systems
of established financial institutions.
Since then fintech has been expanded
to ensure financial literacy as well as
streamlining the wealth management,
lending and borrowing, retail banking,
fundraising, money transfers/payments,
investment management and more.
The role and the significance of FinTech
have now escalated to a greater extent in
India and its landscape in the country
can now be clasified into three broad
categories: payments, financial products
and services, and other general-purpose

JANUARY - FEBRUARY 2019

9


COVER
STORY

The Indian Fintech
market is forecasted to

touch $2.4 billion by
2020 from a current $ 1.2
billion, as per NASSCOM.

technologies.
According to B Raj Kumar, Deputy
Chief Executive, Indian Banks’
Association says, “Earlier we used
to define eras into BC and AD but in
recent times we now perceive it as BT
(Before Technology) and AD (After
Technology). I represent the BT era and
I am privileged to witness this entire
transformation in banking in alignment
with technology in India. Today, we
cannot imagine a human being without
a smart phone. This change is huge and
I am thankful that I could witness both
the eras. Technology has now given you
the power of convenience. It also helps
you in controlling the number of frauds
associated with your cards and bank
accounts. You can choose to maintain
low balance in your particular card and
then transfer the required amount to it
through mobile banking whenever you
need it.
KEY TECHNOLOGIES TAKING
INNOVATION AHEAD

In the last few decades,
the banking sector
in India realised the
rising significance of
digital technologies
and the urgent need
to embrace the same
for streamlining their
services.

In the digital era, there are several
technologies that helped ensuring
innovation across the sector. But in
India’s context, three developments
proved to the milestones. These
innovations were the gamut of significant
developments that we witness around
us today. They are namely Core Banking
Solutions, Immediate Payment Service,
and Aadhaar.
CORE BANKING SOLUTIONS
Core Banking Solution (CBS) is one of
the most important and nodal systematic
change that completely transformed the
way we see banking transactions today.

Core banking was recommended in the
1984 Rangarajan Committee report on
bank computerisation. An expression of
interest pertaining to CBS was invited in

July 2000, and the actual implementation
started in August 2003 when the first
branch of the State Bank of India (SBI)
was put on TCS’ BαNCS core banking
solution.

The number of public
sector bank branches
in India with CBS
implementation increased
from 79.4 percent in
March 2009 to 90 percent
in March 2010.
It is a process where all information
regarding the transactions and accounts,
and the business of the bank are hosted
via single centralised data base.
IMMEDIATE PAYMENT SERVICE
(IMPS)
Launched in 2010, the Immediate
Payment Service or the IMPS was
developed by National Payments
Corporation of India (NPCI). The
system facilitates immediate fund transfer
from one account to another. Prior to
the launch of IMPS, fund transfers were
scheduled as per the bank operation
hours, settlement hours, national
holidays, etc. This innovation, after its
implementation, is helping customers

to transfer funds anytime immediately.

IMPS is the fastest
growing immediate
payment system in
the world. The daily
transaction volume of
IMPS grew from about two
million per day in 2017 to
approximately 2.8 million
per day in 2018.

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COVER
STORY

Unified Payments Interface (UPI) is one
of the products based on this particular
infrastructure.
According to Rajagopal Devara, Principal
Secretary, Department of Finance
(Reforms), Government of Maharashtra,
“ Innovation in terms of technology is
taking us back to the olden times . Earlier,
thumb impression was the only source
of authentication and today also we rely

on thumb impression for the final layer
of verification. While a lot of things are
getting obsolete, technology is reinventing
a lot by transforming the older ones into a
new advanced version. Smartphones, for
example, have replaced several devices such
as watches, music players etc.”
AADHAAR
Aadhaar, the national identity project
to bring all citizens under a single
identification system, was envisioned as
the foundation of numerous services by
the government. As a part of the project,
detailed information about individuals
were collected, such as biometric details,
residential details, banking data, etc.
The aim was to interconnect all services

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Launched in 2010, the
Immediate Payment
Service or the IMPS was
developed by National
Payments Corporation of
India (NPCI).

availed by the individual through a
common factor: Aadhaar. In the banking
and financial services space, Aadhaar is
being used in multiple ways to promote
financial inclusion and reduce the
frictions in transacting.

More than 89 percent of
the total population had
been issued the biometric
identifier Aadhaar as of
mid-February 2018.

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Bipin Ramesh Khot, Assistant
Director General, UIDAI, Government
of India says, “Maintaining data privacy
in the digital world is very difficult. For
ensuring data security and in a bid to
eliminate bogus identities, the concept of
Aadhaar was brought into life. For getting
an Aadhaar card, a person is asked to
submit several details from date of birth,
finger prints, Irish details and lot more.

The Unique Identification Authority of
India (UIDAI) has kept a mandate for so
many verifications just to ensure that a
person’s duplicate or bogus data does not
enter the system.”
In the past few decades, there have been
some wide-ranging changes that have
altered the very design of the banking
system. A segment of experts opine these
technological changes are making the
banking business model obsolete. Many
experts believe that the tech-driven
revolution is indeed a significant step for
the entire BFSI industry but it definitely
has its own disadvantages as well. It
is therefore, important to analyse the
fitment of the technology implemented
and put the security measures in place
prior to its usage. 

