Banking, Insurance and Financial Sector: A vision of the Future

Banking, Insurance and Financial Sector: A vision of the Future*
G. N. Bajpai


Introduction
Financial markets are a part of the changing business paradigms, across the globe. In fact, the financial markets are the first to unleash the creativity and imagination and lead the revolution. Today, globalization of competencies, thinking and perspectives has been the part of Strategic Action Plan of all the major players in the financial markets, globally.
The cut throat competition across the market operators and the pressure to perform by the stakeholders has resulted in competition being fiercer than ever before. I think, both the business landscape and chemistry of the competition has changed significantly over the period of time. All around, there is a fresh thinking on the financial products, structure of market players and possibilities for value creation. I would say financial markets are being redefined, reinvented and reconfigured on a persistent basis.

Speech by Shri G. N. Bajpai, Chairman, Securities and Exchange Board of India at 15th All India Conference of Chartered Accountants held at New Delhi on January 4, 2003.