Page	
	
Official Website of Reserve Bank of India	
Speeches
																		નવે 17,
																		2006
																		
																
																
																	
																		
																			Monetary and Financial Policy Responses to Global Imbalances
																		
																		
																			
																			
																	
																	
																
																
																					DEPARTMENT OF ECONOMIC ANALYSIS AND POLICY I would like to compliment Bank Indonesia for arranging this conference on the theme "Monetary and Financial Policy Responses to Global Imbalances" at the Annual International Seminar 2006. This is an issue that has been among the top concerns of central bankers in the last few years: so the opportunity to have this discussion at this opportune time is very welcome for all of us. The issue of large global imbalances has been 
																			
																			
																		
																	Dr. Rakesh Mohan, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		DEPARTMENT OF ECONOMIC ANALYSIS AND POLICY I would like to compliment Bank Indonesia for arranging this conference on the theme "Monetary and Financial Policy Responses to Global Imbalances" at the Annual International Seminar 2006. This is an issue that has been among the top concerns of central bankers in the last few years: so the opportunity to have this discussion at this opportune time is very welcome for all of us. The issue of large global imbalances has been 
																
																
																
																
																
																
																
																
																
																		નવે 16,
																		2006
																		
																
																
																	
																		
																			Economic Reforms in India: Where are We and Where do We Go?
																		
																		
																			
																			
																	
																	
																
																
																					We have now had a decade and a half of economic reforms. It is perhaps appropriate at this point to stand back and take stock of what we have done as we venture further. Today I shall, therefore, make an effort to (a) review what has been done; (b) evaluate where we are; and (c) suggest where we need to go. Let me give you the backdrop as to what motivated me to choose this topic. I recently came across, The Tipping Point: How Little Things Make a Big Difference, by M
																			
																			
																		
																	Dr. Rakesh Mohan, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		We have now had a decade and a half of economic reforms. It is perhaps appropriate at this point to stand back and take stock of what we have done as we venture further. Today I shall, therefore, make an effort to (a) review what has been done; (b) evaluate where we are; and (c) suggest where we need to go. Let me give you the backdrop as to what motivated me to choose this topic. I recently came across, The Tipping Point: How Little Things Make a Big Difference, by M
																
																
																
																
																
																
																
																
																
																		નવે 08,
																		2006
																		
																
																
																	
																		
																			Inclusive Growth : Role of Financial Education
																		
																		
																			
																			
																	
																	
																
																
																					I thank the Indian Banks Association and hosts Andhra Bank for inviting me for this Conference. I am aware you have had illustrious speakers and expert sessions on various issues reverberating in policy conundrums of 'financial inclusion' and financially inclusive growth. Why I term these as conundrums is for the reason that on the one hand, everyone accepts that a broad based access to formal financial services is a sine qua non for the aspiration of growth in GDP an
																			
																			
																		
																	Smt. Shyamala Gopinath, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		I thank the Indian Banks Association and hosts Andhra Bank for inviting me for this Conference. I am aware you have had illustrious speakers and expert sessions on various issues reverberating in policy conundrums of 'financial inclusion' and financially inclusive growth. Why I term these as conundrums is for the reason that on the one hand, everyone accepts that a broad based access to formal financial services is a sine qua non for the aspiration of growth in GDP an
																
																
																
																
																
																
																
																
																
																		નવે 07,
																		2006
																		
																
																
																	
																		
																			State of the Indian Economy
																		
																		
																			
																			
																	
																	
																
																
																					It is my great pleasure to be here at the 2nd Annual Indian Securities Infrastructure & Operations Forum 2006. The recent growth momentum of the Indian economy is leading to renewed interest in India’s growth prospects. As the mid-year review of the annual policy is just over I thought instead of giving just a run-down of the current state of the Indian economy let me put the current trends into a broader perspective - both with respect to the longer term trend an
																			
																			
																		
																	Dr. Rakesh Mohan, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		It is my great pleasure to be here at the 2nd Annual Indian Securities Infrastructure & Operations Forum 2006. The recent growth momentum of the Indian economy is leading to renewed interest in India’s growth prospects. As the mid-year review of the annual policy is just over I thought instead of giving just a run-down of the current state of the Indian economy let me put the current trends into a broader perspective - both with respect to the longer term trend an
																
																
																
																
																
																
																
																
																
																		નવે 04,
																		2006
																		
																
																
																	
																		
