Ernst & Young was the knowledge partner for the Confederation of Indian Industry’s (CII’s) fifth edition of The India Finance Forum held on 20-21 April 2011 in Chennai. Around 175 delegates from large and medium-sized companies attended the two-day conference.
The Ernst & Young-CII theme paper, titled Transformation for dynamic growth, was released at the forum mentioned above. Discussions were held on the theme paper, with experts covering topics such as funding for growth, including innovative financing; corporate governance for value creation; financial convergence; systems and technology to be adopted in the future; leadership and enterprise risk management and experience sharing of successful mergers and acquisitions (M&As).
Subramanian Suresh, Partner in a member firm, Assurance spoke on "IFRS and IND-AS: challenges and integration" and Nitin Bhatt, Partner, Risk Advisory Ernst & Young on “Enterprise risk management.”
Ernst & Young – Financial Express Best Bank Survey released
Knowledge partner for seven years
Financial Express (FE), with Ernst & Young as its knowledge partner, released its The Best Bank Survey on 30 March 2011. The survey is one of the country’s premier ranking sources for details on the best banks in India and is regarded as the most prestigious source by the Indian banking community.
According to Viren H. Mehta, Partner in a member firm & National Director – Financial Services, who led the initiative, "We have been associated with the FE annual survey – India’s Best Banks — for the last seven years.”
The methodology designed by Ernst & Young for the survey is rigorous and involves extensive computing of data published by the RBI. This year, 55 banks were featured in the survey. The team identified banks that had performed exceptionally well on the five key parameters of strength and soundness; growth; credit quality; profitability and efficiency. It subdivided the five parameters mentioned above into six criteria. The banks were categorized, based on these criteria, as well as sector-wise in the four categories of nationalized, old private, new private and foreign banks.
ASSOCHAM’s National Banking Conclave was held on 17 June 2011 at New Delhi, with Ernst & Young as its knowledge partner. The participants deliberated on opportunities and challenges facing banks. The themes for the event included:
- Taking stock of financial inclusion – experiences so far
- Indian banking sector – striving for bigger, better and stronger growth
The event was a huge success and was attended by more than 550 participants from all the stakeholders, and included regulators, bankers, industry leaders, NBFCs and the media.
“Our major challenge in the short term is inflation, which has implications on sustaining our growth momentum. In this scenario, fiscal profligacy could be disastrous. However, we could still aim for 9%–9.5% growth in the Twelfth plan period.” noted the Finance Minister Pranab Mukherjee in his keynote address on the occasion.
The Finance Minister also released the Ernst & Young -ASSOCHAM report, Trillion dollar economy: opportunities and challenges for banks. The report covered various aspects including the role of banks in supporting economic growth, as well as the impact of Basel III norms and furthering financial inclusion.