Agenda
Registration and networking
Banking & Non-bank Financial Institutions (NBFIs)
Will the financial sector strengthen over the next 2-3 years?
- Is India’s robust operating environment supporting banking and NBFI loan growth?
- How is the quality of retail, SME and corporate loans holding up?
- Will funding and liquidity conditions for banks and NBFIs tighten?
- Who are the winners and losers in the current environment?
Coffee break
Networking lunch
Infrastructure Finance
What will drive infrastructure investments over the next 3-4 years?
- Which infrastructure segments will drive financing needs over the next 3-4 years?
- What role will debt capital markets play in funding India’s infrastructure?
- What are the key challenges in meeting the government targets for infrastructure development?
- What factors could lead to faster energy transition?
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Vineet Gupta is a Vice President & Head of Relationship Management for South Asia in the MIS Global Relationship Management Group. Based in Mumbai (India),he is responsible for Relationship Management function for South Asian countries of India, Sri Lanka, Bangladesh, Bhutan, Nepal, Pakistan and Maldives.
Previously, he was a Vice President-Senior Analyst in the Financial Institutions Group in Asia, and was based in Singapore. He was the lead analyst for Indian and Sri Lankan Banks and a back-up analyst for Singaporean and Vietnamese banks.
Before joining Moody’s, he worked as the head of local credit analysis at Credit Agricole - Corporate & Investment Bank in India. Prior to that, he headed the bank and financial institution ratings team at ICRA Limited, India. He began his career in an IT company in India and has work experience of over three decades.
Vineet is a graduate from the Indian Institute of Technology, Delhi (India), where he studied Textile Technology. He also has an MBA from Faculty of Management Studies, University of Delhi.
Dr. Sajjid Z. Chinoy is Managing Director and Chief India Economist at J.P. Morgan, and a member of the Economic Advisory Council to India’s Prime Minister (EAC-PM). He also currently serves on the Governing Council of CAFRAL (Center for Advanced Financial Research and Learning) set up by the Reserve Bank of India (RBI). He is also a member of the Next Bretton Woods Group (NBWG) set up under the auspices of the Peterson Institute for International Economics in Washington D.C.
Dr. Chinoy previously served on the Advisory Council to India’s 15th Finance Commission and was a member of the “Expert Committee to Revise and Strengthen the Monetary Policy Framework” set up by the RBI which proposed inflation targeting in India in 2014. He has served on other RBI committees including Offshore Rupee Markets and Developing a Secondary Market for Corporate Loans. In 2016, he served as a consultant to the FRBM Review Committee which proposed a new fiscal anchor for India. Dr. Chinoy has been ranked as one of India’s Best Fixed Income Researchers by Asset Magazine for every year since 2013, and was awarded the J.P. Morgan Excellence Award for Value Creation in 2011. He has co-edited a book, “India’s External, Financial and Fiscal Polices” with Dr. Anne O. Krueger, former First Deputy Managing Director of the IMF, and his research has been published in books, conference volumes, IMF and RBI working papers, and journals.
Dr. Chinoy has previously worked at the IMF and McKinsey & Company. He received his Ph.D. at Stanford University. His Ph.D. dissertation won the EXIM Bank award for the best dissertation by an Indian national in 2001.
Anubhuti heads the macroeconomic research for South Asia and is based out of Mumbai. With more than 15
years’ experience in the market, she has been ranked as one of the best forecasters and is highly commended
for her economic analysis on India across countries. She makes regular appearances in the media (both print
and TV).
She started her career in 2003 and was with the Securities and Exchange Board of India covering policy
research, and Morgan Stanley Capital International. She holds a Master’s in economics from the Delhi School
of Economics
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
Aditi Nayar is ICRA’s Chief Economist and Head - Research & Outreach. She leads Indian economic, state finances as well as cross-sectoral research at ICRA Ltd. Her focus areas include macroeconomic analysis and forecasting, policy assessment as well as fiscal analysis and debt sustainability at the sovereign and sub-sovereign level. She has been a part of several credit rating exercises for sub-sovereign debt in India, including debt raised by state governments, state-owned entities spanning sectors such as irrigation, power, industrial and infrastructure development, pooled finance entities raising funds for urban infrastructure, as well as urban local bodies.
Aditi has an overall work experience of 17 years, out of which 15 years have been with ICRA. Previously she has had a stint with the World Bank as a research analyst where her focus was on fiscal and macroeconomic issues. Aditi has been named as one of the top forecasters of India by Bloomberg in the past.
Aditi has an M.Phil. degree in Economics from the University of Oxford and a Bachelor's degree in Economics and Psychology from Indiana University, Bloomington.
