Speeches - আরবিআই - Reserve Bank of India
Speeches
1. Distinguished guests, ladies, and gentlemen. A very good evening to all of you. 2. It is a great honour to speak to this august gathering on FEDAI’s Annual Day. Through its tireless efforts in clarifying the complexities of inter-bank foreign exchange business and serving as a crucial voice with regulators, FEDAI has played a pivotal role in shaping the rules of foreign exchange business in India. So, when Mr. Sindhwani, Chief Executive invited me to this event, I knew it was an opportunity I could not miss.
1. Distinguished guests, ladies, and gentlemen. A very good evening to all of you. 2. It is a great honour to speak to this august gathering on FEDAI’s Annual Day. Through its tireless efforts in clarifying the complexities of inter-bank foreign exchange business and serving as a crucial voice with regulators, FEDAI has played a pivotal role in shaping the rules of foreign exchange business in India. So, when Mr. Sindhwani, Chief Executive invited me to this event, I knew it was an opportunity I could not miss.
Deputy Governor Swaminathan J, distinguished delegates from International Association of Deposit Insurers (IADI) and global deposit insurers, board members and officers of Deposit Insurance and Credit Guarantee Corporation (DICGC), officers of RBI, ladies and gentlemen, good afternoon to all of you. At the outset, I would like to thank IADI and DICGC for inviting me for delivering the valedictory address at the IADI Asia-Pacific Regional Committee International Conference being held in the beautiful city of Jaipur.
Deputy Governor Swaminathan J, distinguished delegates from International Association of Deposit Insurers (IADI) and global deposit insurers, board members and officers of Deposit Insurance and Credit Guarantee Corporation (DICGC), officers of RBI, ladies and gentlemen, good afternoon to all of you. At the outset, I would like to thank IADI and DICGC for inviting me for delivering the valedictory address at the IADI Asia-Pacific Regional Committee International Conference being held in the beautiful city of Jaipur.
1. Distinguished Guests, Deputy Governor Dr Michael D Patra, Deputy Governor Shri M R Rao, Board of Directors of DICGC, colleagues from DICGC and RBI, ladies, and gentlemen. A very good morning to all of you. 2. It is, indeed, an honour to address this distinguished gathering of global deposit insurers. Deposit insurers, as vital pillars of the financial safety-net system, play a crucial role in bolstering public confidence in the banking sector and fostering overall financial stability. My compliments to the organizers of this Conference—the International Association of Deposit Insurers (IADI), which has excelled as a global standard-setter, the Asia Pacific Regional Committee (APRC), and the Deposit Insurance and Credit Guarantee Corporation (DICGC)—for their exemplary efforts in bringing this event to fruition.
1. Distinguished Guests, Deputy Governor Dr Michael D Patra, Deputy Governor Shri M R Rao, Board of Directors of DICGC, colleagues from DICGC and RBI, ladies, and gentlemen. A very good morning to all of you. 2. It is, indeed, an honour to address this distinguished gathering of global deposit insurers. Deposit insurers, as vital pillars of the financial safety-net system, play a crucial role in bolstering public confidence in the banking sector and fostering overall financial stability. My compliments to the organizers of this Conference—the International Association of Deposit Insurers (IADI), which has excelled as a global standard-setter, the Asia Pacific Regional Committee (APRC), and the Deposit Insurance and Credit Guarantee Corporation (DICGC)—for their exemplary efforts in bringing this event to fruition.
Mr. Alejandro Lopez, President, International Association of Deposit Insurance (IADI), Dr. Eva Hupkes, Secretary General, IADI, Mr. M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India (RBI), distinguished representatives of the IADI and the Asia Pacific Regional Committee (APRC) Secretariat, chief executive officers (CEOs) and officials of deposit insurance agencies, delegates from central banks, eminent speakers and panellists, invitees representing banks in India, and my colleagues from the Deposit Insurance and Credit Guarantee Corporation (DICGC) and the Reserve Bank of India (RBI), good morning to you all.
