2016 year of reckoning for India's banking sector: Kapoor
Rana Kapoor, Managing Director and CEO of YesBank says the right mix of fiscal and monetary policy action, coupled with the turnaround in the global economy, will boost India's economic and industrial growth. As India enters the 67th year of being a strong and vibrant republic, Rana Kapoor, Managing Director and CEO of YesBank that 2016 will be Indian banking's year of reckoning and the signs are ominous. India has performed relatively well in 2015 despite the global economy being mired in volatility. Most macroeconomic indicators have outperformed this year, with GDP growth at nearly 7.5 per cent standing out amongst peers.
India definitely deserves the praise of being a ' bright spot in an otherwise gloomy global economy'; and as we look forward to 2016, the time is right to seize the opportunity.
A stronger cyclical pick-up in public and private investment and a broader revival in consumption demand should more than off-set external headwinds in 2016. This year will be the inflexion year for the banking and finance sector in India, which will increase its global footprints.
As India's new-age private sector bank, YES Bank recently launched its first international representative office in Abu Dhabi in 2015. The office is located in the heart of the GCC region, which is an important global economic hub with long standing trade and cultural ties with India. Our Gulf foray will play a key role in our aspiration to become the "finest quality bank of the world in India" by 2020.
YES Bank endeavours to spot and seize every lucrative opportunity for the Indian diaspora through the flagship Global Indian Banking programme. It brings NRIs a range of investment opportunities to choose from and the expertise to invest and monitor portfolio through e-commerce capacity, payment channels as well as strategic partnerships.
The primacy of economic development in governance and progressive reforms to facilitate investments has been the hallmark of the Narendra Modi government.
I am confident that the right mix of fiscal and monetary policy action, coupled with the turnaround in the global economy, will boost India's economic and industrial growth to the next level and make 2016 India's year. That is why, YES Bank recently launched its campaign "India bole YES!" as yet another endeavour to translate the ethos of the bank while saluting the indomitable spirit of rising India.