																			Financial Inclusion for Sustainable Development : Role of IT and Intermediaries
																		
																		
																			
																			
																	
																	
																
																
																					My topic today is financial inclusion for sustainable development and how IT and community based organisations including NGOs can be leveraged for expanding banking outreach so as to meet the needs of the underserved population. Financial inclusion has become a buzzword internationally – even in developed financial markets there are concerns about those excluded from the banking system especially migrant workers. The barriers to access to formal banking system have be
																			
																			
																		
																	Smt. Usha Thorat, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		My topic today is financial inclusion for sustainable development and how IT and community based organisations including NGOs can be leveraged for expanding banking outreach so as to meet the needs of the underserved population. Financial inclusion has become a buzzword internationally – even in developed financial markets there are concerns about those excluded from the banking system especially migrant workers. The barriers to access to formal banking system have be
																
																
																
																
																
																
																
																
																
																		નવે 03,
																		2006
																		
																
																
																	
																		
																			Economic Growth, Financial Deepening and Financial Inclusion
																		
																		
																			
																			
																	
																	
																
																
																					I. Introduction I would like to thank the Indian Banks Association and the Andhra Bank for inviting me to this Conference, which has become an annual feature of the calendar for bankers and financial sector professionals. In view of the theme of the conference, viz., 'Inclusive Growth – A New Challenge', I thought it would be appropriate to place financial inclusion within the broad context of economic growth. There is yet another motivation for choosing the theme. Wh
																			
																			
																		
																	Dr. Rakesh Mohan, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		I. Introduction I would like to thank the Indian Banks Association and the Andhra Bank for inviting me to this Conference, which has become an annual feature of the calendar for bankers and financial sector professionals. In view of the theme of the conference, viz., 'Inclusive Growth – A New Challenge', I thought it would be appropriate to place financial inclusion within the broad context of economic growth. There is yet another motivation for choosing the theme. Wh
																
																
																
																
																
																
																
																
																
																		ઑક્ટો 23,
																		2006
																		
																
																
																	
																		
																			Payment and Settlement Systems : Select issues
																		
																		
																			
																			
																	
																	
																
																
																					Director Shri Sharma, Mr. Hollandars, Mr. O’Connor, Mr. Shigang, Ms. Christova, Mr. Beau and distinguished participants and Ladies and Gentlemen, It is my pleasure to be with you this evening to deliver the valedictory address at the Regional Payment and Settlement Systems Workshop organised jointly by the Reserve Bank of India (RBI) and the Bank for International Settlements (BIS). Participants from the central banks of 16 countries from Africa and Asia have attended
																			
																			
																		
																	Dr. Y. V. Reddy, 
																	Governor, Reserve Bank of India 
																
																
																		Director Shri Sharma, Mr. Hollandars, Mr. O’Connor, Mr. Shigang, Ms. Christova, Mr. Beau and distinguished participants and Ladies and Gentlemen, It is my pleasure to be with you this evening to deliver the valedictory address at the Regional Payment and Settlement Systems Workshop organised jointly by the Reserve Bank of India (RBI) and the Bank for International Settlements (BIS). Participants from the central banks of 16 countries from Africa and Asia have attended
																
																
																
																
																
																
																
																
																
																		ઑક્ટો 13,
																		2006
																		
																
																
																	
																		
																			Risks Associated with Macroeconomic Adjustments: Global Perspective
																		
																		
																			
																			
																	
																	
																
																
																					I. Growth Trends I am happy to observe the continued healthy expansion of world GDP and that the International Monetary Fund (IMF) is projecting only a marginal slowdown from 5.1 per cent in 2006 to 4.9 per cent in 2007. It is important to note, however, that some other forecasters are not so sanguine. The global economy has maintained its pace of growth in the first half of 2006. Although growth rates recorded in most of the advanced as well as emerging economies hav
																			
																			
																		
																	Dr. Rakesh Mohan, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		I. Growth Trends I am happy to observe the continued healthy expansion of world GDP and that the International Monetary Fund (IMF) is projecting only a marginal slowdown from 5.1 per cent in 2006 to 4.9 per cent in 2007. It is important to note, however, that some other forecasters are not so sanguine. The global economy has maintained its pace of growth in the first half of 2006. Although growth rates recorded in most of the advanced as well as emerging economies hav
																
																
																
																
																
																
																
																
																
																		ઑક્ટો 09,
																		2006
																		
																
																
																	
																		