Mr. Alejandro Lopez, President, International Association of Deposit Insurance (IADI), Dr. Eva Hupkes, Secretary General, IADI, Mr. M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India (RBI), distinguished representatives of the IADI and the Asia Pacific Regional Committee (APRC) Secretariat, chief executive officers (CEOs) and officials of deposit insurance agencies, delegates from central banks, eminent speakers and panellists, invitees representing banks in India, and my colleagues from the Deposit Insurance and Credit Guarantee Corporation (DICGC) and the Reserve Bank of India (RBI), good morning to you all.
Good afternoon ladies and gentlemen, At the outset, let me thank the organisers for inviting me to deliver this address and convey my thoughts at this prestigious event. We, as central bankers, interact with various stakeholders on different occasions and diverse gatherings like this provide us an opportunity to reflect on issues which straddle not just the world of finance but also impinges on wider scheme of things. The idea is to flag issues which have wider ramifications beyond the conventional financial risks. Therefore, while I would dwell upon the Indian financial outlook, I would like to avail of this opportunity also to discuss on the issue of climate change and the role of financial entities in the transition process towards a more sustainable growth.
Good afternoon ladies and gentlemen, At the outset, let me thank the organisers for inviting me to deliver this address and convey my thoughts at this prestigious event. We, as central bankers, interact with various stakeholders on different occasions and diverse gatherings like this provide us an opportunity to reflect on issues which straddle not just the world of finance but also impinges on wider scheme of things. The idea is to flag issues which have wider ramifications beyond the conventional financial risks. Therefore, while I would dwell upon the Indian financial outlook, I would like to avail of this opportunity also to discuss on the issue of climate change and the role of financial entities in the transition process towards a more sustainable growth.
Ladies and gentlemen, a very good morning, I am happy to be here this morning and engage with you at this forum. Keeping in view the theme of the event, I thought it would be appropriate to discuss a few issues around the risk, compliance and internal audit, collectively known as assurance functions, as they help identify and manage risks for sustainable growth of financial entities. From a regulatory and supervisory perspective too, Reserve Bank attaches utmost important to the assurance function and therefore, to ensure that there is alignment between our perspectives and to communicate our expectations, we feel a continuing dialogue on this issue is extremely important.
Ladies and gentlemen, a very good morning, I am happy to be here this morning and engage with you at this forum. Keeping in view the theme of the event, I thought it would be appropriate to discuss a few issues around the risk, compliance and internal audit, collectively known as assurance functions, as they help identify and manage risks for sustainable growth of financial entities. From a regulatory and supervisory perspective too, Reserve Bank attaches utmost important to the assurance function and therefore, to ensure that there is alignment between our perspectives and to communicate our expectations, we feel a continuing dialogue on this issue is extremely important.
Shri Ajay Bhushan Prasad Pandey, Chairperson, National Financial Reporting Authority; Shri M R Rao, Deputy Governor Reserve Bank of India; Executive Directors from Reserve Bank of India; CA Ranjeet Agarwal, President Institute of Chartered Accountants of India; Auditors and Chief Financial Officers from the Banks and All India Financial Institutions; my colleagues from the Reserve Bank of India; Ladies and Gentlemen. Good morning.
Shri Ajay Bhushan Prasad Pandey, Chairperson, National Financial Reporting Authority; Shri M R Rao, Deputy Governor Reserve Bank of India; Executive Directors from Reserve Bank of India; CA Ranjeet Agarwal, President Institute of Chartered Accountants of India; Auditors and Chief Financial Officers from the Banks and All India Financial Institutions; my colleagues from the Reserve Bank of India; Ladies and Gentlemen. Good morning.
