BNP Paribas: Reducing paper, reducing pain

Rupa Balsekar, MD & head, Transaction Banking, BNP Paribas India, discusses booming sectors, API banking, fintech roadshows and e-invoice reconciliation:

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Ravi Lalwani: Which are the booming sectors for transaction banking in India? How have things changed in the last 3-4 years?

Rupa Balsekar: BNP Paribas has a deeprooted expertise in the Indian market and we have been engaged with corporate clients across multiple sectors in India like oil & gas, IT, technology, automobiles, auto ancillaries, FMCG, media and advertising, chemicals and fertilizers, to name a few. We are witnessing growth momentum in IT, media & advertising and consumption driven sectors with companies moving rapidly to transform their treasuries to adapt to the digital era. Sectors like auto have been facing some headwinds in the last few years, but our clients continue to do well and we are able to concentrate on giving transformational solutions to them.

How is Indian market for transaction banking different from other leading markets around the world?

The Indian market has its own nuances and characteristics that makes it unique for transaction banking. While it was predominantly document heavy with cross border transactions requiring a certain level of documentation and checks, we are getting positively impacted with the forward looking initiatives of the RBI like Import Data Processing and Monitoring System (IDPMS), Export Data Processing and Monitoring System (EDPMS) and the digital payment impetus through channels like UPI, IMPS and e-NACH. We believe that payment systems in India are one of the most advanced in the world.