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.

I am happy to be back at the Financial Express Modern BFSI Summit. I remember having participated in the June 2022 edition of this summit where I had spoken on ‘Disruptions & Opportunities in the Financial Sector’. The macroeconomic conditions back then were very different and challenging to say the least, as we were grappling with overlapping shocks from the war in Ukraine and the surge in inflation at a time when the world was still recovering from the Covid-19 pandemic. Since then, we have come a long way. Amidst global challenges and uncertainties, India stands out as a fast growing major economy with stronger macroeconomic fundamentals and a healthy and resilient financial sector.

Namaskar! Good afternoon I am honoured to be invited to the Lal Bahadur Shastri National Academy of Administration (LBSNAA), a temple of independent India with a rich and hallowed history that predates independence. I thank Madam Sowjanya for her gentle perseverance and deft management of logistics that made it possible for me to be here. I understand that this is the 18^th round of phase IV of the Academy’s mid-career training programme. Participants here have already put in 15 to 18 years in the service of the nation and are, therefore, primed

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 happy to inaugurate the eighteenth Statistics Day Conference of the Reserve Bank. This annual event provides us with an opportunity to reflect on the current and evolving state of statistical system. It also helps us to take stock of the refinements in application of statistical methods and technologies in the realm of public policy.