I am delighted to be here today to convey my thoughts on the issue of statutory audit of commercial banks and AIFIs. In many ways, we, as Regulators/ Supervisors and you as Auditors, share a common goal. Auditors play a very crucial role in ensuring the health of the financial system as they assist in maintainance of regulatory oversight by ensuring that the financial statements present a true and fair picture of the affairs of the regulated entity. The statutory auditors play a significant role in maintaining stakeholder confidence in audited financial statements and this is particularly important in the case of banking industry where the entire edifice is built on ‘trust’ and the biggest external stakeholders, i.e., depositors are fragmented and unorganised. Therefore, the Reserve Bank has a strong interest in promoting sound and high quality accounting and disclosure standards for the banking and financial industry as well as in having transparent and comparable financial statements that strengthen market discipline
I am delighted to be here today to convey my thoughts on the issue of statutory audit of commercial banks and AIFIs. In many ways, we, as Regulators/ Supervisors and you as Auditors, share a common goal. Auditors play a very crucial role in ensuring the health of the financial system as they assist in maintainance of regulatory oversight by ensuring that the financial statements present a true and fair picture of the affairs of the regulated entity. The statutory auditors play a significant role in maintaining stakeholder confidence in audited financial statements and this is particularly important in the case of banking industry where the entire edifice is built on ‘trust’ and the biggest external stakeholders, i.e., depositors are fragmented and unorganised. Therefore, the Reserve Bank has a strong interest in promoting sound and high quality accounting and disclosure standards for the banking and financial industry as well as in having transparent and comparable financial statements that strengthen market discipline
Mr. V G Sekhar, Principal, CAB, Convenors of SLBCs, my colleagues from RBI, ladies and gentlemen. A very good afternoon to you all.
1. I am delighted to address you all today, the conveners of all our SLBCs. I understand that you all had a very purposeful engagement over these two days, dwelling upon various strategies and approaches that we plan to adopt in achieving our goal of strengthening credit delivery for an inclusive and sustainable growth. Having been once the Convenor for the SLBC in Telangana in my earlier role as a commercial banker, I can first-hand attest to the immense personal satisfaction it gives to make a difference in people’s lives through the SLBC forum. Indeed, over the years SLBCs have emerged as important instruments of change by catalysing synergies among stakeholders. Through the efforts made under the aegis of SLBCs across
Mr. V G Sekhar, Principal, CAB, Convenors of SLBCs, my colleagues from RBI, ladies and gentlemen. A very good afternoon to you all.
1. I am delighted to address you all today, the conveners of all our SLBCs. I understand that you all had a very purposeful engagement over these two days, dwelling upon various strategies and approaches that we plan to adopt in achieving our goal of strengthening credit delivery for an inclusive and sustainable growth. Having been once the Convenor for the SLBC in Telangana in my earlier role as a commercial banker, I can first-hand attest to the immense personal satisfaction it gives to make a difference in people’s lives through the SLBC forum. Indeed, over the years SLBCs have emerged as important instruments of change by catalysing synergies among stakeholders. Through the efforts made under the aegis of SLBCs across
I am delighted to be here to inaugurate the second edition of the global conference on financial resilience organised by the College of Supervisors (CoS) of the Reserve Bank of India. The first edition of the conference was held last year in April and I had participated in the same. Since its establishment in the year 2020, the CoS has made significant contributions to strengthen supervisory capacity of not just the Reserve Bank, but also the supervisors from a few other countries who have participated in the various programmes organised by the college. My compliments to the Team CoS for their dedication in successfully carrying forward the objectives of the organisation.
I am delighted to be here to inaugurate the second edition of the global conference on financial resilience organised by the College of Supervisors (CoS) of the Reserve Bank of India. The first edition of the conference was held last year in April and I had participated in the same. Since its establishment in the year 2020, the CoS has made significant contributions to strengthen supervisory capacity of not just the Reserve Bank, but also the supervisors from a few other countries who have participated in the various programmes organised by the college. My compliments to the Team CoS for their dedication in successfully carrying forward the objectives of the organisation.
Deputy Governor Shri Swaminathan, Executive Directors, Chairmen of the Board and ACB of ARCs, MDs & CEOs of ARCs, my colleagues from RBI, ladies and gentlemen,
I am happy to be amidst you today to talk about the crucial topic of governance in ARCs. But before I address the issue of governance, let me briefly discuss the importance of credit risk management and the critical role envisaged for ARCs – both in terms of legislative intent and regulatory expectations, in India’s financial landscape.
