RbiSearchHeader

Press escape key to go back

पिछली खोज

थीम
थीम
टेक्स्ट का साइज़
टेक्स्ट का साइज़
S2

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

rbi-speeches-home-page-banner-carousel

RBISpeechesInterviewSearchFilters

सर्च रिफाइन करें

श्रेणी पहलू

केटेगरी

खोज परिणाम

भाषण

  • लिस्ट व्यू
  • जाली देखना
जुल॰ 29, 2025
From Vanji to Viksit Bharat: Banking on Trust, Technology, and Transformation - Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - Friday, July 25, 2025 - at the 109th Foundation Day of the Karur Vysya Bank

The Karur Vysya Bank family - represented here by the Chairperson, the Directors on the Board, the shareholders, MD CEO, the staff, officials and the customers of the bank and their families, ladies and gentlemen, Anaivarukkum Vanakkam. Namaskaram. A warm good afternoon.

Shri Swaminathan J, Deputy Governor, Reserve Bank of India

The Karur Vysya Bank family - represented here by the Chairperson, the Directors on the Board, the shareholders, MD CEO, the staff, officials and the customers of the bank and their families, ladies and gentlemen, Anaivarukkum Vanakkam. Namaskaram. A warm good afternoon.

जुल॰ 18, 2025
Working Together, Growing Stronger: Responsible Governance for a Resilient UCB Sector - Valedictory Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - July 11, 2025 - at the Seminar for Directors of Urban Co-operative Banks held in CAB, Pune on Friday

Chairmen and Directors of Urban Cooperative Banks; Shri Jaikish, Principal of the College of Agricultural Banking; my colleagues from the Reserve Bank of India; ladies and gentlemen - a very good afternoon to all of you.

Shri Swaminathan J, Deputy Governor, Reserve Bank of India

Chairmen and Directors of Urban Cooperative Banks; Shri Jaikish, Principal of the College of Agricultural Banking; my colleagues from the Reserve Bank of India; ladies and gentlemen - a very good afternoon to all of you.

जुल॰ 18, 2025
Catalysing Sustainable & Green Infrastructure Financing for Achieving Net Zero - Inaugural Address delivered by Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India - July 03, 2025 - at the Conference on Green Infrastructure Finance at College of Agriculture Banking, RBI, Pune

Distinguished guests, participants, colleagues, Ladies and Gentlemen, Let me at the outset thank the organisers for having me here to share my thoughts on this important topic. Climate risks and green infrastructure financing, as a catalyst for achieving net-zero emissions, has to move over time from the margins of policymaking to the heart of global and national agenda and occasions such as these should help in this endeavour.

Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India

Distinguished guests, participants, colleagues, Ladies and Gentlemen, Let me at the outset thank the organisers for having me here to share my thoughts on this important topic. Climate risks and green infrastructure financing, as a catalyst for achieving net-zero emissions, has to move over time from the margins of policymaking to the heart of global and national agenda and occasions such as these should help in this endeavour.

जुल॰ 02, 2025
Bridging the Credit Gap: The Evolution of India’s Credit Reporting Infrastructure - Keynote Address delivered by Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India - July 01, 2025 - at TransUnion CIBIL’s Credit Conference in Mumbai

Ladies and gentlemen, Good Morning. At the outset, let me thank the organisers for inviting me to deliver the keynote address at this milestone event and congratulate Trans Union CIBIL (TU CIBIL) on its 25th anniversary. Credit reporting and TU CIBIL have grown together in India and the company has made a significant contribution in expanding the footprint of credit reporting in the country.

Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India

Ladies and gentlemen, Good Morning. At the outset, let me thank the organisers for inviting me to deliver the keynote address at this milestone event and congratulate Trans Union CIBIL (TU CIBIL) on its 25th anniversary. Credit reporting and TU CIBIL have grown together in India and the company has made a significant contribution in expanding the footprint of credit reporting in the country.

जून 23, 2025
Convocation Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the 58th Convocation, Indian Institute of Technology, Kanpur, June 23, 2025

1. Chairman of the Board of Governors, Director of the Institute, Prof and Padma Shree Manindra Agrawal, winner of numerous awards, who was my senior here and who I hold in very high esteem, faculty members, staff, proud parents, family and friends of the graduating students, distinguished guests, and my dear graduating students, alumni, ladies and gentlemen.

Shri Sanjay Malhotra, Governor, Reserve Bank of India

1. Chairman of the Board of Governors, Director of the Institute, Prof and Padma Shree Manindra Agrawal, winner of numerous awards, who was my senior here and who I hold in very high esteem, faculty members, staff, proud parents, family and friends of the graduating students, distinguished guests, and my dear graduating students, alumni, ladies and gentlemen.

जून 09, 2025
Moving the Boundaries of Financial Inclusion- A Regulatory Perspective - Address delivered by Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India - June 05, 2025 - at HSBC's event for Financial Inclusion in Mumbai

Distinguished guests, participants, ladies and gentlemen, Good evening. At the outset, let me thank the organisers for inviting me to share some of my thoughts on the theme of financial inclusion. Before that, let me take a moment to acknowledge that today i.e., June 05, 2025, is the World Environment Day, an UN-recognized day that brings together people across the globe in a shared mission to safeguard and restore our planet. This year’s theme of ending plastic pollution is a call to all of us to make a behavioural shift in our daily life choices. In the spirit of preserving the purity of our environment and safeguarding our well-being, let us commit toward making more sustainable choices.