JANUARY - FEBRUARY 2019 11


ARTICLE

ANDHRA PRADESH
THE SUNRISE STATE
ANDHRA PRADESH – THE SUNRISE STATE
The sunrise State of Andhra Pradesh is one of the fastest growing
States in India with GSDP of 7% in 2013-14 to 11.2% in 2017-18.

The State is seen as the gateway for the growing markets and
promising opportunities, opening its doors for investments
in various sectors. Besides rolling the red carpet to big ticket
companies, the State is also encouraging Small and Medium
Enterprises (SMEs) by giving them attractive incentives. A thrust
to the IT sector is being given in Amaravati, Visakhapatnam,
Anantapur, Tirupati and Godavari districts.
AP VISION 2029

approach road for a world-class IT township is under development
at Kapulapada where the government has earmarked 400 acres for
a new layout.
DEFINING FACTORS
Under the Government of India’s BPO Promotion Scheme, the
city has bagged highest number of seats in first phase. The second
phase allotment is under process. The current incentive structure,
talent availability and infrastructure facilities will go a long way in
attracting more investments to the city.
ANDHRA
PRADESH:

KEY MILESTONES

Vision 2029 charts out an
ambitious path for Andhra
Pradesh to be amongst the
top three States in India by
2022 and a developed State
measured in terms of citizen life satisfaction and Happiness Index
by 2029. Come 2050, the Sunrise State of Andhra Pradesh aims to

be among one of the most prominent investment destinations in
the world.
KEY MILESTONES
The government has taken it on a priority basis to develop the
IT sector in the State, so given the much-needed boom to the IT
jobs market. The State has witnessed creation of 40,109 jobs in IT
sector since 2014 and is expected to add another 72,278 jobs in
near future.
FOCUSED APPROACH IN VISAKHAPATNAM
Visakhapatnam has been
attracting huge investment
proposals because of its
connectivity, infrastructure
and cosmopolitan city
status. In a significant
development, Google X
has also agreed to establish
its first development
center outside America
in Visakhapatnam. The

12 JANUARY - FEBRUARY 2019

DEFINING FACTORS

DESTINATION FOR BANKING AND FINANCE
The Government of Andhra Pradesh (GoAP) has a motto of
“Visible Governance, Invisible Government”. In line with this,
Andhra Pradesh has always been at the forefront of deploying
innovative and new advanced technologies in governance. In

fact, we are the first fully digital government in the country, and
with innovative initiatives such as Real Time Governance Society
(RTGS), we have reinforced our leadership position in digital
transformation of governments. Further, GoAP has aligned its
focus on creating a pro-development environment that stimulates
growth across sectors and achieves common goals within
stipulated timelines.
The Sunrise State is emerging as India’s first blockchain Hub;
aiming to transform Visakhapatnam as a world class Fintech
ecosystem bringing government, academia, corporates, investors
and entrepreneurs together.
On the policy front, the State has created a robust policy
framework to promote IT/ITeS and Electronics sectors, including
Consolidated IT Policy, Electronics Policy, DTP Policy, GIC
Policy, IIT Policy, Cybersecurity policy, Innovation and Startup
policy, AI Cloud Hub Policy, and Animation Visual Effects and
Gaming Policy.

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ARTICLE

These policies, along with our country’s leading practices in Ease of
Doing Business, where we have been ranked #1 for two consecutive
years in 2016 and 2017, have enabled Government of Andhra
Pradesh to attract investments from marquee names in Fintech such
as Conduent, HDFC, Franklin Templeton Investments, Paytm,
Cardlytics, Paytm, ICICI, Broadridge, Mastercard Mahindra
Finance, Black Cactus Global Technologies, Conduent.

Visa has also collaborated with GoAP to develop Visakhapatnam
into India’s first ‘Less Cash’ City. GoAP’s digital initiatives
combined with strong policy frameworks have also facilitated
consistent double-digit growth rates for the State. In 2016-2017,
the State has witnessed economic growth of 11.61%, compared
to 10.95% in 2015-16, while the per capita income has increased
from $1,517 to $1,990 during the same period.
To ensure sustainable accelerated growth, GoAP is focused on
creating a conducive business environment to attract investments
from companies and wants to ensure that the local population can
derive maximum benefits from the influx of such investments.
The Government of Andhra Pradesh (GoAP) has identified
Fintech Valley Vizag as a high priority impact project for the State,
with the potential to create tremendous growth and employment
opportunities.
The Fintech Valley, a Government of Andhra Pradesh initiative, in
Vizag is a self-sustainable global Fintech ecosystem where global
financial services companies, government and academia come
together in this valley to build capacity, infrastructure, market
access, connectivity, funding channels, and incentive mechanisms
to achieve unmatched business goals and successes.
Further, GoAP understands the need of creating a critical mass
of talent pool to support the fintech and banking ecosystem,
in making Andhra Pradesh a Knowledge Economy focused on
advanced technologies.
GoAP has set up the Andhra Pradesh Information Technology
Academy (APITA) and Andhra Pradesh State Skill Development
Corporation (APSSDC) to address and bridge gaps in skillset
among graduates and develop an industry-ready talent force.
Further, the State established the International Institute of Digital

Technologies (IIDT) to train and equip students in advanced
digital technologies such as blockchain, machine learning, robotic
process automation and analytics.
To provide the right mentorship to advanced technology start-ups,
a global fintech core group has been set up with industry experts
to provide guidance and interact with start-ups to mentor them in
building sustainable start-ups and, in turn, build a robust start-up
ecosystem for the State.

