Chandigarh,23.02.18-The International Conference on Financial Services ‘Creating Business Value and Sustainability’ is being organized by University Business School, Panjab University on 23rd and 24th February, 2018 under the convenorship of Prof. Deepak Kapur, Chairperson, U.B.S, Prof. Parmjit Kaur and Prof. Suveera Gill, notable academicians with expertise in their respective fields and professors at U.B.S (P.U),Chandigarh.

On the first day of the Conference i.e. the 23rd February, 2018 -
the Inaugural session of the Conference began with the Panjab
University anthem, and was followed by the lightening of the lamp(s)
to pay tribute to the Goddess Saraswati.

Thereafter, Professor Deepak Kapur, Chairman of University Business
School (UBS), Panjab University welcomed the distinguished guests, the
faculty, research scholars, and students who had come to attend the
Conference. He mentioned that financial services, that are a link
between the investor and the borrower, have seen many innovations
through the years. The 1970S saw the emergence of SWIFT, a global
financial messaging network; the 1980s saw the emergence of the
dematerialization of stocks and bonds, allowing paperless transactions
of securities; the 1990s saw the emergence of clearinghouses; the
first decade of this century saw the emergence of algorithmic trading,
and a renewed emphasis on bringing efficiencies such as speed; and now
there is a renewed emphasis on technology innovation, with disruptive
technologies redefining the marketplace; and there is a redefining of
the distribution of the financial services with impactful, innovative
solutions. There is now an evolving workplace in the Base of the
Pyramid (BOP) population, and by the use of the digital channels they
are more likely to now fall in financially included net. Digital
channels are solving many challenges in distribution for service
providers, and consumers through tailored services. There are new
challenges like the emerging frontiers in the payment systems,
implementation of accounting standards in insurance and commercial
banks; money laundering, forensic sciences etc.

Thereafter, Professor Parmjit Kaur, Conference Chair, introduced
the theme of the Conference to the august gathering. Professor Parmjit
Kaur identified various sub themes of the Conference viz. Changing
Global Environment of Financial Services, Staffing Challenges in
Financial Services, Redefining Customer Relationships in Financial
Services, Strategies, Technologies, and Operations in Financial
Services, Financial Services and Regulation, Financial Services and
Risk Analytics, Financial Services and Electronic Commerce, Financial
Services and Asset/Wealth Management, Financial Services and
Governance, Sustainability, CSR in Financial Services, Behavioural
Economics in Financial Services and Creating Value in Financial
Services. She proudly announced that after rigorous review and
screening process sixteen papers were shortlisted to be published in
the “Journal of Commerce and Accounting”, Indexed, EBSCO Proquest,
i-Scholar database, Impact Factor: 5.232: UGC Approved No. 47933;
Volume 7 Issues in  April, 2018 and July, 2018 including 8 research
papers each. The Final copy of the Journal (s) was shown to the
audience by Prof. Deepak Kapur. The Book: ‘Management of Financial
Services: Creating Business Value and Sustainability’ was also
released. The book has 75 research papers in it. 116 research papers
were received from India and abroad with participation of more than
155 candidates.

Thereupon, Professor Meenakshi Malhotra, Acting Vice Chancellor and
Dean of University Instruction (DUI), Panjab University, Chandigarh
delivered her presidential address, highlighting the salient features
of the emerging issues in the financial services sector.

 The next lecture was by Mr. Sominder Singh, Executive Vice
President (EVP) cum Chief Business Officer of Suryoday Small Finance
Bank Limited, Mumbai. Mr. Sominder Singh mentioned that today the
wealth of 62 single individuals equals the wealth owned by about 3.5
billion people in the world. The wealth of these 62 individuals has
grown by $532 billion during the last few years, whereas the wealth of
the 3.5 billion people has correspondingly decreased by $ 1 trillion
during the same time period. He talked about the need to safeguard
savings, promotion of financial and corporate resilience. He mentioned
that while there is a 2 to 3 % default in the auto loans, the default
percentage in microfinance is less than 0.1 %.