Role of ARCs in the Stressed Asset Management
We all know that books of our financial institutions are largely susceptible to credit risk as loans and advances constitute a large proportion of the asset portfolio. The credit risk weighted assets (credit RWAs), in fact, constitute around 80 per cent of total RWAs of the banking system. Therefore, any prudential regulation to safeguard the stability of financial system must remain alive to the credit risk in the books of financial entities, banks and non-banks alike.
Deputy Governor Shri Swaminathan, Executive Directors, Chairmen of the Board and ACB of ARCs, MDs & CEOs of ARCs, my colleagues from RBI, ladies and gentlemen,
I am happy to be amidst you today to talk about the crucial topic of governance in ARCs. But before I address the issue of governance, let me briefly discuss the importance of credit risk management and the critical role envisaged for ARCs – both in terms of legislative intent and regulatory expectations, in India’s financial landscape.
Role of ARCs in the Stressed Asset Management
We all know that books of our financial institutions are largely susceptible to credit risk as loans and advances constitute a large proportion of the asset portfolio. The credit risk weighted assets (credit RWAs), in fact, constitute around 80 per cent of total RWAs of the banking system. Therefore, any prudential regulation to safeguard the stability of financial system must remain alive to the credit risk in the books of financial entities, banks and non-banks alike.
Deputy Governor Shri Rao, Chairpersons, members of the Board and CEOs of ARCs, my colleagues from RBI and ladies and gentlemen. A very good morning to all of you. 1. I am pleased to address you today at the inaugural conference of the Directors on the Boards of the ARCs organised by the Reserve Bank of India. The theme ‘Governance in ARCs – Towards Effective Resolutions’ holds significant importance to the Reserve Bank. As you may be aware, the RBI has been engaging with its supervised entities regularly over matters of governance and assurance conveying the importance of strong corporate governance as well as the need to remain vigilant to ensure the continued stability of the financial sector. 2. ARCs enjoy a special place in the financial eco system by being the special purpose vehicles set up to help lighten the banking system from the high value NPAs and release the management bandwidth to the lenders for continuing with their normal banking activities. ARCs are also the specialised agencies for maximising recovery and reconstruction efforts. Today’s conference for the Chairpersons, Directors and Chief Executive Officers of ARCs is also a recognition of the important role of ARCs in the banking ecosystem. 3. A perusal of the score card of ARCs during the last two decades1 throws up a mixed bag. There seem to be more missed opportunities and less than optimal performance by ARCs in fulfilling the principal mandates under the SARFAESI Act2. I would therefore like to take this opportunity to highlight certain key aspects, where I believe ARCs can deliver superior outcomes that could be beneficial t
Deputy Governor Shri Rao, Chairpersons, members of the Board and CEOs of ARCs, my colleagues from RBI and ladies and gentlemen. A very good morning to all of you. 1. I am pleased to address you today at the inaugural conference of the Directors on the Boards of the ARCs organised by the Reserve Bank of India. The theme ‘Governance in ARCs – Towards Effective Resolutions’ holds significant importance to the Reserve Bank. As you may be aware, the RBI has been engaging with its supervised entities regularly over matters of governance and assurance conveying the importance of strong corporate governance as well as the need to remain vigilant to ensure the continued stability of the financial sector. 2. ARCs enjoy a special place in the financial eco system by being the special purpose vehicles set up to help lighten the banking system from the high value NPAs and release the management bandwidth to the lenders for continuing with their normal banking activities. ARCs are also the specialised agencies for maximising recovery and reconstruction efforts. Today’s conference for the Chairpersons, Directors and Chief Executive Officers of ARCs is also a recognition of the important role of ARCs in the banking ecosystem. 3. A perusal of the score card of ARCs during the last two decades1 throws up a mixed bag. There seem to be more missed opportunities and less than optimal performance by ARCs in fulfilling the principal mandates under the SARFAESI Act2. I would therefore like to take this opportunity to highlight certain key aspects, where I believe ARCs can deliver superior outcomes that could be beneficial t