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GoAP also has created the largest repository of use cases (for
banks, regulators or government) in the world. This market access
is nothing but the use cases that many financial companies have
put forward for startups in Fintech Valley Vizag.
The State of Andhra Pradesh has an already existing 50 million
connected user base market, providing a readily available market
base for the start-ups. GoAP aims to create a platform to connect
start-ups with this user base.
The Government of Andhra Pradesh is supporting banking and
financial institutions for setting up operations or for expansion of
business by providing the following incentives:
Regulatory support and incentives
Access to local and global investors

Leverage learning from mentors
Access to professional services providers (e.g. tax,
recruitment)
Access to talent pool
Access to corporate partners
Access to physical and technical infrastructure
At the recently held Vizag Fintech Festival, GoAp has signed
MoUs with CII, HDFC, Deloitte, Whub, SOSA from Israel,
Wadhwani Foundation, Udhyam Association, FinTech Association
of Hong Kong, UK-based Chartered Institute for Securities and
Investment (CISI) to galvanise fintech corporates and start-ups,
provide the necessary resources, and, in turn, help in nurturing and
promoting Indian Fintechs/Insurtechs by developing a launchpad
environment and support system that will enable them to thrive
and flourish.
The Government of Andhra Pradesh aims to develop Vizag as a
Fintech innovation valley with the intent of making Visakhapatnam
the Fintech epicenter of the world. The Government of Andhra
Pradesh is going all out to create the best ecosystem for Fintech
development in the city and providing incentives to entrepreneurs
in the field. GoAP is focused on being the best in class in terms
of implementation of blockchain and other advanced financial
technologies to
attract financial
institutions and
banks to invest
and make the
State of Andhra
Pradesh as their
business destination.

IT LANDSCAPE IN
THE STATE
The city, which
registered a turnover

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JANUARY - FEBRUARY 2019 13


ARTICLE

of approximately Rs 2,600 cr, during
the financial year 2017-18 is further
pushing to increase the turnover
to Rs 3,500 cr at the end of 201819. Visakhapatnam has prominent
IT players such as Wipro, Tech
Mahindra, HSBC, Concentrix,
IBM and Cyient. The city boasts
of providing 12,000 jobs in the IT
and IT enabled service sector and is
estimated to add more than 20,000
jobs within a year. The city has
experienced BPO talent pool serving
F&A, Healthcare, Telecom Industry,
HRO in voice and non-voice
processes.
IT RELATED POLICIES

IT policy is based on key four pillars namely, Human Capital,
Infrastructure, Incentives and above all, a system of Good
Governance. The policy envisages abundant investment
opportunities for the industry, employment generation and
enhancing productivity and competitiveness.
FISCAL INCENTIVES

14 JANUARY - FEBRUARY 2019

IT INCENTIVES
The Sunrise State of Andhra Pradesh, with a keen emphasis on
creating 1 lakh IT jobs by 2019-end, is offering best in class incentives
to IT companies. The State also initiated various skill development
programmess and ranks #1 in employable talent in India. 
NON FISCAL INCENTIVES

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(L to R): Aditya Prasad, Chief Evangelist; Debashish Chakraborty, Co-founder & CTO; Ramgopal Subramani, COO; Sabyasachi Goswami, SVP-Head
Sales & Strategy; V R Govindarajan, Co-founder & CEO

Perfios Software Solutions

P

Real-time Analysis & Decisioning

erfios Software Solutions
(www.perfios.com) is the
leading Product-Technology
company in the FinTech
space enabling Financial
Institutions in real-time decisioning,
analysis and credit underwriting.
Headquartered at Bangalore, Perfios
endeavors to create a substantial impact
in the fintech ecosystem and thus brings
to the fore, an expansive product suite for
financial and banking services.
Perfios has grown to serve 200+
Financial Institutions which include
almost all the Large Banks, Progressive
Non-Banking Financial Companies,
FinTechs, Insurance Companies,
Alternate Lending agencies, AMCs, etc.

16 JANUARY - FEBRUARY 2019

and have a trusted customer base of
more than 50 million people. Perfios
provides a varied range of solutions
which covers the 360-degree aspect of
financial underwriting by providing
Bank, Financial, Tax and GST Statement
Analysis.
Being a technology driven company,
Perfios has developed an extensible data
platform that handles both structured
and unstructured data – extracting,
curating, analysing and providing
vertical solutions in the area of real-time
credit decisioning and Personal Finance
management (PFM), leveraging some
of the latest Machine Learning and AI
techniques and algorithms.
Perfios Insights solution, a B2B solution

is a real-time aggregation and analytics
tool for Financial Institutions, Banks,
NBFCs and new age FinTech lenders to
automate and digitise the entire process of
customer onboarding (Underwriting).
It provides an edge over the manual
system of FIs and some intangible
benefits to the internal & external

stakeholders by
Cutting down the TAT for processing
an application (loans, insurance, etc.)
Lowering costs
Providing higher accuracy
Enhancing the user experience thus
resulting in increased customer
acquisition
Facilitating Strategic Goals
Providing better utilisation of
resources

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It helps Financial Institutions get indepth analysis of data in real-time and
thus aids them in well-informed decision
making. The solution also provides some
tangible benefits by
Providing analysis in real-time,
accurate information on customer’s
financial worthiness.

