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માર્ચ 18, 2023

Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India at the Payment System Operators (PSO) Conference, Kochi, March 18, 2023

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am delighted to be here at the first Payment System Operators’ (PSO) Conference being organised by the Department of Payment & Settlement Systems (DPSS) of the RBI. It is indeed a matter of pride that the Indian payment systems have been globally recognised as best-in-class and future ready. It is the combined effort of all the PSOs, the Government and the Reserve Bank that has made India a shining star in global payments space. The Reserve Bank acknowledges the

માર્ચ 06, 2023

Address by Governor, Shri Shaktikanta Das, Reserve Bank of India - March 06, 2023 - Digital Payments Awareness Week (March 6-12, 2023) Launch of Mission ‘Har Payment Digital’, Mumbai

Shri Shaktikanta Das, Governor, Reserve Bank of India

1. The Launching of Mission ‘Har Payment Digital’ today during the Digital Payments Awareness Week (DPAW) 2023 reinforces RBI’s commitment to deepen digital payments in the country. 2. I am happy to note that the Department of Payment and Settlement Systems (DPSS) of the RBI is celebrating its 18th anniversary (it was formed on March 7, 2005). Congratulations to team DPSS on this milestone. Over the years our payment systems have evolved and now we have multiple syste

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જૂન 17, 2022

Disruptions & Opportunities in the Financial Sector - Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - June 17, 2022 - Delivered at the Financial Express Modern BFSI Summit in Mumbai

Shri Shaktikanta Das, Governor, Reserve Bank of India

It is my pleasure to be here amongst such a distinguished gathering to deliver the inaugural address at the Financial Express Modern BFSI Summit. The theme of my address “Disruptions & Opportunities in the Financial Sector’ will resonate in the current context of technological innovations and fast evolving business models in the financial sector. 2. The impact of Covid-19 pandemic, the recent geo-political crisis and the all-pervasive technological innovations swe

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માર્ચ 24, 2022

Inauguration of the Reserve Bank Innovation Hub (RBIH) - Inaugural Address delivered by Shri Shaktikanta Das, Governor, Reserve Bank of India at the Reserve Bank Innovation Hub - March 24, 2022, Bengaluru

Shri Shaktikanta Das, Governor, Reserve Bank of India

Central Banks are often viewed as traditional institutions that set monetary policies, issue currencies and regulate and supervise the financial sector segments and entities. For every economy to grow steadily and efficiently, this characteristic of a central bank is very important. Being a full service central bank, the RBI also plays a developmental role and is looked upon as a residual regulator as well. 2. RBI has been able to perform its varied roles with require

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ફેબ્રુ 14, 2022

Cryptocurrencies – An assessment - Keynote address delivered by Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India - February 14th, 2022 - at the Indian Banks Association 17th Annual Banking Technology Conference and Awards

Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India

Shri Goel, Chairman IBA, Shri Mehta, Chief Executive IBA, Prof Phatak, Chairman of Awards Jury, members of the Jury, MDs and CEOs and other senior functionaries of banks, ladies and gentlemen Let me begin by congratulating the winners of the IBA Banking Technology Awards. It is indeed a privilege to be among so august an audience and so learned a gathering and be able to talk about an issue of momentous significance – how to deal with cryptocurrencies. Crypto technolo

સપ્ટે 28, 2021

Responsible Digital Innovation

Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India

Good morning. 1. Fintech, or technology that provides digital financial services is transforming the provision and delivery of financial services. At its most basic level digital technology enables speed – speed in processing information and speed in communication. Processing speed has reduced cost and time for transactions while communication speed has enhanced connectivity of systems expanding the reach of transactions. Taken together, digital technology is changing

માર્ચ 25, 2021

Financial Sector in the New Decade

Shri Shaktikanta Das, Governor, Reserve Bank of India

A very warm good morning to you all. It is indeed an honour for me to be here at the India Economic Conclave 2021 organised by the Times Network. I have been looking forward to participating in this year’s conclave, especially after an enriching experience during my participation in this event in 2019. The theme of this year's conclave, one which resonates very strongly is "India's Decade: Reform. Perform. Transform.” The COVID-19 pandemic has set forth the wheels of

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માર્ચ 25, 2019

Opportunities and Challenges of FinTech

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am extremely happy to participate in NITI Aayog’s FinTech Conclave 2019 and share my thoughts on the technological revolution that is shaping the future of finance. I am particularly thankful to Shri Amitabh Kant, CEO of NITI Aayog for having invited me to such an august gathering. As I understand, this Conclave is woven around the theme of Indian FinTech ecosystem as well as steps required to help achieve the potential that the sector offers towards growth, employm

ઑગસ્ટ 17, 2018

Innovation in Retail Payments

Dr. Urjit R. Patel, Governor, Reserve Bank of India

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

મે 30, 2018

Excellence in Payments

Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India

Shri B. Mahapatra, Chairman, NPCI, Shri Dilip Asbe, MD, NPCI, distinguished guests, fellow bankers, captains of the industry and the Honourable members of the Jury – it gives me great pleasure to be amidst you all as NPCI today recognises the significant work done by the innovators in payment systems of the country. Let me begin with a quote by Robin Sharma, the motivational speaker, who says ‘Small daily improvements over time lead to stunning results’. No one can di

ફેબ્રુ 20, 2017

Payment Systems - Next Orbit

Shri R. Gandhi, Deputy Governor, Reserve Bank of India

Good Morning everybody I am very happy to be launching the Bharat QR Code. The QR code development for card payments in India has happened at the most appropriate time; we are on the threshold of a digital payments ‘moment’ and ‘movement’. This is a momentous occasion for the payments industry in India with the launch of this global first of its kind, low cost, interoperable, mobile based acceptance solution. I would like to congratulate the payment networks for their

ઑક્ટો 24, 2016

Evolution of Payment Systems in India: Or is it a Revolution?