																			Banking and Financial Sector Reforms : Status and Prospects*
																		
																		
																			
																			
																	
																	
																
																
																					Respected Prime Minister Sir, Shri Vineet Jain, Honourable Shri Chidambaram, Dr. Rangarajan, Shri Ahluwalia, leaders of industry and finance, and friends, I am thankful to the organisers for according me the privilege of participating in this panel discussion. My comments are divided into three parts - personal, present status, and prospects for Banking and Financial Sector Reforms. On the personal front, I have worked closely with all the distinguished panelists here
																			
																			
																		
																	Dr. Y. V. Reddy, 
																	Governor, Reserve Bank of India 
																
																
																		Respected Prime Minister Sir, Shri Vineet Jain, Honourable Shri Chidambaram, Dr. Rangarajan, Shri Ahluwalia, leaders of industry and finance, and friends, I am thankful to the organisers for according me the privilege of participating in this panel discussion. My comments are divided into three parts - personal, present status, and prospects for Banking and Financial Sector Reforms. On the personal front, I have worked closely with all the distinguished panelists here
																
																
																
																
																
																
																
																
																
																		સપ્ટે 29,
																		2006
																		
																
																
																	
																		
																			Globalisation, Money and Finance – Uncertainties and Dilemmas*
																		
																		
																			
																			
																	
																	
																
																
																					Globalisation, Money and Finance – Uncertainties and Dilemmas* Dear friends, I am honoured to be invited to deliver the valedictory address at the 2006 FICCI-IBA Conference. I would like to begin by complimenting the hosts for their choice of the theme: "Global Banking: Paradigm Shift". Many distinguished speakers have participated already in the deliberations and hence I will attempt a broader overview of globalisation issues at the current juncture. My address is on
																			
																			
																		
																	Dr. Y. V. Reddy, 
																	Governor, Reserve Bank of India 
																
																
																		Globalisation, Money and Finance – Uncertainties and Dilemmas* Dear friends, I am honoured to be invited to deliver the valedictory address at the 2006 FICCI-IBA Conference. I would like to begin by complimenting the hosts for their choice of the theme: "Global Banking: Paradigm Shift". Many distinguished speakers have participated already in the deliberations and hence I will attempt a broader overview of globalisation issues at the current juncture. My address is on
																
																
																
																
																
																
																
																
																
																		સપ્ટે 29,
																		2006
																		
																
																
																	
																		
																			Reserve Bank of India Archives: Some Reflections and the Way
																		
																		
																			
																			
																	
																	
																
																
																					It is a real pleasure to be here today on the occasion of the Silver Jubilee Inaugural Function of the Reserve Bank of India Archives (RBIA), earlier known as the Central Records and Documentation Centre (CRDC). The Reserve Bank of India established its Central Archives on August 24, 1981 with twin objectives to serve as (i) repository of non-current permanent records and (ii) the Central Archives of the Reserve Bank of India for research purposes. I am pleased to inf
																			
																			
																		
																	Dr. Rakesh Mohan, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		It is a real pleasure to be here today on the occasion of the Silver Jubilee Inaugural Function of the Reserve Bank of India Archives (RBIA), earlier known as the Central Records and Documentation Centre (CRDC). The Reserve Bank of India established its Central Archives on August 24, 1981 with twin objectives to serve as (i) repository of non-current permanent records and (ii) the Central Archives of the Reserve Bank of India for research purposes. I am pleased to inf
																
																
																
																
																
																
																
																
																
																		સપ્ટે 27,
																		2006
																		
																
																
																	
																		
																			Changing Paradigms in Risk Management
																		
																		
																			
																			
																	
																	
																
																
																					The world of finance has always had an intuitive understanding of risk. The risks that emerge from the increased variety and complexities of banking business, as well as from the various new drivers of growth has pushed the contours of risk management in banks much beyond what would probably have existed in the more traditional forms of banking activity of accepting deposits and lending in relatively stable environments. Internationally, the last two decades or so hav
																			
																			
																		
																	Smt. Shyamala Gopinath, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		The world of finance has always had an intuitive understanding of risk. The risks that emerge from the increased variety and complexities of banking business, as well as from the various new drivers of growth has pushed the contours of risk management in banks much beyond what would probably have existed in the more traditional forms of banking activity of accepting deposits and lending in relatively stable environments. Internationally, the last two decades or so hav
																
																
																
																
																
																
																
																
																