Eliminating later-stage expensive
verifications

Verifying the ‘Capacity to Pay’

Identifying relevant recurring
income/expense transactions.


Providing completely customisable
output report listing out required
information (average balance,
recurring income/expense, debt-toincome ratio, bounced cheques, bank
charges, overdrafts, late payments,
penalty etc.)
An integral part of the Insights solution
is the analysis of various financial
documents including
Balance Sheets
P&L
Cash Flow Statements
Schedules, etc.
The synthesised report consists of all
possible ratios and formulae necessary
for calculating the finances of the
prospects. This solution also provides
the option of fetching data directly
from the MCA portal and giving out
an analysed report. It makes the entire
customer journey seamless and hasslefree. The reports generated by Perfios is
completely customisable.
Perfios’ tax statement analyser fetches tax
documents of customers which includes
Form 26AS, ITR V & ITR forms for
employment verification of salaried
and professional customer type &
income verification of all customer types
required as part of credit assessment &

decisioning.
Perfios has the capability to build the
final CAM (Credit Assessment Memo)
sheet, by fetching and analyzing data
from the ITR forms which is made

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Perfios has grown to
serve 200+ Financial
Institutions which include
almost all the Large
Banks, Progressive
Non-Banking Financial
Companies, FinTechs,
Insurance Companies,
Alternate Lending
agencies, AMCs, etc.

available real-time, thus empowering
the banks/financial institutions to
make decisions on the fly.
Our GSTN solution helps Banks &
Financial Institution to analyse Goods
Services and Tax Network (GSTN)
data of the Goods Services and Tax

(GST) Taxpayer by providing the
information as desired by the lender
for instant decisioning, approval and
disbursement of loans.
The FCU checks the authenticity of a
bank document to figure out if there
has been tampering or if there are any

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behavioral triggers which can help the
lender in assessing the risk associated
with it.
In addition to providing core analysis of
various data such as Bank statements,
financial statements and tax statements,
Perfios has created a new category
of solutions that triangulate data
across various data sources – banking,
financials, Income Tax Return, Goods
Services and Tax etc. and in the process
establishing a single source of truth
about a borrower and identifying frauds,
if any.
In addition to enabling customer
on-boarding for lenders, the platform

also provides a powerful suite of PFM
solutions that enables a variety of deep
analytics that can be leveraged by various
FIs in getting more insights about their
customers that let them offer more
relevant recommendations to their
customers and in the process increase
their revenue.
As a category creator and a pioneer in
the credit decisioning and PFM space,
Perfios is an established leader in its
chosen area of focus and is the trusted
partner for most Financial Institutions.
As a result of constant innovation and
creation of a new category of solutions,
we have been recognised by both peer
groups and media many times over. 

JANUARY - FEBRUARY 2019 17


INDUSTRY PERSPECTIVE

Affordable Housing:
Growth Driver for
Banks and Housing
Finance Companies

PAVAN K GUPTA
Chief Executive Officer, Muthoot Housing

Finance Company Ltd

Affordable Housing is gaining a lot of
significance. Would you like to share
the reason behind it?
Today every discussion on housing
starts and ends with affordable housing.
In 2015, with a vision to provide a
home to every Indian, the Government
launched “Housing for All by 2022”
scheme. This Centre’s initiative brought
the focus of government authorities,
builders, regulators and bank/Housing
Finance Companies (HFCs) to
affordable housing. About 95 percent of
the housing shortage in India is in the
low-income segment which comprises
the EWS (Economically Weaker
Section) having annual income up to
Rs three lakhs and LIG (Low Income
Group) having annual income of Rs
3-6 lakhs. The housing for all primarily
focuses on the EWS and LIG segments.
This scheme also covers people having
annual income between Rs six lakhs
to Rs 18 lakhs which fall under the

18 JANUARY - FEBRUARY 2019

In a bid to provide a home to every Indian by 2022, the Pradhan

Mantri Awas Yojana (PMAY) housing for all scheme was launched
by the Government in 2015. This has made affordable housing/
finance the most sought-after business, says Pavan K Gupta, Chief
Executive Officer, Muthoot Housing Finance Company Ltd, in an
interaction with Rakesh Roy of Elets News Network (ENN).

Middle Income Group -1 (MIG) and
MIG-2 scheme. Affordable housing is
defined differently by different people.
Some define it on the basis of the size
of the loan or carpet area of house or
affordability.
How has the Housing for All
Mission/ PMAY helped in the
growth of the affordable housing
sector in India?
The government has a vision to
provide housing to every Indian by
2022. Under the Pradhan Mantri Awas
Yojana (PMAY), the Centre plans to
provide 20 million houses in Urban
Area and 30 million houses in the rural
areas. In order to boost the demand
and supply for affordable housing,
Government has implemented various
initiatives like providing infra status
to affordable housing, reduction of
the Goods and Services Tax (GST)
from 12 percent to 8 percent for

under construction properties under
affordable housing, tax holiday to
affordable housing developers for five
years, allowing external commercial
borrowing for affordable housing,
Credit Linked Subsidy Scheme
(CLSS) subsidy in urban areas and
subsidy support for beneficiary lead
construction.
Credit linked subsidy is provided to
economically weaker section (EWS),
low in group (LIG), and Middle
Income Group (MIG-1 and MIG2) beneficiaries. Under this scheme,
eligible urban households get subsidy
up to maximum of Rs 2.67 lakhs on
home loans availed from Banks/
HFCs (Housing Finance Companies)
etc. National Housing Bank (NHB)
and Housing and Urban Development
Cooperation (HUDCO) are the
central nodal agencies to implement
the scheme.