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

Distinguished guests, participants, ladies and gentlemen, Good evening. At the outset, let me thank the organisers for inviting me to share some of my thoughts on the theme of financial inclusion. Before that, let me take a moment to acknowledge that today i.e., June 05, 2025, is the World Environment Day, an UN-recognized day that brings together people across the globe in a shared mission to safeguard and restore our planet. This year’s theme of ending plastic pollution is a call to all of us to make a behavioural shift in our daily life choices. In the spirit of preserving the purity of our environment and safeguarding our well-being, let us commit toward making more sustainable choices.

अप्रैल 28, 2025
Building a robust ecosystem for Green and Sustainable Finance in India - Valedictory address delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - April 17, 2025 - at Credit Summit 2025 organised by the Bharat Climate Forum at New Delhi

Distinguished guests, participants, ladies and gentlemen, Good afternoon At the outset, let me thank the organisers for inviting me and giving me an opportunity to deliver the valedictory address and share some of my thoughts on a subject which continues to engage national as well as global attention. I believe there would have been fruitful deliberations on the topics of green and sustainable finance and the role of financial institutions, opportunities and challenges, aligning of regulatory and policy worlds, facilitating global financing, and integration of climate change aspects in credit risks of the financial institutions. Each of these topics require detailed deliberations and collectively they form the building blocks for creation of a robust ecosystem for green and sustainable finance for the economy and financial system at large.

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

Distinguished guests, participants, ladies and gentlemen, Good afternoon At the outset, let me thank the organisers for inviting me and giving me an opportunity to deliver the valedictory address and share some of my thoughts on a subject which continues to engage national as well as global attention. I believe there would have been fruitful deliberations on the topics of green and sustainable finance and the role of financial institutions, opportunities and challenges, aligning of regulatory and policy worlds, facilitating global financing, and integration of climate change aspects in credit risks of the financial institutions. Each of these topics require detailed deliberations and collectively they form the building blocks for creation of a robust ecosystem for green and sustainable finance for the economy and financial system at large.

अप्रैल 27, 2025
India: A partner in progress and prosperity - Keynote Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India - April 25, 2025 - at the US-India Economic Forum organised by the Confederation of Indian Industry (CII) and US India Strategic Partnership Forum (USISPF), Washington DC

I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.

Shri Sanjay Malhotra, Governor, Reserve Bank of India

I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.

अप्रैल 19, 2025
Keynote address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the 24th FIMMDA-PDAI Annual conference, Bali, April 18, 2025

It is a pleasure to be here at the 24th FIMMDA-PDAI Annual Conference in Bali, an island that shares a deep and rich heritage with India, marked by centuries of cultural and commercial ties. 2. The past year has been eventful for financial markets globally. The initial optimism that global central banks were poised for synchronised easing of interest rates, seemingly reaching the final

Shri Sanjay Malhotra, Governor, Reserve Bank of India

It is a pleasure to be here at the 24th FIMMDA-PDAI Annual Conference in Bali, an island that shares a deep and rich heritage with India, marked by centuries of cultural and commercial ties. 2. The past year has been eventful for financial markets globally. The initial optimism that global central banks were poised for synchronised easing of interest rates, seemingly reaching the final

अप्रैल 10, 2025
Shared Vision, Shared Responsibility – Strengthening NBFCs - Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - March 28, 2025 at the Conference of Non-Banking Financial Companies in Chennai

Shared Vision, Shared Responsibility – Strenghtening NBFCs (Speech by Shri Swaminathan J, Deputy Governor at the Conference of Non-Banking Financial Companies held at Chennai on March 28, 2025) CA Shri Charanjot Singh Nanda, President, Institute of Chartered Accountants of India; Chairpersons of the Audit Committee of the Boards, MDs & CEOs of NBFCs, and Statutory Auditors of NBFCs, Executive Directors from RBI and my colleagues from the Reserve Bank of India, Ladies and Gentlemen. A very good morning to all of you.

Shri Swaminathan J, Deputy Governor, Reserve Bank of India

Shared Vision, Shared Responsibility – Strenghtening NBFCs (Speech by Shri Swaminathan J, Deputy Governor at the Conference of Non-Banking Financial Companies held at Chennai on March 28, 2025) CA Shri Charanjot Singh Nanda, President, Institute of Chartered Accountants of India; Chairpersons of the Audit Committee of the Boards, MDs & CEOs of NBFCs, and Statutory Auditors of NBFCs, Executive Directors from RBI and my colleagues from the Reserve Bank of India, Ladies and Gentlemen. A very good morning to all of you.

अप्रैल 01, 2025
RBI: Stability, Trust, Growth

A strong and resilient financial system is the bedrock on which the edifice of economic prosperity of a nation is built. Reserve Bank of India is the custodian of our financial system. It completed 90 years of its journey yesterday. The theme for our 90th year was ‘Stability, Trust and Growth’.

Shri Sanjay Malhotra, Governor, Reserve Bank of India

A strong and resilient financial system is the bedrock on which the edifice of economic prosperity of a nation is built. Reserve Bank of India is the custodian of our financial system. It completed 90 years of its journey yesterday. The theme for our 90th year was ‘Stability, Trust and Growth’.

अप्रैल 01, 2025
Welcome Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India, at the RBI@90 commemoration function on April 1, 2025

Her Excellency, the President of India, Hon'ble Governor of Maharashtra, Hon'ble Chief Minister of Maharashtra, Hon'ble Union Minister of Communications, Hon'ble Deputy Chief Ministers of Maharashtra, distinguished invitees, representatives of the media, and my colleagues from the Reserve Bank, past and present.

Shri Sanjay Malhotra, Governor, Reserve Bank of India

Her Excellency, the President of India, Hon'ble Governor of Maharashtra, Hon'ble Chief Minister of Maharashtra, Hon'ble Union Minister of Communications, Hon'ble Deputy Chief Ministers of Maharashtra, distinguished invitees, representatives of the media, and my colleagues from the Reserve Bank, past and present.