Shri R. Gandhi, Deputy Governor, Reserve Bank of India

It gives me great pleasure and pride to be addressing at the Banaras Hindu University, an institution which has been in the service of the nation for 100 years; more so because this institution has been deeply intertwined with freedom movement and freedom leaders like Pandit Madanmohan Malaviya. I am thankful to the Vice Chancellor Prof Tripathi for giving me this opportunity. 2. Today, I intend to discuss with you all about a silent revolution that has been sweeping

જુલાઈ 19, 2016

Information Technology – New Gauntlets for Banks (Shri R. Gandhi, Deputy Governor - July 18, 2016 - at the 12th IDRBT Banking Technology Excellence Awards, Hyderabad)

Shri R. Gandhi, Deputy Governor, Reserve Bank of India

Honourable Governor Dr Raghuram Rajan, members of the Governing Council of IDRBT, Chiefs of banks, Heads of IT departments of banks, Director, IDRBT, Faculty members, students, Ladies and Gentlemen. It gives me great pleasure to be present at the 12th IDRBT Banking Technology Awards. 2. I am glad to be back to be directly dealing with the subject of technology yet another time. I have the unique honour of having been and being associated with IDRBT in every possible r

જુલાઈ 18, 2016

Remarks of Dr. Raghuram Rajan, Governor - July 18, 2016 - at the IDRBT Banking Technology Excellence Awards, Hyderabad

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India

I congratulate all the awardees of the IDRBT Banking Technology Excellence Awards. IDRBT instituted these Awards in the year 2001, which reflects the long road traversed by the banking sector in terms of technology adoption. The last few years have seen the convergence of various factors in the payment systems sphere, which makes possible a near-revolutionary improvement in financial access. Unless we take concerted steps to address some of the challenges, however, th

ડિસે 22, 2015

Payment Revolution: Preparing for Participation

Shri R. Gandhi, Deputy Governor, Reserve Bank of India

It was in the Reserve Bank’s Payment Systems Vision 2005-08 document, which I was fortunate enough to draft, it was indicated that the focus would be on setting up of a new institution for all retail payment systems and operationalizing a national settlement system. This new institution would be a limited company, owned and operated by banks and act as an umbrella organization for all retail clearing operations, both paper based and electronic. I am very glad that the

ઑગસ્ટ 03, 2015

IT Governance and IT Strategy: Board’s Eye View

Shri Harun R Khan, Deputy Governor, Reserve Bank of India

Dr. A. Ramasastri, Director, Institute for Development and Research in Banking Technology (IDRBT), Prof. Sivakumaran, co-ordinator of the programme, participating Directors from banks, faculty of IDRBT, ladies and gentlemen. I am glad to be in the midst of this distinguished gathering to take part in the valedictory session on the programme on 'IT Governance for Directors of Banks'. I thank IDRBT for arranging this topical seminar, which I believe, will greatly contri

જૂન 23, 2015

Future and new thoughts on co-operative banks

Shri R. Gandhi, Deputy Governor, Reserve Bank of India

The co-operative movement in India is more than a century old; regulation thereof is also more than a century old with the first major impetus provided by the passage of the Co-operative Society Act in 1904. The co-operatives have come a long way and have seen many ups and downs since then; they have played the original role in financial inclusion and taking care of banking and credit needs of the lower and middle strata of society, in the length and breadth of India,

મે 28, 2015

Indian Payments System Kaleidoscope

Shri S. S. Mundra, Deputy Governor, Reserve Bank of India

Shri. M. Balachandran, Chairman, National Payments Corporation of India (NPCI); Shri A.P.Hota, MD & CEO, NPCI; members of the NPCI Board, other distinguished guests, delegates to the Conference from India and abroad ; ladies and gentlemen! It is a privilege to be in the midst of this distinguished gathering to deliver the valedictory address at the “International Conference on National Payment Schemes” this afternoon. Indeed, this is a unique initiative by NPCI, t

માર્ચ 02, 2015

Emerging Issues in Cyber Security in the Financial Sector

Shri G Padmanabhan, Executive Director, Reserve Bank of India

It is not often that one gets an opportunity to deliver the very first lecture of a series organised in memory of a person whom you have known and respected from the childhood. One may have many things to say and eulogise about the Late Highness Sri Chithira Thirunal, but I can claim to represent a family which knew him personally and many of his family members. Therefore, I am thankful to Mr Jeevandas Narayan, Managing Director of State Bank of Travancore for startin

ફેબ્રુ 13, 2014

Inclusive Growth and the Role Technology Can Play in It

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India

Thank you for inviting me to speak here today. Shri D.R. Gadgil is well known not only as an economist but also as a great educationist and a statesman, having served as a member of Rajya Sabha. We all know of the great contribution he made towards the distribution of plan transfers amongst the Indian states through the famous ‘Gadgil Formula’. The Gadgil formula attempted to ensure that there was objectivity in distribution of funds amongst the states in India. He wr