Panel discussion on the ongoing NPA crisis with idap.io CEO, Awanish Rajan, aired live on May 22nd at 7 PM exclusively on NewsX
May 22nd, Noida: Awanish Rajan, CEO of our fintech startup, idap.io was invited to participate in a panel discussion along with eminent Finance writer, Gautam Mukherjee on the issue of Non-Performing Assets (NPA) in the Indian banking sector. The discussion was hosted on the program: NPA Files, an ongoing investigative series by the nationally broadcasted NewsX channel, which is probing into the growing list of loans defaulted by fake and shell companies, resulting in crores of NPAs for the banks.
Awanish’s perspective from both a technological as well as financial standpoint was enlightening on the issue. He rightly pointed out the need for transparency in the way banks operate and how the adoption of innovative technologies like blockchain and smart contracts can help make the banking systems more transparent. He spoke about the aspect of lobbying or pandering to political interest dictating decisions in case of public sector banks (PSUs) and how this affected the disbursement of loans that end up racking crores of NPAs for the bank involved. “Given the amount of data, it is difficult to go through it all,” he said, adding that Criminal Courts could not process the large amount of data fast enough to dispense speedy justice.
In contrast to the fierce centralization that is advocated by private banks, Awanish suggested that by putting faith only in the data, and not relying on multiple third parties for verification and authentication, a trustless system was what the problem warranted. Blockchain technology is an effective way to achieve this.
Awanish was grateful to be on the show and his take on the issue introduced a dimension that the Indian banking sector needs to quickly catch up with if it wishes to safeguard itself against the tall stack of NPAs. He also commended NewsX on their relentless campaign to bring this issue to light. A full clip of the discussion is available here: https://www.youtube.com/watch?v=Yzda9ZLuxD4
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