Mr. Rakesh Jha is an Executive Director on the Board of ICICI Bank. He is responsible for the retail, small enterprises and corporate banking businesses of the Bank. He also serves on the board of ICICI Lombard General Insurance Company Limited, ICICI Securities Limited, ICICI Home Finance Company Limited and ICICI Venture Funds Management Company Limited.
He has been with ICICI since 1996 and has worked in various areas. He was the Group Chief Financial Officer in his previous role. He has a management degree from the Indian Institute of Management, Lucknow and an engineering degree from the Indian Institute of Technology, Delhi.
Rakesh Singh is the Managing Director and Chief Executive Officer at Aditya Birla Finance Limited (ABFL). He has been part of the Aditya Birla Group since 2011 and has played a crucial role in driving the growth trajectory of both NBFC and Housing Finance businesses. He has more than 27 years of experience in the financial services industry, cutting across Banking and Non-Banking financial institutions.
Rakesh is a part of several industry forums, including the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry. In addition, he lends his expertise as a FICCI’s Banking and Financial Institutions Committee member. He is also a board member at the Narsee Monjee Institute of Management Studies.
Before joining ABFL, Rakesh spent 16 years with Standard Chartered Bank. He was the Head of Mortgages Business, India, and his last assignment with Standard Chartered Bank was as General Manager & Head SME Banking, India and South Asia.
Rakesh has attended advanced management programs at Harvard Business School and the Indian Institute of Management, Kolkata, and holds a post-graduation degree in International Relations.
Alka Anbarasu is an Associate Managing Director in the Financial Institutions Group in Asia. Based in Singapore, Alka is responsible for Moody's analytical teams covering ratings and research on banks, insurance companies, and non-bank financial institutions in Japan, ASEAN and Indian Sub-continent. Alka also coordinates the Global Financial Institution Group's efforts on Environmental, Social and Governance (ESG) scoring and research. Alka is a regular speaker at Moody's market briefings, external conferences podcasts and broadcast media. She is very active in promoting Diversity, Equity and Inclusion (DE&I) initiatives and is a passionate impact leader for Moody's Community Impact initiatives in Asia.
Alka joined Moody's in 2013 and over the years has led the ratings of several high profile Asian financial institutions. Prior to joining Moody's, she worked in the investment banking division of J.P. Morgan in London and Mumbai and ING Vysya Bank in India. She has close to 20 years of experience in the financial industry. Alka holds an MBA from the Xavier Institute of Management in India.
Mr. Karthik Srinivasan is Senior Vice President and Group Head – Financial Sector Ratings at ICRA Limited.
He holds a B.E. degree in Electronics Engineering from the K J Somaiya College of Engineering, Mumbai University, and a Masters in Management Studies (Finance) from the Narsee Monjee Institute of Management Studies, Mumbai University. He also holds the CFA charter awarded by the CFA Institute, USA.
Karthik has an aggregate work experience of around 23 years, out of which he has been associated with ICRA for nearly 20 years.
Amit Pandey joined Moody’s APAC FIG in Singapore in 2023. He covers a rating portfolio of banks in Asia-Pacific, in particular the South and Southeast Asian region.
Previously, Amit was with S&P Global Ratings for over 10 years in Singapore covering a portfolio of ASEAN and South Asian financial institutions. Prior to that, he served in the debt capital market team of HSBC India and the credit department of Axis Bank in Mumbai.
Amit has extensive credit experience in providing rating and capital advisory services to issuers across the Asia-Pacific region, as well as debt origination and management services of credit portfolios.
Amit has a Bachelor’s degree in Electrical Engineering from Harcourt Butler Technological Institute, Kanpur, and an MBA from the Indian Institute of Management, Calcutta.
Kaustubh Kulkarni is Group Head – Banking, M&A and Strategic Financing at JSW Steel Ltd. He is responsible for managing banking relationships across the Group as well as leading M&A transactions and managing the strategic financing requirements of the Group.
He joined the JSW Group in Nov 2017, prior to which he was Managing Director - Debt Capital Markets at Standard Chartered Bank in India, with whom he was for 12 years. Prior to his association with Standard Chartered, he has worked in ICICI Securities and in SICOM and has an overall experience of 28 years in areas of debt capital markets, financing solutions and M&A.
Ravichandran has an aggregate work experience of around 28 years, out of which he has been with ICRA Limited, for a period of around 25 years. He currently heads the entire analytical team in ICRA, comprising Corporate, Financial and Structured Finance sectors. He also oversees the functioning of the Rating Committees in ICRA. His other responsibilities include regulatory interactions and credit policy reviews. He is a regular speaker in industry conferences and has also been interviewed by leading business news channels. He has also authored various research pieces on Indian credits.
He holds a B.Tech in Chemical Engineering from Anna University, Chennai and a MBA from Bharathidasan Institute of Management (BIM), Trichy. He also holds the Financial Risk Manager (FRM) charter awarded by the Global Association of Risk Professionals (GARP), USA.
Jacintha Poh is an Associate Managing Director for the Corporate Finance Group at Moody's, based in Singapore. She leads a team of analysts who are responsible for Moody's nonfinancial corporate ratings and research in the South and Southeast Asia region.
Jacintha joined Moody's in 2012 taking several Lead Analyst roles, where she demonstrated her ability to execute complex analyses across a diverse range of sectors, including real estate, hospitality, and investment holding companies.
Before joining Moody's, Jacintha worked for Lion Global Investors, where she served as a Credit Analyst on the Fixed Income team. Jacintha holds an honors BSc in Accounting and Finance from the University of London.
Kaustubh Chaubal is a Senior Vice President with Moody’s Corporate Finance Group. Based in Singapore, he covers a portfolio of Indian and India-based issuers in the metals and mining (ferrous and non-ferrous), automobile, chemicals and pharmaceuticals industries.
Prior to joining Moody’s in 2015, Kaustubh spent eight years as a Ratings Advisor with Standard Chartered Bank in Singapore, the last two of which was as Head of ASEAN Ratings Advisory, while also covering issuers in the Middle East and Africa.
Kaustubh has also worked as a Senior Analyst at Standard & Poor’s India-based subsidiary, CRISIL, covering a broad array of industries including pharmaceuticals, building materials, chemicals, and investment holding companies. And, he has previously held analytical roles at ING Vysya Bank and Unit Trust of India Investment Advisory Services, as well as auditing roles at RM Ajgaonkar & Company and RD Samant & Company.
Kaustubh holds an MBA from The University of Chicago Booth School of Business and a Bachelor of Commerce from Mumbai University. He is also a Chartered Accountant with the Institute of Chartered Accountants of India.
Vinod joined HSBC in 2014 as part of the Debt Capital Markets team and currently heads the desk overseeing the bank’s activities in the DCM space across onshore and offshore bonds and across Investment Grade and High Yield.
Vinod has led multiple transactions for HSBC’s institutional and corporate clients including for ICICI Bank, Motherson Sumi, ReNew Power, Delhi Airport, etc.
Vinod has over 19 years of experience in banking and prior to HSBC, he worked in a variety of roles across private financing, structured credit and structured FX and interest rate product sales in institutions such as J.P. Morgan, Nomura and ICICI Bank.
Mr. Samuel Joseph Jebaraj joined the Board of National Bank for Financing Infrastructure and Development (NaBFID) as ‘Deputy Managing Director – Lending & Project Finance’ on 6th April 2023. Prior to joining NaBFID, he was Deputy Managing Director on the Board of IDBI Bank from September 2019 to April 2023. Prior to IDBI Bank, he was with Exim Bank for over 21 years in various capacities; last being Chief General Manager.
Mr. Samuel has over 31 years of varied banking experience. He was part of the turnaround team in IDBI Bank. As a whole-time Director, he was directly responsible for the Large & Mid-corporate Groups, NPA Management, Trade Finance, Overseas operations, Finance & Accounts, IT & Digital Banking, MIS and HR at IDBI Bank. He was also on the Board of IDBI Capital Markets Ltd. and Chairman of the Board of Directors of IDBI Trusteeship Services Ltd. and IDBI Mutual Fund Trustee Company Ltd.
During his tenure at Exim Bank, he headed various Verticals such as Corporate Banking, SME, Agri Exports, Loan Recovery, IT & HR. He was the CFO of Exim Bank between June 2014 and October 2017. He had served Exim Bank in various roles at their offices in Bengaluru, Hyderabad, Milan, London & Mumbai.
He is a regular speaker on Banking, Project Finance, Infrastructure Finance, Trade Finance, etc. He was a member of various Working Groups / Task Forces set-up by the Government of India on India’s international trade. He led various international consultancy assignments for Commonwealth Secretariat in London, Exim Bank of Nigeria, Sri Lanka Exports, Saudi Export Agency, etc.
Mr. Samuel is an Honours Engineering graduate in Electronics & Communication from Madurai Kamaraj University and did his MBA in Finance from BIM – Trichy.
Mr. Girishkumar Kadam is Senior Vice President and Group Head – Corporate Sector Ratings at ICRA Limited.
Girishkumar holds a B. Chem. degree in Chemical Engineering from the Institute of Chemical Technology (erstwhile UDCT), Mumbai, and a Masters in Management Studies (Finance) from the Jamnalal Bajaj Institute of Management Studies, Mumbai University.
Girishkumar has an aggregate work experience of around 23 years, out of which he has been associated with ICRA for nearly 20 years. He has worked in Engineers India Ltd, New Delhi and in Torrent Power Limited, Ahmedabad.
Abhishek Tyagi is a Vice President – Senior Credit Officer with Moody’s Project and Infrastructure Finance Group, based in Singapore. He covers companies in the port, airport and utility sectors in India and Southeast Asia.
Prior to joining Moody’s, Abhishek worked for eight years as an equity analyst with CLSA in Mumbai, covering Indian utilities and infrastructure companies. Previous positions also included an investment analyst at B&K Securities in Mumbai and a supply chain analyst with Tata Steel in Jamshedpur.
Abhishek holds an MBA from the Xavier Institute of Management, Bhubaneshwar and a Bachelor of Technology (Metallurgy and Material Science) from the Indian Institute of Technology (IIT) Roorkee.
Erman Zhang is an Analyst in Moody’s Project and Infrastructure Finance Group. Based in Singapore, she covers project and infrastructure credits in South and Southeast Asia.
Erman has several years of experience in infrastructure and asset finance. Prior to joining Moody’s, she worked in Mizuho Bank’s Singapore branch, covering a portfolio of major shipping companies. Erman’s previous roles included being a manager at the Singapore branch of bank of China, covering infrastructure and project finance in Southeast Asia, and being a corporate relationship manager at HSBC China.
Erman holds an MBA from the Nanyang Technology University in Singapore, a Master of Science in Economics from the Hong Kong University of Science and Technology and a Bachelor of Arts in Economics from the Sun Yat-Sen University in China. Erman is also a CFA charterholder.
Rahul Ghosh is Managing Director – Global Head of Sustainable Finance for Moody's Ratings.
Rahul leads global oversight for the credit rating agency’s environmental, social and governance (ESG) research and outreach strategy. In this capacity, he is responsible for co-ordinating high quality and impactful research exploring the credit implications of ESG, as well as digital and in-person outreach to meet the growing market needs of investors, issuers and other important stakeholders.
Rahul is a regular participant at high-profile industry working groups, market briefings, external conferences and media engagements. He is a member of the Taskforce on Nature-related Financial Disclosures, a market-led initiative to develop a risk management and disclosure framework for nature-related risks. He has also represented Moody’s on the UN Principles for Responsible Investment's advisory committee on credit ratings and the Green and Social Bond Principles working groups. He has presented on the impact of climate change on emerging market sovereigns at the G20 Green Finance Study Group and on sustainable finance trends at the International Finance Corporation’s Global Debt Mobilization Conference.
Before his current role, Rahul oversaw Moody’s ESG Solutions Group outreach and engagement activities globally with the sustainability stakeholder community. He also previously worked in Moody’s Credit Strategy & Research team where he was responsible for thematic research and outreach on global emerging market (EM) credit trends. Prior to joining Moody’s in 2013, Rahul was the Head of Asia at BMI Research (Fitch Solutions) in Singapore, leading a team of macroeconomists and industry specialists in analysing sovereign risk, sector performance and the capital markets.
Rahul is a passionate impact leader for Moody’s corporate social responsibility (CSR) initiatives in London, chairing the pillar on “activating an environmentally sustainable future”. He holds a Masters degree in Economics from the University of Edinburgh and a Certificate in ESG Investing from the CFA Society of the UK.
L Shivakumar is an Executive Vice President – Business Development and Chief Business Officer at ICRA. In his current role, he has a countrywide responsibility of originating new businesses and serving the existing clientele for ICRA's ratings and research products. He has over 32 years of work experience, of which nearly 28 years have been with ICRA. Shiv started off as an analyst in ICRA and has led analytical teams for more than 10 years - covering a wide variety of sectors and companies. Shiv has also effectively engaged with regulatory authorities in his earlier role at ICRA.
Prior to Joining ICRA, Shiv worked as a Management Consultant with A F Ferguson & Co. He worked with MECON Limited as an Assistant Construction Engineer prior to his post-graduation. Shiv holds a Bachelor of Technology degree in Civil Engineering from the Indian Institute of Technology, Delhi, and has done his Post Graduate Diploma in Management (equivalent to an MBA) from the Indian Institute of Management, Bangalore.