The 3rd finance conclave was held on 11 th November 2017, and it started on 10:30 am were the theme was RECENT REFORMS IN FINANCIAL SECTOR. Financial reforms refer to the steps taken by government in favor of the economy. There was the need of financial forms in India and that is why Narsimha committee was established in the year 1991, which focuses on banking, monetary policies, taxation, foreign investment etc..
Some of the recent reforms are as follows discussed by vikas bhadauria and kajol modi being host for this event:
Banking sectors reform
Raghuram rajan the former RBI governor in one of his exit interview clearly stated that “structural reforms as a policy that should be vigorously pursued rather than being fixated on growth numbers.
Monetary policy reforms
Once upon time before 1991, CRR was 15% SLR was 38.5% rates in India were high and reduced to CRR 4% and SLR 20%
The biggest reform in tax structure of India is Goods and service tax, where all indirect taxes are converted into single unified tax structure and formally introduced on 1 st April
On 25 th September 2014 pm Narendra modi launched Make in India campaign national and multinational companies have opportunities to manufacture their products in India and other reforms like Micro finance, social sector reforms and trade reforms.
After this Dr. Sourbhi Chaturvedi, the director of Oakbrook business school was invited to share her thoughts on recent reforms where ma’am covered many government schemes, its uses, and awareness among students and gave detailed reforms explanation.
So Before proceeding further we had eminent dignitaries for lamp lightening ceremony which w will be followed by saraswati vandana.
Our First speaker was Mr. Rajiv Bhatt invited on desk to share his thoughts, associate partner at Ernst & young LLP. Mr. Bhatt is a CA, CPA and MSC finance, DCA and gold medalist in MBA. Sir is having the specialties in growth strategy, management consulting, M&A/PE, banking &corporate finance risk management, intangible
Recapitalization, further credits to PSU banks, impact of demonization and GST will give us long term results and after many models of GST money came to government they linked Aadhar so data base is ready and in future all with linked which will contribute to economic growth and this will give us broad picture to connect the dots.
Further he explained regarding the role of technology and said that these 3 things they consider to select a candidate they are core competencies, soft skills and IT skills. There are 3 drives reshaping our world they are demographics, globalization and technology. Explanation of artificial intelligence which refers to technologies used were mans are replaced with machines and automated process also cerebral things will be done so we need to have upper hand support rather than replacement. The industrial revolution 18th century has massive labour displacement.
Sir mentioned a book capital which talks about how you can grow without assets managers have to leverage and shared the examples of face book, Ola, uber. We need to understand two main things that not to own assets by creating a platform and provide data to consumer, by lighting your assets and increasing ROCE /ROE. To utilize technology for financial managers in the fields of accounting, tax, audit, cloud enable outsourcing, networking, stake holder’s communication.
Sir suggested to think on these topics and have a holistic perspective were different speciality students come tougher and solve a case study as all eventually turn up to responsible managers. Students should also write an essay on how technology will shape our future
Our second speaker was not able to come due to personal problems, the next speaker is Mr. saurabh Paul, management graduate having more than 20 years of work experience in leading organization, also he is BE in electronics and communication from regional engineering college, Durgapur. Currently working with startup in Ahmadabad as Gujarat
head since 2016.
Sir had an interactive session and started with the process of recapitalization of PSU banks and its effects on economy, differentiated bank licenses, small financial banks and peer to peer landing with examples like paisa bazar, I to I etc. Discussed how capital can be accessed from angle investors, venture capital, debt, capital markets, and micro finance.
Other key reforms like GST, digital payment solution. Financial inclusion like jandhan yogna, dismantle of APM for petroleum, discouragement of gold imports.
Further OBS congrulated kesar modi student of 3 rd SEM for being a business standard campus reporter and awarded with certification. The winners for the quiz competition was also declared and awarded with medals. The name of scholars for scholar’s desk was also declared who will be having separate desks to use computer.
This session ended at 12:30 which was followed by group photo and lunch break till 2pm. After successfully completion of first half we have arranged by finance students “FINO HUNT” which will introduce the students to better understand financial terminology and find the treasure with a good amount of team entries, it was also registered in wadhvani foundation and it will be counted as an activity. At 3:30 we started with “financial quiz”
where 5 rounds were there and we had good participation. It was followed by felicitation of certificates to winners by Dr. Sourbhi Chaturvedi and nikita ma’am and letter of appreciations to finance students by 5:30pm. At last vote of thanks was conveyed by Nikita ma’am expressing event with blast and having fruitful results and thanking OBS,
every faculty member, pantry staff and students of all specialization to help them and support for this event.