 The next session was by Er Rattan Iqbal Singh, Director, Price
Water House Coopers (PWC), USA. He emphasized and mentioned three
major takeaways, the need to innovate at leisure when there is no need
to change; to sustain perpetually, and the need to change or be
changed. He talked about the megatrends that are changing today’s
business viz disruptive technology, artificial intelligence, cloud
technology, and robotics. He noted that the concerns over
sustainability risks are growing. He identified six areas for enabling
sustainable enterprise viz mission alignment, competitive advantage,
optimizes performance, sustainable enterprise, social responsibility,
and stakeholder involvement.

Thereafter, the key note address was given by Mr. Gurmeet Singh
Chawla, Director, Master Capital Services Ltd. Mr Chawla emphasized
the importance of Capital access, technology, strategic vision,
customer base, and the economies of scale. He identified the key
considerations for successful sustainability program as governance,
strategy, reporting, and management. He also emphasized the critical
importance of values and trust in today’s business.

 The Chief Guest Mr. Pradeep Singh, Advisor (Infrastructure
Development), Government of Jammu & Kashmir emphasized that
inequalities have created a polarized world, and an Age of Anger of
the left out voices of the world that are being exploited. He
highlighted that there are massive blobs of underserved markets. He
talked about the need for innovation at the grassroots level – with
emphasis on new markets, new products, and new processes. He mentioned that the whereas the Bank Nationalization of the 1969 had recognized the failure of the financial service sector to reach the masses, the Jan Dhan program of the recent times has highlighted that financial services sector in India is way below the required levels in the
country. He identified the Tragedy of Commons, and the need of
Regulation including self-regulation. Mr. Pradeep Singh ended with a
need for collaborative mindset versus competitive mindset, and a
requirement of a renewed focus on values and ethics.

Professor Deepak Kapur, thereafter, presented the mementos to the
distinguished guests, and Professor Suveera Gill proposed a vote of

 After a high tea, a panel discussion was organized on the topic
‘Implication of Monetary Policy on performance of the Financial
Services Sector’ The key members of the panel were Professor J.D.
Aggarwal, Indian Institute of Finance; Professor Manoj Anand,
Management Development Institute (MDI), Gurgaon; and Professor Manjit Singh, Punjabi University, Patiala. Professor A.K. Vashisht, of UBS
moderated the panel discussion.

 After Lunch, six Technical sessions were organized wherein
distinguished and reputed academicians presented their high quality
research papers.

There were two technical sessions each consisting of three concurrent
sessions from 2:30-4:00pm and 4:15-5:45pm respectively.

The 1st technical session was chaired and co-chaired by Prof. Meena
Sharma, UBS, Dr. Tejinder Pal Singh, U.B.S, Mr. S.K. Srivastava,
Senior Divisional Manager, LIC of India, Chandigarh and Dr. Purva
Kansal, UBS. Prof. Anupam Bawa, UBS and Mr. Sourabh Ahuja, Associate
Vice President, IIFL Investment Managers, Wealth Management,

The  2nd technical session was chaired and co-chaired by Prof.
Karamjeet Singh, UBS, Mr. Kunal Raheja, Director, Finbucks Financial
Management, Chandigarh, Dr. Nitin Arora, Economics Department, Panjab University, Chandigarh, Prof. S.K. Chadha and Prof. Gunmala Suri of UBS, Mr. Saurabh Agnihotri, Managing Director, A.C. Group of School,
Chandigarh, Prof. Suresh Sharma, Statistics Department, Panjab
University, Chandigarh, Prof. Rishi Raj, Associate Professor,
G.N.D.U., Amritsar and  Sachit Jain, Founder and Principal Consultant,
Emprise H.R, Chandigarh.

The conference saw active participation from all quarters of business
community and academia. Best Research Papers were given special