University School of Business organizes Symposium on Wealth Management & Financial Planning
Government’s decision to demonetize currency will strengthen economy in a long run: Tushar Pandey
“Government’s decision to demonetize currency is a welcome step towards strengthening the economy as more population would come under banking structure which will improve liquidity scenario that will empower Government to spend more on infrastructure development projects” said Mr. Tushar Pandey, Group President Yes Bank. He was speaking during a National Symposium on Wealth Management & Financial Planning organized by University School of Business at Chandigarh University campus. Renowned Business Analyst, Economists and Business leaders from industry which included Prof. K. Sukumaran, Dean, NISN (SEBI), Mr. Lalit Sharma, Zonal Head Birla Sunlife Mutual Fund, Mr. Narayan Krishnamurthy, Editor Outlook Money took sessions on Wealth Management & Financial Planning which was attended by MBA, B.CoM and BBA students of USB.
While answering to the question on demonetization, Tushar Pandey said” The implication of this step will see increased percentage of white economy that will improve the GDP growth of our country which will facilitate government’s spending on improving the basic infrastructure meant for common man”. Tushar Pandey emphasized on the need to address the problem of growing NPA’s in banking sector with enactment of stringent laws that will help the banks to monitor the disbursement of loan to corporate sector. The students who wish to join Banking Sector need to brace themselves with multiple skills having in-depth knowledge of Financial Planning and Wealth Management which includes knowledge about Mutual Funds, Insurance, Stock Market as the new generation banks expect the professionals to go beyond the scope of conventional banking system, added Tushar Pandey.
Prof. K. Sukumaran, Dean, National Institute of Security Markets (SEBI) highlights the importance of Jan Dhan Yojana floated by Government which encourages the common man to get connected with Banking System and introduces them to the concept of Financial Planning. He articulated that Financial Planning is the process of meeting one’s life goals through proper management of personal finances. Financial planning would accommodate one’s increased borrowings, inflation, higher aspiration and goals as well as plethora of information. Nearly 10% investment should be in gold and (80 minus one’s Age), that equivalent percentage needs to be invested in equity, while the rest should be invested in debt instruments like bank deposits etc.
Mr. Lalit Sharma, Zonal Head-Birla Sunlife Mutual fund stated that only 2.5 cr of Indian population is currently participating in the securities or mutual funds which is very low percentage as compared to . He briefed the students of University School of Business about wealth management, which is a set of professional services- Financial & Investment Advice, Accounting & Tax Services, Retirement Planning and Legal & Estate Planning. Also, touched by him were three important stages of Wealth Management namely Protection, Savings and Investment. He remarked Aspiration, Balance Budget, Commitment and Desire as ABCD of life.