Deputy Governor Shri Rao, Heads of Assurance functions from Urban Cooperative Banks, and my colleagues from the Reserve Bank of India. A very good morning to all of you. The Reserve Bank of India has been engaging with its supervised entities regularly over matters of governance and effectiveness of assurance functions. We have had a series of engagements with the Boards of Directors of both commercial and cooperative Banks conveying the importance of strong corporate governance and remaining vigilant to ensure the continuing stability of the financial sector. We have also been meeting the heads of assurance functions, recognising the key role these functions play in ensuring the safety and soundness of the banks and promoting regulatory compliance. Today’s conference is an extension of our efforts to engage with assurance functionaries. Assurance functions namely, the risk management, internal audit and compliance functions play a very crucial role, as guardians ensuring the bank operates safely, ethically and within regulatory and legal boundaries. Assurance functionaries, by becoming effective gatekeepers, can give the required comfort to all stakeholders that the bank is on the right track, its systems are strong, its operations are reliable, and its risks are managed effectively. As conscience keepers of the bank, they are intended to detect and prevent any deviations or build-up of any potential risks, safeguard the reputation of the bank and help uphold the trust of its customers and other stakeholders. In the ever-changing landscape of banking, new risks constantly emerge. While traditional risks like credit, market, and liquidity risks remain signifi
Deputy Governor Shri Rao, Heads of Assurance functions from Urban Cooperative Banks, and my colleagues from the Reserve Bank of India. A very good morning to all of you. The Reserve Bank of India has been engaging with its supervised entities regularly over matters of governance and effectiveness of assurance functions. We have had a series of engagements with the Boards of Directors of both commercial and cooperative Banks conveying the importance of strong corporate governance and remaining vigilant to ensure the continuing stability of the financial sector. We have also been meeting the heads of assurance functions, recognising the key role these functions play in ensuring the safety and soundness of the banks and promoting regulatory compliance. Today’s conference is an extension of our efforts to engage with assurance functionaries. Assurance functions namely, the risk management, internal audit and compliance functions play a very crucial role, as guardians ensuring the bank operates safely, ethically and within regulatory and legal boundaries. Assurance functionaries, by becoming effective gatekeepers, can give the required comfort to all stakeholders that the bank is on the right track, its systems are strong, its operations are reliable, and its risks are managed effectively. As conscience keepers of the bank, they are intended to detect and prevent any deviations or build-up of any potential risks, safeguard the reputation of the bank and help uphold the trust of its customers and other stakeholders. In the ever-changing landscape of banking, new risks constantly emerge. While traditional risks like credit, market, and liquidity risks remain signifi
Deputy Governor Shri Rao, Heads of Assurance functions from Non-Banking Financial Companies, and my colleagues from the Reserve Bank of India. A very good morning to all of you. The Reserve Bank of India has been engaging with its supervised entities regularly over matters of governance and assurance functions, conveying the importance of strong organisational governance and remaining vigilant to ensure the continued stability of the financial sector. Assurance functions namely, the risk management, compliance and internal audit, play a very crucial role, as guardians ensuring the regulated entity operates soundly, safely, ethically and within regulatory and legal boundaries. Today’s conference for the heads of assurance functions is an extension of our efforts, recognising the critical role these functions play in ensuring the robustness and resilience of the financial entity itself as well as the overall financial system. The role played by NBFCs in Indian financial sector has been rapidly growing and their share in the credit portfolio has significantly gone up, more so in the last three years. Just a decade ago, in 2013, the total credit extended by NBFCs represented approximately one-sixth of the magnitude of bank credit. However, this proportion has increased to one-fourth[1], indicating a notable acceleration in credit delivery by NBFCs compared to banks. Indeed, NBFCs have emerged as a preferred option for numerous underserved sectors, particularly small businesses and households, due to their ability to provide more feet on street and customer friendly credit solutions. Moreover, NBFCs have embraced technology in a big way to further expedite and streamline their reach and
