Indian banking system may be staring at big challenges, but is at the cusp of huge growth in the next decade, a top TCS executive said on Thursday. There are very few industries which can boast of a 15 per cent growth on a yearly basis for ten years, TCS chief executive Rajesh Gopinathan said, conceding that this makes him envious of the business.
“In many ways, you are where Indian IT sector was 20 years ago, looking at a huge opportunity,” Gopinathan said, speaking at a technology awards of banking industry lobby IBA here late in the evening. There are very few businesses globally where one can confidently speak about a 15 per cent yearly growth over a decade, he said. Gopinathan acknowledged that there will be challenges in the process but exuded confidence in the Indian banking sector meeting those.
The sector has moved mountains silently till now, he said, noting its work on a slew of aspects like taking banking services to the grassroots and connecting a billion people. He said Indian banking will have to play an important role for the country to achieve the USD 5 trillion GDP target set by Prime Minister Narendra Modi by FY2025.
It can be noted that the Indian banking system is currently plagued with the problem of huge pile of non-performing loans which are nearly 10 per cent of all the assets, and also facing sluggish credit growth. TCS counts on banking and financial services as its biggest revenue generator, and also serves SBI. In his presentation, Gopinathan presented case studies from across the world, where technological interventions helped storied lenders.