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INDUSTRY PERSPECTIVE
the above. We customise products as per
their clients’ needs. We have developed
a robust credit appraisal process. It is

during personal discussion, the customer
needs, income and his repayment
capacity is evaluated on the basis of
which home loan is given. Invariably all
our customers are end users.
How does technology boost the growth
of affordable housing finance in India?

National Housing Bank has issued
around 35 new licenses in the last
three years to start Housing Finance
companies (HFCs). Most of these
new HFCs are focusing on funding
affordable housing customers in the
informal sector. This has led to the
easy availability of housing finance to
the EWS/LIG segment of customers.
All these above factors have led to
spurt in the demand and supply of the
affordable housing.
What role does Muthoot Housing
Finance Company Ltd (MHFL) play
in providing housing finance to the
masses, not addressed by the formal
Banking sector?
Muthoot Housing Finance Company
Ltd extends housing loans to salaried
and self-employed customers
with formal and informal income.
According to the Ministry of Housing,

Urban Poverty Alleviation, the
Economically Weaker Section (EWS)
and Low Income Group (LIG)
accounted for 95 percent of the total
housing shortage in India. Out of
the total working population in this
category, 65 percent in the urban area
and 90 percent in the rural area are
engaged in unorganised or informal
segment. These customers do not

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About 95 percent of the
housing shortage in India
is in the low-income
segment which comprises
the EWS (Economically
Weaker Section) having an
annual income up to Rs
three lakh and LIG (Low
Income group) having
annual income of Rs 3-6

have a formal income proof and thus do
not get home loan from the banks and

large HFCs.
MHFL is present in nine States and
caters primarily to these underserved
customers. To cater to the informal
customers in the affordable housing
segment, understanding of the
customer business, evaluation of their
income basis their cash flows and
understanding of local property market
is inevitable. At MHFL, we have been
able to develop expertise to execute

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Technology has helped HFCs/ NonBanking Financial Companies (NBFC)
to provide fast, efficient, cost effective,
customised product and services to
customers. It helps in increasing the
productivity of the manpower, better
utilisation of resources and automation of
many manual procedures. It has helped
in reaching out to larger geographies
for business acquisition without setting
up brick and mortar set-up. Use of
mobile and mobile technology has made
onboarding of a customer easy, fast and

cost-effective.
Technology helps to manage risk through
analytics. It helps in taking informed
credit decisions. Collection and recovery
process have become far more effective
and efficient and significant scale up of
business across geographies at costeffective manner is possible with the help
of technology.
What are your future plans for the
business growth? How do you think
the affordable housing sector will grow
in the next few years?
Muthoot Housing Finance plans to have
asset under management of more than,
Rs 3,000 crores by 2021. The affordable
housing finance is likely to grow at 35-40
percent in the next few years. This growth
is enabled because of Centre’s focus to
ensure housing to all by 2022, rapid
urbanisation, migration of people from
rural to urban areas, development of 100
smart cities, nuclearisation of families and
rapid income growth in the EWS/LIG
segment.

JANUARY - FEBRUARY 2019 19


INDUSTRY SPEAKS

Open Banking:
A Strategic Approach to
Win Digital Consumer
becoming more open to switching
financial services providers (even if the
provider is not a bank) if they find one
that offers them a better experience.
By making the right technological
investments and adopting more flexible
business models, banks have the
opportunity to enhance operational
efficiency and accelerate innovation in
order to improve customer satisfaction
and increase revenue.
Digital Banking in Asia-Pacific
(APAC)

BENJAMIN HENSHALL
Country Manager India and Director Sales,
Financial Services, APAC at Red Hat

Introduction:
Rapid innovation across industries has
given rise to changing consumer behavior,
especially in the banking and financial
services sector. This has also enabled
non-traditional players like PayTM and
PhonePe to offer financial services in India.
In fact, according to recent reports shared
by McKinsey, it is estimated that digital

banking penetration has grown 1.5 to 3
times in emerging Asia since 2014. This
trend indicates the growing need to
establish efficient digital channels for dayto-day operations.
The need for banks to deliver exceptional
customer experiences is now more
important than ever, as customers are

20 JANUARY - FEBRUARY 2019

Banks in the Asia Pacific are recognising
the advantages of going digital.
Reports shared by market intelligence
and advisory services firm IDC
(International Data Corporation)
indicate that about 80 percent of the
region will operate on a hybrid cloud
architecture by the end of 2018. By
doing so, they may be able to lower the
total cost of ownership and increase
agility.
Since cloud provides the ability to
quickly provision resources, it allows
banks to quickly develop and deploy new
apps and services that address changing
market and customer demands.
Taking it a step further, those banks
could also deploy automation tools to
both improve operational efficiency
and free up staff for revenue-generating

tasks such as cross-selling and building
relationships with customers.
Open Banking is the way forward