मार्च 26, 2025
Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Private Sector Collaborative Forum of the Financial Action Task Force (FATF), March 26, 2025, Mumbai

It is a pleasure to be here at the Private Sector Collaborative Forum (PSCF) 2025 of the Financial Action Task Force. I am happy to note that this is the first time that the forum is being held in India. I thank FATF for giving us this opportunity. In my previous role as the Secretary in the Department of Revenue, Ministry of Finance, Government of India, I had the opportunity of being closely associated with the FATF during our mutual evaluation last year.

Shri Sanjay Malhotra, Governor, Reserve Bank of India

It is a pleasure to be here at the Private Sector Collaborative Forum (PSCF) 2025 of the Financial Action Task Force. I am happy to note that this is the first time that the forum is being held in India. I thank FATF for giving us this opportunity. In my previous role as the Secretary in the Department of Revenue, Ministry of Finance, Government of India, I had the opportunity of being closely associated with the FATF during our mutual evaluation last year.

मार्च 17, 2025
शिकायत निवारण का बदलता स्वरूप: एआइ का लाभ श्री संजय मल्होत्रा, गवर्नर, भारतीय रिज़र्व बैंक का उद्घाटन भाषण आरबीआई ओम्बड्समैन का वार्षिक सम्मेलन, 17 मार्च 2025, मुंबई

मुझे भारतीय रिज़र्व बैंक ओम्बड्समैन के इस वर्ष के वार्षिक सम्मेलन में भाग लेकर अत्यंत प्रसन्नता हो रही है। रिज़र्व बैंक इस सम्मेलन का आयोजन विश्व उपभोक्ता अधिकार दिवस, अर्थात् 15 मार्च को या इसके आसपास करता आ रहा है। उपभोक्ता अधिकारों और जरूरतों के बारे में वैश्विक जागरूकता बढ़ाने के उद्देश्य से हर वर्ष विश्व उपभोक्ता अधिकार दिवस मनाया जाता है। हम उपभोक्ता सेवाओं के संबंध में अपनी उपलब्धियों को प्रतिबिंबित करने और सेवाओं को और बेहतर बनाने और शिकायतों को कम करने के तरीके पर चर्चा करने के लिए इस सम्मेलन का आयोजन करते हैं। हमें उपभोक्ता सेवाओं को और बेहतर बनाने की आवश्यकता है, न केवल इसलिए कि ऐसा करना हमारा कर्तव्य है, बल्कि इसलिए कि ऐसा करना हमारे अपने हित में है। प्रतिस्पर्धा के इस युग में, यदि हम अपने उपभोक्ताओं को गुणवत्तापूर्ण सेवा प्रदान नहीं करते हैं तो हम लंबे समय तक टिक नहीं पाएंगे।

श्री संजय मल्होत्रा, गवर्नर, भारतीय रिज़र्व बैंक

मुझे भारतीय रिज़र्व बैंक ओम्बड्समैन के इस वर्ष के वार्षिक सम्मेलन में भाग लेकर अत्यंत प्रसन्नता हो रही है। रिज़र्व बैंक इस सम्मेलन का आयोजन विश्व उपभोक्ता अधिकार दिवस, अर्थात् 15 मार्च को या इसके आसपास करता आ रहा है। उपभोक्ता अधिकारों और जरूरतों के बारे में वैश्विक जागरूकता बढ़ाने के उद्देश्य से हर वर्ष विश्व उपभोक्ता अधिकार दिवस मनाया जाता है। हम उपभोक्ता सेवाओं के संबंध में अपनी उपलब्धियों को प्रतिबिंबित करने और सेवाओं को और बेहतर बनाने और शिकायतों को कम करने के तरीके पर चर्चा करने के लिए इस सम्मेलन का आयोजन करते हैं। हमें उपभोक्ता सेवाओं को और बेहतर बनाने की आवश्यकता है, न केवल इसलिए कि ऐसा करना हमारा कर्तव्य है, बल्कि इसलिए कि ऐसा करना हमारे अपने हित में है। प्रतिस्पर्धा के इस युग में, यदि हम अपने उपभोक्ताओं को गुणवत्तापूर्ण सेवा प्रदान नहीं करते हैं तो हम लंबे समय तक टिक नहीं पाएंगे।

मार्च 13, 2025
Keynote Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Policy Seminar on Climate Change Risks and Finance organised by Reserve Bank of India, March 13, 2025, New Delhi

I am delighted to be present here and be part of this important event on climate change which continues to draw attention in the national and international discourse. I would not dwell in detail about the perils of climate change since this audience is already well aware about its impact not only on the real economy, but also the financial system, as well as our day-to-day lives. Climate related changes are perceptible, clear, and visible. They are intensifying and threatening ecosystems, livelihoods, and economies. It is our individual and collective responsibility, to work together effectively and contribute to the global efforts to mitigate the risks associated with climate change and ensure that the Indian financial system remains resilient.

Shri Sanjay Malhotra, Governor, Reserve Bank of India

I am delighted to be present here and be part of this important event on climate change which continues to draw attention in the national and international discourse. I would not dwell in detail about the perils of climate change since this audience is already well aware about its impact not only on the real economy, but also the financial system, as well as our day-to-day lives. Climate related changes are perceptible, clear, and visible. They are intensifying and threatening ecosystems, livelihoods, and economies. It is our individual and collective responsibility, to work together effectively and contribute to the global efforts to mitigate the risks associated with climate change and ensure that the Indian financial system remains resilient.

