St. Mary’s Clg PG Dept of Com. organizes National Conference on ’Financial Sector Reform

By Dr. Eugene DSouza, Moodubelle
Bellevision Media Network

Udupi/Shirva, 06 May 2016: The Post Graduate Department of Commerce, St. Mary’s College, Shirva organized on day National Conference on ‘Financial Sector Reforms’ in the Saude Sabha Bhavana, Shirva on 6 May 2016. The conference was organized in collaboration with Syndicate Bank Regional Office, Udupi District.

 

The inaugural function of the daylong National Conference was held at 9.45 am presided over by Fr. Stany Tauro, parish priest of Our Lady of Health Church and Correspondent of St. Mary’s and Don Bosco educational institutions, Shirva. The other dignitaries on the dais included: Satish Kamath-Field General Manager, Syndicate Bank, Manipal, S. S. Hegde-Deputy General Manager, Udupi, Prof. Rajan V.N.- Principal of St. Mary’s College and Asst. Professor Jagdeesh Acharya-Confernce Convener.

 

 

Following the prayer by the College Choir, Prof. Rajan V.N. in his welcome address said that during the last six years since the establishment of the Post Graduate Commerce Department in the college 12 conference were held and this was the first national level conference. Thereafter, he formally welcomed the guests on the dais.

 

Satish Kamath formally inaugurated the daylong national conference by lighting the lamp along with other dignitaries on the dais.

 

In his inaugural address, Satish Kamath said that financial system in India is a crucial determinant of the country’s economic growth. Financial sector reforms were introduced in India as a part of the structural adjustment and economic reform programme had a profound impact on the functioning of the financial institutions, especially banks. The principal objective of financial sector reforms is to improve the allocative efficiency of resources, ensure financial stability and maintain confidence in the financial system by enhancing its soundness and efficiency. The aim of the conference would be to identify the emerging issues in the financial sector and explore the prospects for future reforms in the field. 

 

Fr. Stany Tauro in his presidential message complimented the Post Graduate department of Commerce for organizing one day national conference on Financial Sector Reforms. Further he said that reforms are necessary in every field of human society such as social reforms, economic reforms and even religious reforms. Hence, reforms in financial sector are as important as in other sectors of the society. The reforms make the lives of human being easy and comfortable. He also said that such conferences help in improving the knowledge of the subject.

 

Asst. Prof. Jagdeesh Acharya proposed the vote of thanks and  Ms. Shalaka S. Plan and Ms. Prahara Athikari, both from II M.Com compeered the inaugural programme.

 

Delivering the keynote address, S.S. Hegde said that the first reforms in the financial sector took place in 1969 when the then government nationalised 14 banks. Tracing the problems  faced by the financial institutions, especially the banking sector, S.S. Hegde said that up to 1990s the banks had to carry on with directed lending and administered rate of interest as laid down by the government of India’s policies and Reserve Bank’s directives. Thus, there was no freedom for the banks  and there was lack of transparency in  operation. The economic and financial situation by the turn of 1990 was so bad that India faced severe balance of payment crisis. As a result, India had to borrow heavily from the International Monetary Fund (IMF) and also had to pledge gold to Bank of England and Swiss Banks.

 

Under these circumstances, the Government of India thought of introducing financial  sector reforms. As early as August 1991, the government of India appointed a high level committee under the chairmanship of the then  Governor of the Reserve Bank, Narasimhan to look into all aspects of the financial system and make comprehensive recommendations for improvement. 

 

The government of India accepted the recommendations of the Narasimhan Committee that led to the second phase of banking reforms in India. The chief reforms recommended by the Narasimhan Committee included: Strengthening of Banking Sector; Asset quality; Systems and methods in banks; Structural issues; and technological up gradation.

 

There were three sessions in the daylong conference. During the first session Prof. Raghunandan B., retired professor, SVS College, Bantwal spoke as resource person on ‘Financial Sector Reforms-Development Finance’.  During the second session, Naveen Rego, Certified Financial Planner, Mangalore spoke on ‘Wealth Management-Challenges’ and during the third session papers were presented by the participants.

 

The valedictory function was held at 4 pm presided over by Prof. Rajan V.N., principal of St. Mary’s College, Shirva.