Although banks have already started
digitally transforming to better compete
in the digital age, they should bear in mind
that digital transformation is a journey, not
a destination.
As the business environment becomes
increasingly volatile and uncertain, banks
need to remain nimble and continuously
innovate to quickly address the everchanging consumer and market demands.
Banks have a duty to constantly refine
their applications to keep up with times.
This is where open banking can help.
Open banking is a model in which banking
data is shared between two or more
unaffiliated parties through Application
Programming Interfaces (APIs). It
provides opportunities for banks to gain
a 360-degree view of customers that can
be used to help enhance their services
and create new revenue streams. For
instance, banks could use data from
insurance companies to provide real-

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INDUSTRY SPEAKS

time comparisons of insurance plans and
automatically suggest the best deal based
on the customer’s financial capacity/needs.
Recognising the benefits of open banking,
some Asian banks are opening access to
their APIs to co-create new and more
customer-focused financial products and
services. Such a move will enable banks
to leverage each other’s strength and
accelerate the speed of innovation.
To further benefit from open banking,
banks should take a microservice-based
approach to building apps, in which
large apps are broken into smaller,
independently scalable components (also
known as microservices) according to
their functionalities. This enables app
developers to make changes to specific
microservices instead of a big piece of
code, reducing the complexity and time it
takes to release app updates.
Moreover, microservices can help banks

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Open banking is a model
in which banking data is
shared between two or
more unaffiliated parties
through application
programming interfaces
(APIs).

accelerate software development as
they can be reused as the foundation of
new apps. With such a capability, banks
will be able to constantly keep up with
changing customer demands, which
is crucial in ensuring good customer
experience and retaining customer
loyalty.

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Macquarie’s Banking and Financial
Services Group is one such bank that has
benefited from adopting microservices.
By using microservices and containers,
it now takes the Australian financial
group minutes instead of hours to release

software updates and features. It is able
to update existing applications quickly
without any downtime on the customer
end, as well as meet customer demands for
new services.
Given the rapid pace of change, banks need
to be agile to effectively deal with unknown
disruptions that will come their way.
Open banking is the key to achieving this.
Elements of open banking such as APIs and
microservices can not only help solve the
challenges they face today, but also help
banks build the right foundation to address
future customer and business needs.
(Views expressed in this article are a personal opinion
of Benjamin Henshall, Country Manager India and
Director Sales, Financial Services, APAC at Red Hat. )

JANUARY - FEBRUARY 2019 21


ADVERTORIAL

I

n December 2018, the Reserve Bank
of India (RBI) mulled over some
new modes of electronic verification
methods pertaining to the financial
institutions of India. Video KYC (Know

Your Customer) was one of the most
plausible options among the others.

The Future of Banking and
Insurance Sector: Video KYC

As Aadhaar based biometric customer
verification is out of the picture now,
Signzy, an active working committee
member of the IAMAI (Internet and
Mobile Association of India), has suggested
video KYC (Know Your Customer) as an
alternative solution.
We at Signzy understand the power of
Artificial Intelligence (AI) and how it can
be leveraged to solve numerous problems
associated with the financial institutions
of India. We are aiming to build a global
digital trust system with three major
components:
 Identify an individual/entity accurately
 Know all the essential background
information of an individual/entity
 Feature to reward or penalize the
individual/entity to build a trust factor
That is our mission, and we voraciously
work to achieve the goal in this dynamic
market.
The Cons of Clumsy Old KYC
Verifications

Let’s have a look at some of the factors that
showcase the clumsiness in the current
offline KYC verification method:
 Maintainance of physical files, which
requires time, manpower and space
 The offline process of documents
collection brings the threat of misuse of
documents
 The turn around time (TAT) per file
increases which hampers the customer
experience
 In-person verification requires
customer’s availability which further
delays the onboarding process
These pointers are enough to highlight

22 JANUARY - FEBRUARY 2019

where the real problem lies. We at
Signzy understand the time and cost
involved from a banker’s point of view
and customer’s experience in the whole
process. This challenge has given us an
opportunity to figure out a more affluent
solution which will simultaneously abide
all the regulatory requirements. The
proposed solution is none other than the
video based online identity verification
method.
Why is Online Identity Verification the

Ultimate Solution?
Online identity verification often
leverages the artificial intelligence and
computer vision technology, and views of
a verification expert to deem whether the
government-issued ID presented by the
customer is legit or not.
At Signzy, we developed a solution which
performs validity checks via a real-time
video session to ensure that the individual
holding the ID is the same being showed
in the ID. Some of the features are:
 Providing best-in-class face match
score by matching the photo Identity
with the real-time video session to
eliminate the possibility of fraudulent
activity
 Detection & elimination of static
photographs or pre-recording videos

 Liveliness is checked by matching the
audio with the numbers or sentence
that are asked to speak by the user
 Use of video forensics to detect if the
video has tampered in any way
 Quick implementation of API, SDK,
and Webcam for online video KYC
 Faster results as it typically takes only a
few minutes to verify (Which can also
be automated!!!

Signzy has a secure and compliant
solution
Signzy reduces identity and behavioural
fraud risk at digital onboarding through
our proprietary Computer Vision Engine
- ‘(K)Netra’ which brings human-like
intelligence on people & documents and
our Machine Learning (ML) based engine
‘Mimasa’ which detects behavioural risk
using massive digital data.
This innovation has been recognized
several times in our journey including
awards from Indian Banking regulatorReserve Bank of India ( Jul 16,18), IBM
(Aug 16), Thomson Reuters (Nov 16),
Forbes ( Jan 17) and HDFC Life (Mar
17), Monetary Authority of Singapore
(Nov 17). Signzy today works with over
75 clients including the top public, private
sector banks as well as large NBFCs. 