Deputy Governor Shri Rao, Heads of Assurance functions from Non-Banking Financial Companies, and my colleagues from the Reserve Bank of India. A very good morning to all of you. The Reserve Bank of India has been engaging with its supervised entities regularly over matters of governance and assurance functions, conveying the importance of strong organisational governance and remaining vigilant to ensure the continued stability of the financial sector. Assurance functions namely, the risk management, compliance and internal audit, play a very crucial role, as guardians ensuring the regulated entity operates soundly, safely, ethically and within regulatory and legal boundaries. Today’s conference for the heads of assurance functions is an extension of our efforts, recognising the critical role these functions play in ensuring the robustness and resilience of the financial entity itself as well as the overall financial system. The role played by NBFCs in Indian financial sector has been rapidly growing and their share in the credit portfolio has significantly gone up, more so in the last three years. Just a decade ago, in 2013, the total credit extended by NBFCs represented approximately one-sixth of the magnitude of bank credit. However, this proportion has increased to one-fourth[1], indicating a notable acceleration in credit delivery by NBFCs compared to banks. Indeed, NBFCs have emerged as a preferred option for numerous underserved sectors, particularly small businesses and households, due to their ability to provide more feet on street and customer friendly credit solutions. Moreover, NBFCs have embraced technology in a big way to further expedite and streamline their reach and
Smt. Divyadarshini IAS, Managing Director, Tamil Nadu Corporation for Development of Women; Shri Shankar Narayan, CGM, NABARD, Chennai; Shri Vasimalai, Executive Director, Dhan foundation; Convenors of SLBC, Tamil Nadu and Puducherry; Smt. Uma Sankar, Regional Director, RBI, Chennai; senior bankers; Financial Literacy Counsellors; Associates and Coordinators of Centre for Financial Literacy; Financial Literacy Community Resource Persons; ladies and gentleman, I am happy to inaugurate the Conclave on Financial Literacy at Madurai today.
1. Madurai holds an important place in the history of Tamil Nadu. The city is famous for its rich heritage, and promotion of Tamil language through “Sangams”, thereby, the city is fondly referred as “sangam valartha nagaram”.
Smt. Divyadarshini IAS, Managing Director, Tamil Nadu Corporation for Development of Women; Shri Shankar Narayan, CGM, NABARD, Chennai; Shri Vasimalai, Executive Director, Dhan foundation; Convenors of SLBC, Tamil Nadu and Puducherry; Smt. Uma Sankar, Regional Director, RBI, Chennai; senior bankers; Financial Literacy Counsellors; Associates and Coordinators of Centre for Financial Literacy; Financial Literacy Community Resource Persons; ladies and gentleman, I am happy to inaugurate the Conclave on Financial Literacy at Madurai today.
1. Madurai holds an important place in the history of Tamil Nadu. The city is famous for its rich heritage, and promotion of Tamil language through “Sangams”, thereby, the city is fondly referred as “sangam valartha nagaram”.
I am delighted to be back at the Kautilya Economic Conclave, 2023. This event is emerging as a leading forum for well-rounded discourse on economic and other policy issues of contemporary relevance. I am sure the eminent gathering here will contribute richly to the discussions on issues and challenges that confront us today and tomorrow.
I am delighted to be back at the Kautilya Economic Conclave, 2023. This event is emerging as a leading forum for well-rounded discourse on economic and other policy issues of contemporary relevance. I am sure the eminent gathering here will contribute richly to the discussions on issues and challenges that confront us today and tomorrow.
It is my pleasure to be part of the Annual FIMMDA-PDAI Conference today. I take this opportunity to place on record the Reserve Bank’s deep appreciation of the key role played by FIMMDA and PDAI in the development of financial markets in India. Both organizations have played a significant role in improving the depth and liquidity of interest rate markets and in supporting primary issuance by the Government. Introduction 2. During May last year, in one of my statements
It is my pleasure to be part of the Annual FIMMDA-PDAI Conference today. I take this opportunity to place on record the Reserve Bank’s deep appreciation of the key role played by FIMMDA and PDAI in the development of financial markets in India. Both organizations have played a significant role in improving the depth and liquidity of interest rate markets and in supporting primary issuance by the Government. Introduction 2. During May last year, in one of my statements
‘He is most free from danger, who even when safe, is on his guard.’ - Publilius Syrus (1st Century B.C.)
