Mr Sandeep Sharma
President, Bhartiya Vitta Salahkar Samiti
As a seasoned Chief Executive Officer (CEO) with a proven track record, He brings unparalleled expertise in Finance & Accounts, GST functions, and operational performance monitoring. He excels in steering organizations towards success by setting up robust finance & accounts operations and implementing efficient reporting systems. His rich experience spans Assurance, Operations, Outsourcing, Automation, Cost management, and Taxation.
Mr Sandeep Sharma at the Harmonising ESG, CSR, CDR and SDGs, an India 2047 - Centre of Excellence Workshop
Mr Sandeep Sharma
President, Bhartiya Vitta Salahkar Samiti
Key Points
- Emphasis on the importance of KYC compliance, citing it as a significant issue leading to bank closures.
- Recognition of the abundance of data in today's technological landscape, with a large number of mobile and Internet users.
- Acknowledgment of technology's power to address issues like unemployment and highlight man-made risks.
- Doubts regarding the effectiveness of KYC implementation in the telecom sector, with concerns about gaps in records and verification processes.
Recommendations
Addressing Bank Closure
- Conduct thorough evaluations of payment banks' operations and financial health regularly to identify potential risks and issues early on.
- Implement robust risk management frameworks tailored to the unique challenges faced by payment banks, including regulatory compliance, liquidity management and cybersecurity.
- Enhance transparency and communication between regulators, banks and stakeholders to ensure timely intervention and resolution of issues.
Improving KYC Compliance
- Strengthen enforcement of KYC regulations across all financial institutions, including payment banks, to mitigate risks related to fraud, money laundering and identity theft.
- Invest in technology-driven solutions for streamlined KYC processes, such as biometric authentication and digital identity verification, to enhance accuracy and efficiency.
- Provide comprehensive training and education programs for bank staff and customers to increase awareness of KYC requirements and best practices.
Harnessing Data and Technology Responsibly
- Develop robust data governance frameworks to ensure responsible data collection, storage and use while safeguarding individual privacy and security.
- Foster collaboration between industry stakeholders, government agencies and academic institutions to harness the potential of data analytics and emerging technologies for socio-economic development.
- Implement stringent cybersecurity measures to protect sensitive data from unauthorised access, cyber threats and data breaches.
Maximising Technology's Potential while Mitigating Risks
- Promote innovation and entrepreneurship in the technology sector to leverage emerging technologies, such as artificial intelligence, blockchain and Internet of Things, for addressing societal challenges and driving economic growth.
- Establish regulatory sandboxes and innovation hubs to facilitate experimentation and testing of new technologies in a controlled environment, while ensuring compliance with regulatory requirements and consumer protection standards.
- Foster a culture of responsible innovation and ethical use of technology, focusing on addressing potential risks and unintended consequences through cross-sectoral collaboration and stakeholder engagement.