																		સપ્ટે 26,
																		2006
																		
																
																
																	
																		
																			Demystifying Basel II*
																		
																		
																			
																			
																	
																	
																
																
																					Friends, it gives me great pleasure to share my thoughts on some of the elements of Basel II implementation in India with this august gathering. I firmly believe that periodical sharing of thoughts and views by us on issues of topical relevance with bankers - both domestic and foreign; eminent bank regulators and supervisors from abroad; and above all - the users of the banking system, is fundamental for promoting greater transparency and understanding of the intent a
																			
																			
																		
																	Shri V. Leeladhar, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		Friends, it gives me great pleasure to share my thoughts on some of the elements of Basel II implementation in India with this august gathering. I firmly believe that periodical sharing of thoughts and views by us on issues of topical relevance with bankers - both domestic and foreign; eminent bank regulators and supervisors from abroad; and above all - the users of the banking system, is fundamental for promoting greater transparency and understanding of the intent a
																
																
																
																
																
																
																
																
																
																		સપ્ટે 21,
																		2006
																		
																
																
																	
																		
																			The Role of Financial Education: The Indian Case
																		
																		
																			
																			
																	
																	
																
																
																					Distinguished Ladies and Gentlemen, I am thankful to Shri Swarup for inviting me to this august gathering. The Conference represents an important step by the Pension Fund Regulatory and Development Authority (PFRDA) to distil from the experiences of other countries in its quest for enhancing the levels of financial education in our country. The collaboration with Organisation for Economic Co-operation and Development (OECD) which has been playing a pivotal role in thi
																			
																			
																		
																	Dr. Y. V. Reddy, 
																	Governor, Reserve Bank of India 
																
																
																		Distinguished Ladies and Gentlemen, I am thankful to Shri Swarup for inviting me to this august gathering. The Conference represents an important step by the Pension Fund Regulatory and Development Authority (PFRDA) to distil from the experiences of other countries in its quest for enhancing the levels of financial education in our country. The collaboration with Organisation for Economic Co-operation and Development (OECD) which has been playing a pivotal role in thi
																
																
																
																
																
																
																
																
																
																		સપ્ટે 21,
																		2006
																		
																
																
																	
																		
																			IT for Business Excellence
																		
																		
																			
																			
																	
																	
																
																
																					Ladies and Gentlemen, It gives me great pleasure to be present here to share a few thoughts on one of the important drivers of banking business in the world. Information Technology or IT has made substantial inroads into the financial sector, it has in fact transformed the way banking operations are conducted. The benefits brought about by IT in handling large processing volumes, in providing for quick, safe transaction processing, economies of scale and in expanding 
																			
																			
																		
																	Shri V. Leeladhar, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		Ladies and Gentlemen, It gives me great pleasure to be present here to share a few thoughts on one of the important drivers of banking business in the world. Information Technology or IT has made substantial inroads into the financial sector, it has in fact transformed the way banking operations are conducted. The benefits brought about by IT in handling large processing volumes, in providing for quick, safe transaction processing, economies of scale and in expanding 
																
																
																
																
																
																
																
																
																
																		સપ્ટે 19,
																		2006
																		
																
																
																	
																		
																			Foreign Exchange Reserves: New Realities and Options
																		
																		
																			
																			
																	
																	
																
																
																					Distinguished Friends, I am thankful to the organisers for inviting me to participate in the 2006 Program of Seminars on the Theme 'The World in Asia, Asia in the World'. The theme for this session has tantalising words: problems, plenty, challenges, opportunities, accumulation, large, foreign, windfall and reserves. It may be a little hard to match the sense of these words in an address by central bankers. So, I intend taking a slightly broader view of the subject an
																			
																			
																		
																	Dr. Y. V. Reddy, 
																	Governor, Reserve Bank of India 
																
																
																		Distinguished Friends, I am thankful to the organisers for inviting me to participate in the 2006 Program of Seminars on the Theme 'The World in Asia, Asia in the World'. The theme for this session has tantalising words: problems, plenty, challenges, opportunities, accumulation, large, foreign, windfall and reserves. It may be a little hard to match the sense of these words in an address by central bankers. So, I intend taking a slightly broader view of the subject an
																
																
																
																
																
																
																
																
																
																		સપ્ટે 18,
																		2006
																		
																
																
																	
																		
																			Asian Perspective on Growth: Outlook for India
																		
																		
																			
																			
																	
																	
																
