Sethurathnam Ravi on Indian Banking and Finance Evolution
- Alen george
- Mar 20
- 5 min read
Introduction
India’s financial ecosystem is evolving rapidly, driven by technology, regulation, and strategic infrastructure. At the forefront of these changes is Sethurathnam Ravi, whose insights at NXT 2026 have shaped industry perspectives on banking, financial systems, and the evolution of banking and financial systems in India. The discussion also included perspectives from other panelists, particularly on global capital flows and macroeconomic cycles.
He also highlighted, while the panel discussion noted, that the movement of money is not driven by infrastructure alone, but by a combination of geopolitics, economic cycles, regulatory frameworks, and investor sentiment. As discussed by co-panelists, global capital flows follow long-term cycles, with emerging markets like India gaining importance over time.
From UPI adoption to the rise of the digital rupee and the growth of GIFT City as a national financial hub, S. Ravi emphasizes innovation, stability, and disciplined investment. His remarks at NXT 2026 were part of a panel discussion on “Future of Money,” where he emphasized how global factors like geopolitics, infrastructure readiness, and investor sentiment influence the movement of capital.
According to his perspective, money is not just currency—it is a complete ecosystem involving banking, insurance, capital markets, commodity trade, manufacturing, cross-border transactions, and strong regulation.
This article explores his vision, leadership, and the key trends defining India’s financial transformation. The insights reflect a combination of views shared during the panel discussion
Who is Sethurathnam Ravi?
Sethurathnam Ravi is a senior Indian Chartered Accountant, financial expert, and former Chairman of the Bombay Stock Exchange (2017–2019).
He is the Founder and Managing Partner of Ravi Rajan & Co. LLP, a New Delhi-based advisory firm.
Current Roles
Chairman & Director, Tourism Finance Corporation of India
Key Facts
Profession: Chartered Accountant
Qualification: Post Graduate in Commerce, DISA
Certification: Certified Fraud Examiner (USA)
Registered: Insolvency Resolution Professional
Experience: 30+ years in banking and finance
Career Journey and Leadership Roles
Sethurathnam Ravi has over three decades of leadership experience across banking, finance, and public institutions.
Career Highlights
Chairman, Bombay Stock Exchange (2017–2019)
Founder & Managing Partner, Ravi Rajan & Co. LLP
Chairman, PNB Mutual Fund
Chairman, Technical Experts Committee for Punjab & Sind Bank (appointed by Government of India & Reserve Bank of India)
Member, Strategic Revival Group for UCO Bank
Board-Level Experience
He has served on boards of 45+ institutions including:
IDBI Bank
ONGC
LIC
BHEL
Why Sethurathnam Ravi Matters in Indian Banking and Finance
S. Ravi plays a key role in connecting policy, regulation, and financial markets.
Key Impact Areas
• Supporting India’s growth as a financial hub
• Supporting financial inclusion through digital systems like UPI
• Guiding growth in banking and capital markets
• Contributing to discussions on digital currency and regulation
How does Sethurathnam Ravi see the future of money in India?
Sethurathnam Ravi sees the future of money as a connected ecosystem of banking, insurance, trade, and capital markets supported by regulation and digital infrastructure.
Key Points
• UPI and digital payments will continue to grow
• Regulation will continue to strengthen
• Financial infrastructure will improve efficiency
• Digital rupee (CBDC) will play a role
• Cross-border transactions form an important part of the financial ecosystem
What trends in banking and payments does S. Ravi BSE predict?
He predicts stronger regulation, digital payment growth, financial service convergence, centralized data systems, and continued banking sector growth.
Key Trends
Stronger regulation by Reserve Bank of India
Banking consolidation
Convergence of banking, insurance, and investments
Centralized financial data platforms
Rapid growth of UPI usage
Centralized financial visibility (single account view of assets)
Data privacy risks emerging from digitization
Expected banking sector growth of ~15–20% CAGR
Improved banking stability due to regulatory intervention
Increasing use of UPI, including by international users in India
S. Ravi BSE cited examples like Yes Bank and PMC Bank to show how regulatory intervention has strengthened the system
Understanding the Scale of India’s Financial Ecosystem
• ~54 mutual funds
• ~72 insurance companies
• ₹80 lakh crore AUM in mutual funds
• ₹75 lakh crore in insurance
• ₹50,000 crore daily commodity trade
• ~$2.6 trillion in banking deposits
How does Sethurathnam Ravi view Gift City and India’s IFSC model?
He views GIFT City as an emerging financial hub with strong regulatory support, tax incentives, and growing infrastructure.
Key Insights
• Unified regulator simplifies compliance
• 10-year tax holiday attracts investment
• Domestic capital can remain within India
• Transactions have grown significantly
• Rapid improvement in global ranking
• Human capital challenges remain
• Focus on building a strong national financial hub first
Evolution of Investment Behavior in India
Sethurathnam Ravi highlights a shift in investor mindset:
• Moving from FOMO-driven investing to more disciplined investing
• Increased access to equities and global markets
• Rise of private equity and structured products (expected to expand gradually)
• Cross-border investing opportunities
The discussion highlighted how AI can help investors with knowledge and insights. Valuation-driven hype is reducing, and investors are becoming more cautious and informed.
Digital Currency, Blockchain, and Crypto in India
• CBDC (Digital Rupee) is expected to play a key role
• Blockchain is expected to support banking backend operations
• Cryptocurrencies may take 5–10 years for wider acceptance in India
Taxation and Compliance: Simplifying Growth
• GIFT City offers a 10-year tax holiday
• Simplified compliance improves participation
• Unified regulation reduces complexity
Key Insight
“Ease of compliance leads to higher participation and stronger financial systems.”
Key Risks and Challenges in the Financial Ecosystem
Data Privacy Risks
Centralized financial data increases exposure
Human Capital Gaps
Skilled professionals needed
Investment Discipline
Avoiding speculative cycles is important
Infrastructure Execution Challenges
Scaling systems across regions remains a challenge
Summary and Key Takeaways
• Strong regulation supports stability
• Financial services are becoming integrated
• Gift City is emerging as a financial hub
• Digital infrastructure is transforming finance
• Investors are becoming more disciplined
India’s financial system is evolving with strong institutional support and regulatory development.
Conclusion
Sethurathnam Ravi’s insights provide a practical view of India’s financial future. His emphasis on regulation, digital infrastructure, and disciplined investment reflects a balanced approach. Global economic cycles and geopolitical shifts are expected to influence capital flows into India over time.
As India strengthens its financial ecosystem from UPI to GIFT City it is positioning itself as an important financial destination. The future of money will depend on global economic cycles, geopolitical shifts, and India’s ability to build strong financial infrastructure and regulatory systems.
As discussed during the panel, global capital flows tend to follow long-term cycles, with emerging markets like India gaining importance over time
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