India’s transaction banking revolution needs risk management amid FX volatility, says BofA’s transaction services boss
transaction banking include evolving treasury management, with treasury becoming a strategic partner. Transaction banking is a core focus for global banks in India, with Bank of America emphasising globally consistent, locally relevant solutions, Sanchay Agrawal, India head, Global Transaction Services, Bank of America said in an exclusive interaction with ET Online's Gourab Das.
Indian banks are competitive, and global banks are preferred for international transactions. Real-time treasury solutions aren't universally demanded; «On-Time Treasury» is favored, Agrawal said, adding transaction banking is transforming Indian businesses through digitisation, AI integration, and sustainability-linked financing.
Edited excerpts:
What recent trends are you seeing in transaction banking in India, and what role does a bank play?
The transaction banking landscape is evolving rapidly due to changes in treasury management. Treasury is no longer just a service or cost center; it's now a strategic partner driving efficiency and impact.
Key trends include technology advancements, speed, and transparency.
Treasury's role includes providing direction to business units, optimising liquidity, managing costs, maximising capital returns, ensuring AP and AR functions meet objectives, and enhancing process efficiencies. Bank of America serves Indian subsidiaries of large corporations, global financial institutions, and large Indian companies.