																
																					Distinguished friends, I am delighted to be here at the G30's International Banking Seminar hosted by the Monetary Authority of Singapore. Indeed, it is an honour and privilege to be amidst the global Gurus of financial world. I divide my humble presentation into five parts: namely the contours of Indian economy; the major challenges facing the Indian economy; the impact of global imbalances on India; some not easily quantifiable strengths of India and; India's growin
																			
																			
																		
																	Dr. Y. V. Reddy, 
																	Governor, Reserve Bank of India 
																
																
																		Distinguished friends, I am delighted to be here at the G30's International Banking Seminar hosted by the Monetary Authority of Singapore. Indeed, it is an honour and privilege to be amidst the global Gurus of financial world. I divide my humble presentation into five parts: namely the contours of Indian economy; the major challenges facing the Indian economy; the impact of global imbalances on India; some not easily quantifiable strengths of India and; India's growin
																
																
																
																
																
																
																
																
																
																		સપ્ટે 07,
																		2006
																		
																
																
																	
																		
																			Credit Counselling : An Indian Perspective
																		
																		
																			
																			
																	
																	
																
																
																					Mr. Chairman, distinguished guests and friends, I am thankful to Mr. Balachandran for providing this opportunity to be with this eminent gathering assembled for a noble cause. Bank of India has been among the banks known to be a pioneer in several areas of commercial banking. In this context, the initiative by the bank to establish credit counselling centers on a pilot basis highlights the pro-active role being played by our banks. In fact, a major reason for my agree
																			
																			
																		
																	Dr. Y. V. Reddy, 
																	Governor, Reserve Bank of India 
																
																
																		Mr. Chairman, distinguished guests and friends, I am thankful to Mr. Balachandran for providing this opportunity to be with this eminent gathering assembled for a noble cause. Bank of India has been among the banks known to be a pioneer in several areas of commercial banking. In this context, the initiative by the bank to establish credit counselling centers on a pilot basis highlights the pro-active role being played by our banks. In fact, a major reason for my agree
																
																
																
																
																
																
																
																
																
																		સપ્ટે 05,
																		2006
																		
																
																
																	
																		
																			Use of technology in the financial sector: Significance of concerted efforts*
																		
																		
																			
																			
																	
																	
																
																
																					Shri Arvind Sharma, Director, IDRBT, members of the Governing Council of the IDRBT, fellow bankers and distinguished guests, It gives me immense pleasure to be here with friends from the banking fraternity. In fact, being here is part of my annual pilgrimage to the Institute for Development and Research in Banking Technology (IDRBT). At the outset, I would like to compliment the Governing Council, faculty and staff of the IDRBT for continuing with their mission with d
																			
																			
																		
																	Dr. Y. V. Reddy, 
																	Governor, Reserve Bank of India 
																
																
																		Shri Arvind Sharma, Director, IDRBT, members of the Governing Council of the IDRBT, fellow bankers and distinguished guests, It gives me immense pleasure to be here with friends from the banking fraternity. In fact, being here is part of my annual pilgrimage to the Institute for Development and Research in Banking Technology (IDRBT). At the outset, I would like to compliment the Governing Council, faculty and staff of the IDRBT for continuing with their mission with d
																
																
																
																
																
																
																
																
																
																		ઑગસ્ટ 24,
																		2006
																		
																
																
																	
																		
																			New Economic Geography and Monetary Policy in a Flattening World*
																		
																		
																			
																			
																	
																	
																
																
																					Let me first thank Tom Hoenig and his colleagues for inviting me again to this symposium. It is always a treat to be here in more ways than one: to partake of the rich feast of insightful and interesting papers, illuminating commentaries and discussions, accompanied by the warm hospitality of the Kansas City Fed in this incomparable setting in the shadow of the majestic Tetons. It is difficult to provide an overview of this rather disparate set of sessions reflecting 
																			
																			
																		
																	Dr. Rakesh Mohan, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		Let me first thank Tom Hoenig and his colleagues for inviting me again to this symposium. It is always a treat to be here in more ways than one: to partake of the rich feast of insightful and interesting papers, illuminating commentaries and discussions, accompanied by the warm hospitality of the Kansas City Fed in this incomparable setting in the shadow of the majestic Tetons. It is difficult to provide an overview of this rather disparate set of sessions reflecting 
																
																
																
																
																
																
																
																
																પેજની છેલ્લી અપડેટની તારીખ: