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Shadow Banks: Need for Regulations

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Meeting No: 2513 696 7493
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Shadow banking refers to a system of financial intermediation that operates outside of traditional banks and regulatory frameworks. This includes activities such as lending, borrowing, and investing, but with less regulation and oversight than the traditional banking system. Shadow banks are susceptible to increased systemic risk, as these institutions may engage in risky activities or investments that can have a cascading effect on the broader financial system. Also, shadow banking can create information asymmetry and opacity, making it difficult for investors and regulators to understand the risks and financial health of these institutions. This can lead to a lack of transparency and accountability, which can in turn undermine market confidence and stability. Further they can create a competitive disadvantage for traditional banks, which are subject to more stringent rules and oversight. This can distort the market and create unfair advantages for shadow banks. The panelists will deliberate on what types of regulation are required for shadow banks to ensure financial stability, protect consumers, and maintain a level playing field for all market participants.

About the Speakers

Dr. Arvind Virmani

Arvind Virmani is member of NIti Aayog. He was Chairman of the Foundation for Economic Growth and Welfare (EGROW) and President of the Forum For Strategic Initiatives (FSI, Delhi). He has been a Mentor (economic policy) to FICCI & a member of RBI Technical Advisory Committee on Monetary policy.

He was earlier Executive Director, IMF and Chief Economic Advisor, Ministry of Finance and Principal Advisor, Planning Commission. During his tenure he advised on a host of economic policy reforms, through 100s of policy papers, notes and committees. He has served as Member, Telecom Regulatory Authority of India (TRAI) and as Director & Chief executive of the Indian Council for Research on International Economic Relations (ICRIER).

He has published 35 journal articles and 20 book chapters and written over 50 other working papers in the areas of Macroeconomics, growth and finance, tax reform, International trade & Tariffs, International relations, and national security strategy.

Shyamala Gopinath

Mrs Shyamala Gopinath is currently Chairperson of the Standing External Advisory Committee for grant of bank licences constituted by Reserve Bank of India, Chairperson of the Board of Governors of IIM Raipur and a member of the Governing Council of Research and Information Systems a think tank of the Government. She was was until recently Non-Executive Chairperson of HDFC bank. She was on deputation to the IMF during 2001-2003.

Mrs Gopinath has experience of more than 39 years in financial sector and policy formulation in different capacities at the Reserve Bank of India. As Deputy Governor for seven years and member of the Board, she had been guiding and influencing national policies in diverse areas of central banking and regulation and supervision of financial institutions.

Dakshita Das

Dakshita Das is a retired Civil Servant with over 15 years experience in the Ministry of Finance including as Managing Director & Chief Executive of National Housing Bank. She has considerable experience in the Financial Sector including Insurance, Banking and Financial Institutions. She is currently serving as Independent Director in NBFC's while chairing a committee on Gender Budgeting for the Government of India.

Sunil Agarwal

Sunil Agarwal is the promoter and holds the position of Managing Director of Paisalo Digital Limited (PDL). PDL is a Non-Banking Finance Company. PDL is listed with BSE, NSE for its equity and is a mid layer systemically important NBFC as per Reserve Bank norms. Paisalo is currently co-lending partner with five banks and also national business correspondent of State Bank of India. At present, PDL is doing its business from 937 locations in eleven states of India.

Sunil Agarwal possesses a rich experience of 34 years in the finance business. His major roles include but not limited to brand building, fund raising and strategical tie-ups for PDL. He is also being invited regularly for deliberation at various programs in Finance Industry.