The Indian financial sector is in need of a transformation, said Uday Kotak, CEO of Kotak Mahindra Bank, in conversation with Tata Sons chairman N Chandrasekaran. “When I think about the financial sector, we need a transformation of the Indian financial sector. We truly need to reimagine finance in this country,” said Kotak.

He further said that India needs to build an early venture capital industry as the banking system has tightened. “The other issue is that small and medium businesses, also as they grow up, need to make sure that they have proper governance in place,” Kotak added.

Chandrasekaran believes that a directional view is imperative to mend the Indian economy and that it will take three to four months to see an uptick.

He further said that power, real estate, finance and telecom are sectors where focus is required. “The government has taken a number of steps in the last several months but it’s going to take time,” added Chandrasekaran.