World Economic Forum 2023: Banking system positioned well to support India growth story, says Axis Bank MD and CEO Amitabh Chaudhry

World Economic Forum 2023 Davos: Indian banking system is capable of supporting any economic growth notwithstanding the current blips in deposit growth, Axis Bank’s Managing Director and Chief Executive Officer Amitabh Chaudhry told Zee Business Executive Editor Swati Khandelwal on the sidelines of World Economic Forum 2023 in Davos. #ZeeAtDavos

If the economy grows, deposits will come back and any lacking in this regard will not go unnoticed by the government and the Reserve Bank of India (RBI). He said that they will take adequate action to infuse liquidity into the system.

The banking regulator managed liquidity with a lot of success during Covid-19 times – initially infusing it and then withdrawing it, the MD & CEO said, adding that Indian banking system was well placed when it came to capitalisation, clean balance sheet and supporting companies.

Chaudhry is part of the 200-strong contingent representing India at the Davos. The theme of this year’s event is ‘Cooperation in a Fragmented World’.

India is placed comfortably if we consider geopolitical situation and how global economies are moving. 

India is being seen as an important interlocutor for peace in the ongoing Russia-Ukraine war. It also holds the G20 Presidency under the leadership of Prime Minister Narendra Modi.

We are also hearing a lot about ‘China+1’ and ‘Europe +1’ strategy and there is a growing view that China cannot be completely relied upon for supply chains and alternative needs to be created.

The venture capital fund is coming to India at a significant pace and Indian companies have achieved global standards.  

The 5-day event which begins today will see four Union Ministers in attendance — Women and Child Development Minister Smriti Irani, health minister Mansukh Mandaviya, power minister RK Singh and railway minister Ashwini Vaishnav. There will be representations from states as well and Maharashtra Chief Minister Eknath Shinde will be participating.