It is an accepted norm of organising human societies that with the right to liberty comes good governance, the latter being designed around laws (formal governance) or norms (informal governance) restricting excessive exertions of the right to liberty: where individual actions are deemed to create adverse spillovers (‘negative externalities’) on the rest of the society, laws or norms – backed by an enforcement machinery – draw a line as to what is acceptable human behaviour. Governance could be for the society as a whole or an individual firm or entity or a group of entities (e.g., the public sector). An important term we all come across in our functioning, especially in the public sector, is Vigilance, which is the essence of what all of you are attempting to achieve at the Central Vigilance Commission, established in 1964 by the Government of India, to address corruption in the government sector.
‘He is most free from danger, who even when safe, is on his guard.’ - Publilius Syrus (1st Century B.C.)
It is an accepted norm of organising human societies that with the right to liberty comes good governance, the latter being designed around laws (formal governance) or norms (informal governance) restricting excessive exertions of the right to liberty: where individual actions are deemed to create adverse spillovers (‘negative externalities’) on the rest of the society, laws or norms – backed by an enforcement machinery – draw a line as to what is acceptable human behaviour. Governance could be for the society as a whole or an individual firm or entity or a group of entities (e.g., the public sector). An important term we all come across in our functioning, especially in the public sector, is Vigilance, which is the essence of what all of you are attempting to achieve at the Central Vigilance Commission, established in 1964 by the Government of India, to address corruption in the government sector.
1. Shri Mahapatra, Chairman, National Payments Corporation of India (NPCI), Shri Nandan Nilekani, Shri Dilip Asbe, Managing Director (MD) and Chief Executive Officer (CEO), NPCI, bankers and distinguished guests, it gives me immense pleasure to be in your midst as we launch a new, enhanced version of the Unified Payments Interface (UPI). I was especially moved by Nandan’s kind words for the RBI’s contribution in recent years in the area of digital payments. It would be remiss of us if we don’t acknowledge the strong foundations laid down by those who preceded us; it is, in part, because of their work that we have been able to make rapid progress.
2. Payment and Settlement Systems are at the heart of a modern economy. Recognising this, the Reserve Bank has been, over the years, initiating measures that have resulted in the payment systems in India gaining international recognition. In introducing: (i) second factor authentication; (ii) a unified payments structure; and (iii) the Bharat Quick Response
1. Shri Mahapatra, Chairman, National Payments Corporation of India (NPCI), Shri Nandan Nilekani, Shri Dilip Asbe, Managing Director (MD) and Chief Executive Officer (CEO), NPCI, bankers and distinguished guests, it gives me immense pleasure to be in your midst as we launch a new, enhanced version of the Unified Payments Interface (UPI). I was especially moved by Nandan’s kind words for the RBI’s contribution in recent years in the area of digital payments. It would be remiss of us if we don’t acknowledge the strong foundations laid down by those who preceded us; it is, in part, because of their work that we have been able to make rapid progress.
2. Payment and Settlement Systems are at the heart of a modern economy. Recognising this, the Reserve Bank has been, over the years, initiating measures that have resulted in the payment systems in India gaining international recognition. In introducing: (i) second factor authentication; (ii) a unified payments structure; and (iii) the Bharat Quick Response
1. The ‘Class of 2018’ and their parents, guests and students, Lord Meghnad Desai, Chairman of the Meghnad Desai Academy of Economics, and the academic fraternity of the Academy, I am deeply honoured to be invited to the convocation ceremony. It reminds me fondly of my graduation ceremony three decades back.
2. Although his enormous standing and body of work is well known, let me say a few words about Lord Meghnad Desai, the Academy’s Chairman, Professor Emeritus at the London School of Economics, a renowned academic and a prominent global public figure. His contributions to the field of economics and education, and particularly his commitment to teaching at the London School of Economics, are the stuff of legend. He has also been an enlightened institution builder, a shining example of which is the Centre for the Study of Global Governance that he established in 1992. Lord Desai has written extensively, covering international political economy, Marxian economics, monetary economics, economic history and globalisation (as an aside, Lord Desai’s book ‘Testing Monetarism’ was required reading for macro courses in the United Kingdom in the 1980s). He has also worked extensively on issues relating to the Indian polity and has also been a sagacious influence in the political life of the UK. In recognition of thes
1. The ‘Class of 2018’ and their parents, guests and students, Lord Meghnad Desai, Chairman of the Meghnad Desai Academy of Economics, and the academic fraternity of the Academy, I am deeply honoured to be invited to the convocation ceremony. It reminds me fondly of my graduation ceremony three decades back.
2. Although his enormous standing and body of work is well known, let me say a few words about Lord Meghnad Desai, the Academy’s Chairman, Professor Emeritus at the London School of Economics, a renowned academic and a prominent global public figure. His contributions to the field of economics and education, and particularly his commitment to teaching at the London School of Economics, are the stuff of legend. He has also been an enlightened institution builder, a shining example of which is the Centre for the Study of Global Governance that he established in 1992. Lord Desai has written extensively, covering international political economy, Marxian economics, monetary economics, economic history and globalisation (as an aside, Lord Desai’s book ‘Testing Monetarism’ was required reading for macro courses in the United Kingdom in the 1980s). He has also worked extensively on issues relating to the Indian polity and has also been a sagacious influence in the political life of the UK. In recognition of thes
I am indeed indebted to the organizers, Lee Kuan Yew School of Public Policy, National University of Singapore for providing me this opportunity to share my thoughts on an issue, which has the potential to alter the global financial landscape in the years to come. 2. Global financial crisis and its aftermath have renewed the debates pertaining to functioning of international monetary system (IMS) and the need for multi-currency system. Is there a viable alternative fo
I am indeed indebted to the organizers, Lee Kuan Yew School of Public Policy, National University of Singapore for providing me this opportunity to share my thoughts on an issue, which has the potential to alter the global financial landscape in the years to come. 2. Global financial crisis and its aftermath have renewed the debates pertaining to functioning of international monetary system (IMS) and the need for multi-currency system. Is there a viable alternative fo
Mr. Hiroyuki Obata, Deputy Governor, DICJ, Japan, Mr. Carlos Isoard, Secretary General, IADI, Switzerland, Mr. Jerzy Pruski, President, BGF, Poland, Mr. Fred S. Carns, Director, FDIC, USA, Mr. G. Gopalakrishna, Executive Director, RBI, distinguished delegates, ladies and gentlemen. At the outset, on behalf of RBI, I extend a hearty welcome to all of you to India and especially to this fascinating state of Rajasthan. We thank IADI for agreeing to hold this conference j
Mr. Hiroyuki Obata, Deputy Governor, DICJ, Japan, Mr. Carlos Isoard, Secretary General, IADI, Switzerland, Mr. Jerzy Pruski, President, BGF, Poland, Mr. Fred S. Carns, Director, FDIC, USA, Mr. G. Gopalakrishna, Executive Director, RBI, distinguished delegates, ladies and gentlemen. At the outset, on behalf of RBI, I extend a hearty welcome to all of you to India and especially to this fascinating state of Rajasthan. We thank IADI for agreeing to hold this conference j
1. Mr. Abdul Qadeer Fitrat, Governor, Central Bank of Afghanistan, Mr. Arun Maira, Member, Planning Commission, Mr. R. Gopalan, Secretary, Department of Financial Services, Mrs. Kiran Dhingra, Secretary, Ministry of Housing and Urban Poverty Alleviation, Mr. Kamran Shehzad, Deputy Governor, State Bank of Pakistan, Mr. S. Sridhar, Chairman and Managing Director, National Housing Bank, Mr. Paolo Martelli, Director, South Asia, International Finance Corporation, Mr. R.V.
1. Mr. Abdul Qadeer Fitrat, Governor, Central Bank of Afghanistan, Mr. Arun Maira, Member, Planning Commission, Mr. R. Gopalan, Secretary, Department of Financial Services, Mrs. Kiran Dhingra, Secretary, Ministry of Housing and Urban Poverty Alleviation, Mr. Kamran Shehzad, Deputy Governor, State Bank of Pakistan, Mr. S. Sridhar, Chairman and Managing Director, National Housing Bank, Mr. Paolo Martelli, Director, South Asia, International Finance Corporation, Mr. R.V.
পেজের শেষ আপডেট করা তারিখ: আগস্ট 22, 2024