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INDUSTRY PERSPECTIVE

Give us an overview of your products and
services.
Tejora is a Technology and Consulting
company with a team of 250 skilled
professionals. Over 15+ years, we have

delivered 100s of Enterprise-grade innovative
solutions using various cutting edge
technologies. Our products mainly cater to
Banking and Trading and Securities verticals.
Various technologies and platforms we have
been working with are AWS, Azure, Dockers,
Kubernetes, Jenkins, Java, .Net, PHP, Python,
NodeJS, AngularJS, ReactJS, Native and
Hybrid Mobile development.
Some of our popular Products are Property Finance Appraisal System
This platform helps Banks and Housing
Finance companies to approve Builder
projects and provide Finance to Individual
which includes cases like LAP, Resale etc. The
platform helps appraise the property and helps
in decision making of exposure and sanction
limits. Post loan approval, it helps in tracking
project progress, and disbursement.
Quick Pay
A revolutionary Value Added Service platform
enabling banks and financial institutions to
acquire Small and Medium-Ssized Enterprises
(SMEs). This platform helps Bank’s merchants
(SMEs) generate, track and setup invoices
for multi-channel payment collection with
additional support on E-Tendering system.
Implemented at Axis Bank, IndusInd, Yes Bank.
Chatbot
Enabling intelligent dialogue between your
customers and systems to facilitate smarter,

higher-value purchase and service interactions.
Allocations and Collectable App
The solution allows automated assignments
and tracking of all delinquent cases using
an engine to both internal and to external
agencies for smoother collection and to get a
real-time update.
What new technologies have you
implemented to streamline BFSI services?
BFSI has been adopting technologies to
provide better Customer Experience in every
aspect. Technology has been enabling them to
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Tejora-Architecting Solutions to
Meet Highest Standards in BFSI
Tejora’s “Client-first” attitude keeps fostering its drive to understand
client’s business needs and equip them with the right solution to
reach goals, says Surabhi Shenoy, Managing Director, Tejora Private
Limited, in conversation with Elets News Network (ENN).
offer newer and better products at much faster
pace. The landscape will continue to change
rapidly in near future. We keep ourselves ahead
of the curve, and continue to work on Turn-key
and Digital Transformation initiatives. On top of
my mind I recall, path-breaking progress on,

 Re-engineering legacy systems with a
Microservices Architecture
 Decoupling monolithic systems for swifter
integrations
 Leveraging APIs with an API Manager and
SURABHI SHENOY
API Gateways
Managing Director, Tejora Private Limited
 Orchestration of Infra and Development
through Dockers and Kubernetes
 Slowly enabling CI-CD through Jenkins and Ansible
 Exploring Apache Spark and Kafka for streaming and processing large volumes of data
 Cloud Support andLift-Shift services
Cloud and Data mining holds a significant position across the industry. How do you
ensure safety for the services you offer in the segment?
We relate to the challenges towards identity and access management capabilities designed to
strengthen compliance management and reduce risk in today’s cloud environment.
Discovery
Understand the enterprise-readiness of cloud services with our objective Confidence Index. We
use this information to assess risk and inform the needed security policies.
Secure data
Detect sensitive content at rest in sanctioned cloud services or en-route to or from any cloud
service or website with advanced, enterprise DLP. By settinggranular policies on identity,
service, activity and data we automatically protect data, application, threats and more.
Stop threats
Protect organisation from cloud threats such as malware and ransomware while we set tools to
detect unusual data movement and malicious user activity to averse an active and passive threat.
What new innovations are you planning for 2019?
In the age of robotic assembly lines driverless cars and drones, cutting-edge automation
and robotics are scripting a silent revolution in the sector shifting focus from cost reduction

through labor arbitrage to driving business value through innovation. Challenges to overcome
automation drive new age innovation and introduce the right tools that meet regulatory
requirements and maintain data privacy remains our 2019 focus.
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JANUARY - FEBRUARY 2019 23


TOP MOMENTS OF 2018

Top Moments of 2018:
NBFCs’ Ranking, Magazines
and Five Conferences

T

he year 2018 had come to an end and it brought
several significant changes across the banking and
finance sector. The year saw emergence of several new
non-banking leaders and implementation of vital tech-driven
innovation.
Being a leading B2B voice of the Banking, Financial Services
and Insurance (BFSI) sector The Banking & Finance
Post through its print as well as the online version and the
conferences, highlighted several vital topics. The Banking &
Finance Post in association with Elets Technomedia organised

five premier conferences across the country and also launched
five special issues of the magazine.
The year was also eventful because we released the second
edition of India’s Top 50 NBFCs’ Ranking 2018 and it gained a
lot of popularity amongst our readers.

Highlights of Conferences Organised in 2018
In 2018, we organised five conferences across India focusing on
several significant issues pertaining to the Banking, Financial
Services and the Insurance (BFSI) sector. Around the year, our
conferences witnessed the participation of over 200 speakers,
more than 80 partners and over 800 delegates.

February 2018:

2nd BFSI Cloud & Security Summit, Mumbai
Delving into the role of
cloud and the need for
security measures, Elets
Technomedia organised
2nd BFSI Cloud &
Security Summit in
Mumbai, where experts
highlighted the need

24 JANUARY - FEBRUARY 2019

to offer customer first banking armored with secured systems.
The summit focused upon some of the most emerging issues
pertaining to cyber security and safe banking. It highlighted the

use of technologies such as cloud computing, Blockchain and
Artificial Intelligence in the Banking, Financial Services and
Insurance (BFSI) Sector. In the summit, experts also talked
about the various reforms initiated by the Centre for promoting
the usage of digitisation in the banking sector. They opined
that banking sector institutions are opening up and showing
their acceptance towards new technology up-gradations.
They are now collaborating with external interfaces. Rama
Vedashree, Chief Executive Officer, Data Security Council of
India inaugurated the summit. Several other dignitaries namely
Brijesh Singh, Secretary and Director General, Directorate
General of Information and Public Relation, Government
of Maharashtra ,K Ramachandran, Senior Advisor-Banking
Technology, Indian Banks’ Association and Haresh Krishna
Kumar N, Country Manager-Vertica, Micro Focus were part
of the inaugural session and deliberated about their expertise
pertaining to the banking and financial industry.

April 2018:

3rd NBFC100 Tech Summit, New Delhi
Holding a big
potential and spark to
innovate and remove
several roadblocks
currently existing in
the banking sector,
the Non-Banking
Financial Companies
(NBFCs) should be

perceived as future leaders of the BFSI sector, experts opined
at the 3rd NBFC100 Tech Summit held recently in New
Delhi. Some of the experts stressed on exploring the reasons
behind NBFCs’ success at a time when a lot of banks are not

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succeeding. Some of them underlined the game-changing
role of technology be it in terms of customer onboarding or
loan approvals where technology has been the key enabler for
NBFCs. Prem Narayan, Deputy Director General, Unique
Identification Authority of India (UIDAI), Government of
India, earlier in the day inaugurated the summit organised by
Elets Technomedia and powered by The Banking & Finance
Post, Asia and the Middle East’s premier bimonthly magazine.
Several other eminent dignitaries namely Raman Aggarwal,
Chairman, Finance Industry Development Council, Alexis
Bossuyt, Trade and Investment Commissioner, Flanders
Investment and Trade, Embassy of Belgium and Deepak
Kapoor, Co-founder, InfoAxon Technologies, were present on
the occasion. Be it the role of NBFCs in redefining the financial
inclusion scenario in India, technology transforming NBFCs,
modifying framework of NBFC or the role of regulatory
bodies etc. were included in the list of issues on which various
esteemed dignitaries, who were a part of this congregation,
deliberated. Here is a bird’s eye view of the grand extravaganza
held in the national capital in April.

June 2018:

4th NBFC100 Tech Summit, Hyderabad
As the
Government
is steadily
working on
ensuring financial
inclusion in
the country,
the BFSI sector
has acquired
an unprecedented significance to facilitate it the real way.
Innovation and tech-driven banking sector along with big
financial companies are big factors behind this financial
transformation happening at a fast pace.
In this light, highlighting the excellence and understanding
the innovations made in the field of Non-Banking Financial
Companies (NBFCs) in South India, Elets Technomedia
organised the 4th NBFC100 Tech Summit in Hyderabad in
June.
The mega congregation of experts from across financial
institutions was inaugurated by Ajay Mishra, Special Chief
Secretary, Department of Energy, Government of Telangana.
Jayesh Ranjan, Principal Secretary- Information Technology,
Industry & Commerce, Department, Government of Telangana
also attended the summit and shared his valuable insights of

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NBFCs. Other eminent dignitaries namely Gowra Srinivas,
President, Federation of Telangana and Andhra Pradesh
Chambers of Commerce & Industry, Dr Ruchi Agarwal,
Senior Researcher, Indian School of Business, Dr B Yerram
Raju, Adviser and Telangana Industrial Health Clinic Limited,
Government of Telangana addressed the inaugural session and
shared their views on Hyderabad and its financial landscape..

August 2018:

3rd BFSI CTO Summit, Goa

In an endeavour to highlight the rising implementation
of technology across the Banking, Financial Services and
Insurance (BFSI) sector, Elets Technomedia organised the 3rd
edition of BFSI CTO Summit in Goa this August.
The summit was inaugurated by Ankur Gupta, Principal
Secretary, Department of Electronics & Information
Technology and Elections, Government of Haryana and
Rajagopal Devara, Principal Secretary, Department of Finance
(Reforms), Government of Maharashtra.
Other eminent personalities namely Padma Jaiswal, Secretary,
Department of Information Technology, Government of

Puducherry, B Raj Kumar, Deputy Chief Executive, Indian
Banks’ Association and LR Ramchandran, Chief General
Manager (CGM)– Financial Inclusion & Banking Technology,
NABARD, also participated in the inaugural session and later
shared their insights on reinventing financial services.

November 2018:

5th NBFC100 Tech Summit, Mumbai
In November 2018, NBFC100 Tech series travelled to the
financial capital of the country Mumbai. This conclave
focused on the rising significance of NBFCs and the growing
implementation of technologies in them.
The summit witnessed a massive participation of over 125

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