मार्च 10, 2025
Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Inauguration of Digital Payments Awareness Week 2025, March 10, 2025, RBI, Mumbai

Digital Payments – Background and benefits 1. Payments are the lifeblood of commerce, enabling the flow of goods and services in an economy. They connect people, empower individuals and businesses, and drive economic growth. Quick, secure and reliable payments at affordable prices are the bedrock for a vibrant economy. Payments through digital modes support economic growth. They also deepen financial inclusion by overcoming barriers like high transaction costs and geographical limitations . In effect, digital payments are not just convenient but are also a powerful tool for economic empowerment and growth.

Shri Sanjay Malhotra, Governor, Reserve Bank of India

Digital Payments – Background and benefits 1. Payments are the lifeblood of commerce, enabling the flow of goods and services in an economy. They connect people, empower individuals and businesses, and drive economic growth. Quick, secure and reliable payments at affordable prices are the bedrock for a vibrant economy. Payments through digital modes support economic growth. They also deepen financial inclusion by overcoming barriers like high transaction costs and geographical limitations . In effect, digital payments are not just convenient but are also a powerful tool for economic empowerment and growth.

फ़र॰ 21, 2025
Inaugural address at the Indian Institute of Management Kozhikode (IIMK)-National Stock Exchange (NSE) joint Second Annual Conference on Macroeconomics, Banking and Finance - delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - February 21, 2025, at Mumbai

Introduction

Good Morning All!

I thank IIM, Kozhikode and the National Stock Exchange for inviting me to deliver the inaugural address at this Conference. The theme for the conference— “Finance for Growth Amid Creative Disruptions”—captures the essence of the transformation we are witnessing in the financial sector – not just in India but globally. Disruptions in finance are not new, but what sets this era apart is the unprecedented pace and scale of change, fuelled by digitalization, artificial intelligence, and the resulting confluence of these changes leading to emergence of new business models. These changes make it essential for us to understand how to harness them for sustainable economic growth.

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

Introduction

Good Morning All!

I thank IIM, Kozhikode and the National Stock Exchange for inviting me to deliver the inaugural address at this Conference. The theme for the conference— “Finance for Growth Amid Creative Disruptions”—captures the essence of the transformation we are witnessing in the financial sector – not just in India but globally. Disruptions in finance are not new, but what sets this era apart is the unprecedented pace and scale of change, fuelled by digitalization, artificial intelligence, and the resulting confluence of these changes leading to emergence of new business models. These changes make it essential for us to understand how to harness them for sustainable economic growth.

जन॰ 20, 2025
देयता प्रबंधन में चुनौतियां: संतुलन बनाए रखने की आवश्यकता

At the outset, I would like to thank the organisers for inviting me to this 17th edition of the Mint BFSI Summit & Awards. I am delighted to get this opportunity to engage with you during this event. As a regulator for banks and non-banking financial companies (NBFCs), I thought this could be an occasion to reflect on a less debated area for the regulated entities - their liabilities management and the challenges. In flagging the mismatch between deposit and credit growth, Governor Das had previously drawn our attention to the rising challenge in this area. So, I thought of wading in with a few thoughts for your consideration.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

At the outset, I would like to thank the organisers for inviting me to this 17th edition of the Mint BFSI Summit & Awards. I am delighted to get this opportunity to engage with you during this event. As a regulator for banks and non-banking financial companies (NBFCs), I thought this could be an occasion to reflect on a less debated area for the regulated entities - their liabilities management and the challenges. In flagging the mismatch between deposit and credit growth, Governor Das had previously drawn our attention to the rising challenge in this area. So, I thought of wading in with a few thoughts for your consideration.

दिस॰ 17, 2024
प्रभावी समाधान के लिए आईबीसी ढांचे का सुदृढ़ीकरण - श्री एम. राजेश्वर राव

Good Morning Ladies and Gentlemen. At the outset, I would like to thank Shri Ravi Mital, Chairperson, Insolvency and Bankruptcy Board of India for inviting me to this international conclave on the theme ‘Insolvency Resolution: Evolution & Global Perspective’ being held in collaboration with INSOL India. A confluence in the thought processes of policy makers, practitioners and academicians would perhaps help to shape an objective assessment of the resolution & insolvency regime in the country. This should then enable us to chart out a future path for the resolution processes to make it more effective and efficient.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Good Morning Ladies and Gentlemen. At the outset, I would like to thank Shri Ravi Mital, Chairperson, Insolvency and Bankruptcy Board of India for inviting me to this international conclave on the theme ‘Insolvency Resolution: Evolution & Global Perspective’ being held in collaboration with INSOL India. A confluence in the thought processes of policy makers, practitioners and academicians would perhaps help to shape an objective assessment of the resolution & insolvency regime in the country. This should then enable us to chart out a future path for the resolution processes to make it more effective and efficient.

दिस॰ 16, 2024
आर्थिक अनुसंधान में नए आयाम - माइकल देवब्रत पात्र

Governor Mr Ahmed Munawar, Maldives Monetary Authority (MMA), Dr Mahamood Shougee, Chancellor of the Maldives National University, Mr Ahmed Imad, Deputy Governor, MMA, other senior colleagues of the MMA, distinguished presenters and panelists and participants, ladies and gentlemen, good morning to all of you.

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

Governor Mr Ahmed Munawar, Maldives Monetary Authority (MMA), Dr Mahamood Shougee, Chancellor of the Maldives National University, Mr Ahmed Imad, Deputy Governor, MMA, other senior colleagues of the MMA, distinguished presenters and panelists and participants, ladies and gentlemen, good morning to all of you.

दिस॰ 04, 2024
जलवायु परिवर्तन के जोखिमों को कम करना और संवहनीय वित्त के लिए एक मजबूत ईकोसिस्टम को बढ़ावा देना - श्री एम. राजेश्वर राव

Distinguished Guests, Ladies, and Gentlemen, Good Morning. Let me, at the outset, thank the organisers for inviting me here to share my thoughts on climate change, one of the most critical issues we face, not just as individuals, but as the collective global community. 2. As per the latest report from the Copernicus Climate Change Service’s , the year 2024 will be the warmest year in the ERA5 reanalysis dataset, going back to 1940. This was also estimated to be the second-warmest October globally, after October 2023 with the average temperatures 1.65ºC above the pre-industrial level while also marking it the 15th month in a 16-month period where average temperatures were above the 1.5ºC threshold set by the Paris Agreement. Thus, the writing on the wall seems to tell us that unless we collectively take strong action, a grim future lies ahead. The recent tragic events, be it in Valencia, Spain, Wayanad, Kerala, or back-to-back hurricanes in USA, are stark reminders of the perils of climate change that the world at large is exposed to. It impacts our day-to-day lives in one form or other be it through heavy rainfall, flash floods, cyclones, droughts, melting of glaciers, loss of biodiversity, etc., and that too with increased frequency and severity. There can be no doubt therefore that climate change is going to be a major risk for the financial system, economy, and society at large with risks of severe catastrophic events putting at stake our very survival.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Distinguished Guests, Ladies, and Gentlemen, Good Morning. Let me, at the outset, thank the organisers for inviting me here to share my thoughts on climate change, one of the most critical issues we face, not just as individuals, but as the collective global community. 2. As per the latest report from the Copernicus Climate Change Service’s , the year 2024 will be the warmest year in the ERA5 reanalysis dataset, going back to 1940. This was also estimated to be the second-warmest October globally, after October 2023 with the average temperatures 1.65ºC above the pre-industrial level while also marking it the 15th month in a 16-month period where average temperatures were above the 1.5ºC threshold set by the Paris Agreement. Thus, the writing on the wall seems to tell us that unless we collectively take strong action, a grim future lies ahead. The recent tragic events, be it in Valencia, Spain, Wayanad, Kerala, or back-to-back hurricanes in USA, are stark reminders of the perils of climate change that the world at large is exposed to. It impacts our day-to-day lives in one form or other be it through heavy rainfall, flash floods, cyclones, droughts, melting of glaciers, loss of biodiversity, etc., and that too with increased frequency and severity. There can be no doubt therefore that climate change is going to be a major risk for the financial system, economy, and society at large with risks of severe catastrophic events putting at stake our very survival.

दिस॰ 03, 2024
समावेशी विकास को बढ़ावा देना: अंतिम लक्ष्य तक पहुँचने के लिए साझेदारी को मजबूत करना - श्री स्वामीनाथन जे

Regional Director for Mumbai Regional Office, Shri Suman Ray; Regional Director for Nagpur Regional Office, Shri Sachin Shende; Chief General Manager, National Bank for Agriculture and Rural Development, Ms. Rashmi Darad; senior officials from Bank of Maharashtra, Convenor Bank, SLBC Maharashtra, senior executives from banks, Lead District Managers (LDMs), Lead District Officers (LDOs) and my colleagues from Reserve Bank of India, present here.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

Regional Director for Mumbai Regional Office, Shri Suman Ray; Regional Director for Nagpur Regional Office, Shri Sachin Shende; Chief General Manager, National Bank for Agriculture and Rural Development, Ms. Rashmi Darad; senior officials from Bank of Maharashtra, Convenor Bank, SLBC Maharashtra, senior executives from banks, Lead District Managers (LDMs), Lead District Officers (LDOs) and my colleagues from Reserve Bank of India, present here.

नव॰ 27, 2024
उभरते जोखिमों के मध्य पर्यवेक्षण - श्री स्वामीनाथन जे

Esteemed delegates from across the world, respected Governor, Deputy Governors and all my colleagues from the Reserve Bank of India, ladies and gentlemen.  A very good afternoon to you all.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

Esteemed delegates from across the world, respected Governor, Deputy Governors and all my colleagues from the Reserve Bank of India, ladies and gentlemen.  A very good afternoon to you all.

नव॰ 27, 2024
आरबीआई: 90 वर्षों की विरासत, विनियमन और आकांक्षा पर एक दृष्टि - श्री एम. राजेश्वर राव

Governors and senior dignitaries from Central Banks, eminent participants, Ladies and Gentlemen, I am delighted to be amidst you all at the High-level conference on “Building synergies”, organised on this historic occasion as we celebrate the 90th year of our establishment. The conference is a part of our endeavour to develop a meaningful dialogue and foster cooperation on the issues confronting the Central banks of the global south. It gives me an opportunity to share my thoughts with you today, on paths traversed so far and some of the challenges we are likely to face as Regulators going forward. 

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Governors and senior dignitaries from Central Banks, eminent participants, Ladies and Gentlemen, I am delighted to be amidst you all at the High-level conference on “Building synergies”, organised on this historic occasion as we celebrate the 90th year of our establishment. The conference is a part of our endeavour to develop a meaningful dialogue and foster cooperation on the issues confronting the Central banks of the global south. It gives me an opportunity to share my thoughts with you today, on paths traversed so far and some of the challenges we are likely to face as Regulators going forward. 

नव॰ 25, 2024
एमएसएमई - ऋण देने में विश्वास बढ़ाकर ऋण अंतर को पाटना - श्री स्वामीनाथन जे

Shri Suresh Kumar Singhal, President FTCCI, Shri R Ravi Kumar, Senior Vice President FTCCI Shri K K Maheshwari, Vice President, FTCCI, Mr. Meela Jayadev, Convenor, FTCCI CEO Forum, Chief Executive Officers gathered here today, ladies and gentlemen. A very good evening to you all. 1. I am delighted to speak to you today on a topic that has always been close to my heart—the critical role of MSMEs and the importance of building confidence in lending to this vital sector. Over the years, I have had the opportunity to work closely with MSME units, witnessing both their potential and their struggles. In the early days of my career, as a young officer posted in the bustling Peenya Industrial Area, I saw firsthand the energy and resilience that defined MSMEs, as well as the unique challenges they faced. Later, mid-career, my experience deepened while working in the Mid Corporates Group of SBI, where I further understood how access to timely and adequate credit could transform these businesses. These experiences have made me keenly aware of the importance of bridging the credit

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

Shri Suresh Kumar Singhal, President FTCCI, Shri R Ravi Kumar, Senior Vice President FTCCI Shri K K Maheshwari, Vice President, FTCCI, Mr. Meela Jayadev, Convenor, FTCCI CEO Forum, Chief Executive Officers gathered here today, ladies and gentlemen. A very good evening to you all. 1. I am delighted to speak to you today on a topic that has always been close to my heart—the critical role of MSMEs and the importance of building confidence in lending to this vital sector. Over the years, I have had the opportunity to work closely with MSME units, witnessing both their potential and their struggles. In the early days of my career, as a young officer posted in the bustling Peenya Industrial Area, I saw firsthand the energy and resilience that defined MSMEs, as well as the unique challenges they faced. Later, mid-career, my experience deepened while working in the Mid Corporates Group of SBI, where I further understood how access to timely and adequate credit could transform these businesses. These experiences have made me keenly aware of the importance of bridging the credit

नव॰ 22, 2024
मौद्रिक नीति संचरण - माइकल देवब्रत पात्र

Monetary policy announcements are associated with frissons of animated speculation rippling through public discourse. Projections are revised, and the balance of risks are re-tilted. Shadow monetary policy committees take positions in print and in sound bytes. Curve fitting the central bank commences – is it behind the curve? – and accordingly, bird-like postures are conjured to characterise its angle of repose. Markets get poised to reprice, and financial institutions reassess interest margins. Depositors and businesses exert conflicting pulls on public opinion. Questions rent the air on the likelihood of rate movements, by how much, and on shifts in stance.

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

Monetary policy announcements are associated with frissons of animated speculation rippling through public discourse. Projections are revised, and the balance of risks are re-tilted. Shadow monetary policy committees take positions in print and in sound bytes. Curve fitting the central bank commences – is it behind the curve? – and accordingly, bird-like postures are conjured to characterise its angle of repose. Markets get poised to reprice, and financial institutions reassess interest margins. Depositors and businesses exert conflicting pulls on public opinion. Questions rent the air on the likelihood of rate movements, by how much, and on shifts in stance.

नव॰ 21, 2024
मुद्रास्फीति और संवृद्धि को संतुलित करना: मौद्रिक नीति का मुख्य सिद्धांत - श्री शक्तिकान्त दास

I am delighted to welcome you all to this ‘High-Level Policy Conference of Central Banks from the Global South’. This conference has been organised as part of the commemoration of the 90th year of the Reserve Bank of India since its establishment in 1935. Since then, the Reserve Bank has established itself as a credible public institution in India. This landmark event provides a unique forum to deliberate on current policy challenges from the vantage point of the Global South. This event is also a part of various conferences and seminars which we have organised this year. These include three international conferences, this being the third one.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am delighted to welcome you all to this ‘High-Level Policy Conference of Central Banks from the Global South’. This conference has been organised as part of the commemoration of the 90th year of the Reserve Bank of India since its establishment in 1935. Since then, the Reserve Bank has established itself as a credible public institution in India. This landmark event provides a unique forum to deliberate on current policy challenges from the vantage point of the Global South. This event is also a part of various conferences and seminars which we have organised this year. These include three international conferences, this being the third one.

नव॰ 19, 2024
परिवर्तन लाने में बोर्ड की भूमिका - श्री स्वामीनाथन जे

Respected Governor, Reserve Bank of India, Deputy Governor Shri M Rajeshwar Rao, Chairmen, MD CEOs, Whole time directors and distinguished members of the Board of Private Sector Banks, colleagues from RBI, ladies, and gentlemen. A very good morning to all of you.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

Respected Governor, Reserve Bank of India, Deputy Governor Shri M Rajeshwar Rao, Chairmen, MD CEOs, Whole time directors and distinguished members of the Board of Private Sector Banks, colleagues from RBI, ladies, and gentlemen. A very good morning to all of you.

नव॰ 14, 2024
चुनौतियों से गुज़रते हुए: वित्तीय स्थिरता और भारत - श्री शक्तिकान्त दास

I am happy to be here at the Global Leadership Summit which marks the 25th anniversary of CNBC TV18. I would like to congratulate Team CNBC TV18 for its successful journey over the years. It is indeed an honour for me to join this occasion to felicitate three distinguished former Governors of the Reserve Bank of India – Dr. C. Rangarajan, Dr. Bimal Jalan and Dr. Y.V Reddy.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am happy to be here at the Global Leadership Summit which marks the 25th anniversary of CNBC TV18. I would like to congratulate Team CNBC TV18 for its successful journey over the years. It is indeed an honour for me to join this occasion to felicitate three distinguished former Governors of the Reserve Bank of India – Dr. C. Rangarajan, Dr. Bimal Jalan and Dr. Y.V Reddy.

नव॰ 13, 2024
डिजिटल युग में विकास की नई सीमाओं को छूना - माइकल देवब्रत पात्र

This year’s Nobel Prize in physics celebrated the role of artificial intelligence (AI) in revolutionising the way we work and live. It is widely believed that AI and robotics will usher in a new wave of secular innovation, much like past breakthroughs in steam power and personal computers. Silently, new technologies are offering a way out of the cross currents of diverging macroeconomic and policy pathways, geopolitical tensions, geoeconomic fragmentation and climate change in which the global economy is transfixed. Accordingly, these technologies are heralding a brighter future, arguably holding the key for many emerging and developing economies to escape the middle-income trap. It is estimated that generative AI itself could increase global GDP by $7-10 trillion over the next three years. Large language models are estimated to increase the productivity levels of workers by 8 to 36 per cent. 

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

This year’s Nobel Prize in physics celebrated the role of artificial intelligence (AI) in revolutionising the way we work and live. It is widely believed that AI and robotics will usher in a new wave of secular innovation, much like past breakthroughs in steam power and personal computers. Silently, new technologies are offering a way out of the cross currents of diverging macroeconomic and policy pathways, geopolitical tensions, geoeconomic fragmentation and climate change in which the global economy is transfixed. Accordingly, these technologies are heralding a brighter future, arguably holding the key for many emerging and developing economies to escape the middle-income trap. It is estimated that generative AI itself could increase global GDP by $7-10 trillion over the next three years. Large language models are estimated to increase the productivity levels of workers by 8 to 36 per cent. 

अक्तू॰ 22, 2024
विचलन से अभिसरण की ओर पुनर्संतुलन: भारतीय अनुभव - माइकल देवब्रत पात्र

Good morning to you all! In the Indian tradition, Namaskar, which means I salute the divinity in you. It is always fulfilling to be here at the Annual Central Banking Seminar of the Federal Reserve Bank of New York. Over the years the seminar has become a landmark forum for the intermingling and cross-fertilisation of ideas and experiences among central bankers from all over the world. It is no wonder, therefore, that it has come to be regarded as a favoured stamping ground where practitioners of the profession rub shoulders and learn from each other about the ‘soiling of the hands’ in topically relevant issues in central banking.

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

Good morning to you all! In the Indian tradition, Namaskar, which means I salute the divinity in you. It is always fulfilling to be here at the Annual Central Banking Seminar of the Federal Reserve Bank of New York. Over the years the seminar has become a landmark forum for the intermingling and cross-fertilisation of ideas and experiences among central bankers from all over the world. It is no wonder, therefore, that it has come to be regarded as a favoured stamping ground where practitioners of the profession rub shoulders and learn from each other about the ‘soiling of the hands’ in topically relevant issues in central banking.

अक्तू॰ 15, 2024
केंद्रीय बैंक और वित्तीय स्थिरता - श्री स्वामीनाथन जे.

1. Distinguished panellists - Prof. Randall S. Kroszner, Professor, University of Chicago and Former Governor, Federal Reserve Board; Ms. Emmanuelle Assouan, Director General, Financial Stability and Operations, Banque de France; Ms. Sarah Breeden, Deputy Governor for Financial Stability, Bank of England; Dr. Sajjid Chinoy, Managing Director and Chief Economist India, JP Morgan; esteemed delegates and colleagues from the Reserve Bank. A very good afternoon to all of you.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

1. Distinguished panellists - Prof. Randall S. Kroszner, Professor, University of Chicago and Former Governor, Federal Reserve Board; Ms. Emmanuelle Assouan, Director General, Financial Stability and Operations, Banque de France; Ms. Sarah Breeden, Deputy Governor for Financial Stability, Bank of England; Dr. Sajjid Chinoy, Managing Director and Chief Economist India, JP Morgan; esteemed delegates and colleagues from the Reserve Bank. A very good afternoon to all of you.

अक्तू॰ 15, 2024
मुद्रास्फीति लक्ष्यीकरण का आकलन - माइकल देबव्रत पात्र

The Context Over the past three and a half decades since the formal adoption of inflation targeting (IT), it has proliferated across continents, regardless of the position of host jurisdictions in the developmental ladder. By the turn of this century, it has been increasingly embraced by emerging market economies (EMEs) so much so that they now outnumber advanced economies (AEs) as practitioners. A unique feature of IT is its operationalisation even before the development of a formal theory2. The journey of IT has been tumultuous, navigating as it has the Great Moderation and ‘once in a century’ shocks such as the global financial crisis (GFC), the COVID-19 pandemic, and persisting geopolitical conflicts that have had a direct bearing on both inflation’s evolution and on financial conditions. Yet, there is no evidence of any major country abandoning it3. On the other hand, central banks have drawn lessons from these humungous challenges and innovated and refined their policy frameworks. The endogenous evolution of IT has rendered it the longest surviving monetary policy framework in modern times.

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

The Context Over the past three and a half decades since the formal adoption of inflation targeting (IT), it has proliferated across continents, regardless of the position of host jurisdictions in the developmental ladder. By the turn of this century, it has been increasingly embraced by emerging market economies (EMEs) so much so that they now outnumber advanced economies (AEs) as practitioners. A unique feature of IT is its operationalisation even before the development of a formal theory2. The journey of IT has been tumultuous, navigating as it has the Great Moderation and ‘once in a century’ shocks such as the global financial crisis (GFC), the COVID-19 pandemic, and persisting geopolitical conflicts that have had a direct bearing on both inflation’s evolution and on financial conditions. Yet, there is no evidence of any major country abandoning it3. On the other hand, central banks have drawn lessons from these humungous challenges and innovated and refined their policy frameworks. The endogenous evolution of IT has rendered it the longest surviving monetary policy framework in modern times.

अक्तू॰ 14, 2024
केंद्रीय बैंकिंग चुनौतीपूर्ण स्थिति में (सेंट्रल बैंकिंग एट क्रॉस रोड्स) - श्री शक्तिकान्त दास

I feel highly privileged to be here at this High Level Conference on ‘Central Banking at Crossroads’ and share some of my thoughts. When the definitive history of our times is written, the turn of the current decade will, in all probability, be regarded as a watershed in the evolution of central banking. In the aftermath of the COVID-19 pandemic and the persistent geopolitical strife thereafter, central banks are treading in the uncharted terrain of a twilight zone. Today, like never before in the five centuries of their existence, central banks are confronted with a future where their mandates, their functions and their performances are all up for unforgiving scrutiny.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I feel highly privileged to be here at this High Level Conference on ‘Central Banking at Crossroads’ and share some of my thoughts. When the definitive history of our times is written, the turn of the current decade will, in all probability, be regarded as a watershed in the evolution of central banking. In the aftermath of the COVID-19 pandemic and the persistent geopolitical strife thereafter, central banks are treading in the uncharted terrain of a twilight zone. Today, like never before in the five centuries of their existence, central banks are confronted with a future where their mandates, their functions and their performances are all up for unforgiving scrutiny.

सित॰ 30, 2024
एसएफबी में अभिशासन – धारणीय संवृद्धि और स्थिरता बढ़ावा देना - श्री स्वामीनाथन जे.

1. Chairpersons and Directors of the Boards of Small Finance Banks; Chief Executive Officers of SFBs; Executive Directors, Chief General Managers and colleagues from the Reserve Bank of India; ladies and gentlemen. A very good morning to all of you. 2. It is an honour to address this distinguished gathering in the inaugural conference of Board of Directors of Small Finance Banks organised by the RBI. As has been mentioned, this conference is in continuation of the Reserve Bank’s efforts to reach out to its supervised entities through a direct dialogue with their Boards and Top Management. Our objective is to reaffirm the importance of good governance for maintaining financial stability and fostering sustainable growth.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

1. Chairpersons and Directors of the Boards of Small Finance Banks; Chief Executive Officers of SFBs; Executive Directors, Chief General Managers and colleagues from the Reserve Bank of India; ladies and gentlemen. A very good morning to all of you. 2. It is an honour to address this distinguished gathering in the inaugural conference of Board of Directors of Small Finance Banks organised by the RBI. As has been mentioned, this conference is in continuation of the Reserve Bank’s efforts to reach out to its supervised entities through a direct dialogue with their Boards and Top Management. Our objective is to reaffirm the importance of good governance for maintaining financial stability and fostering sustainable growth.

सित॰ 25, 2024
वंचितों तक पहुँचना - बैंकिंग सेवाओं की अंतिम छोर तक कनेक्टिविटी सुनिश्चित करना - श्री स्वामीनाथन जे.

1. Regional Director of RBI for Karnataka, Smt. Sonali Sen Gupta; Chief General Manager, NABARD, Shri KVSSLV Prasada Rao; Chief General Manager, Canara Bank and Convenor, SLBC Karnataka, Shri K.J. Shrikanth; Area Heads of Union Bank of India and Bank of Baroda, senior executives from banks; Lead District Managers (LDMs); District Development Managers (DDMs); LDOs and other officers of RBI, present here. Ellarigu Namaskara and a very good morning to all.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

1. Regional Director of RBI for Karnataka, Smt. Sonali Sen Gupta; Chief General Manager, NABARD, Shri KVSSLV Prasada Rao; Chief General Manager, Canara Bank and Convenor, SLBC Karnataka, Shri K.J. Shrikanth; Area Heads of Union Bank of India and Bank of Baroda, senior executives from banks; Lead District Managers (LDMs); District Development Managers (DDMs); LDOs and other officers of RBI, present here. Ellarigu Namaskara and a very good morning to all.

सित॰ 24, 2024
21वीं सदी में केंद्रीय बैंकिंग: बदलते प्रतिमान - श्री शक्तिकान्त दास

I am delighted to have been invited by the Nepal Rashtra Bank (NRB) to deliver the inaugural Himalaya Shumsher Memorial Lecture. I deem it as a privilege. I place on record my appreciation of the Nepal Rashtra Bank for initiating this lecture series in honour of Shri Himalaya Shumsher Rana, the first governor of NRB from1956 to 1961. He contributed immensely to the development of Nepalese monetary and financial systems. His efforts laid the foundation for many of Nepal's key financial institutions and contributed significantly to the country's economic development. Nepal and India have enjoyed a long standing relationship that goes back into history. It is not just a relationship between the two countries, it is also a close people to people relationship. The Nepal Rashtra Bank and the Reserve Bank of India also share a close relationship based on mutual co-operation.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am delighted to have been invited by the Nepal Rashtra Bank (NRB) to deliver the inaugural Himalaya Shumsher Memorial Lecture. I deem it as a privilege. I place on record my appreciation of the Nepal Rashtra Bank for initiating this lecture series in honour of Shri Himalaya Shumsher Rana, the first governor of NRB from1956 to 1961. He contributed immensely to the development of Nepalese monetary and financial systems. His efforts laid the foundation for many of Nepal's key financial institutions and contributed significantly to the country's economic development. Nepal and India have enjoyed a long standing relationship that goes back into history. It is not just a relationship between the two countries, it is also a close people to people relationship. The Nepal Rashtra Bank and the Reserve Bank of India also share a close relationship based on mutual co-operation.

सित॰ 16, 2024
धारणीय कृषि के लिए वित्तपोषण - श्री स्वामीनाथन जे.

1. Distinguished Guests, Dr R. C. Agrawal, Deputy Director General, Indian Council for Agricultural Research; Dr Sunil Gorantiwar, former Director of Research, Agricultural University , Rahuri; Principal, CAB; senior officials from Financial and Academic Institutions; colleagues from RBI; ladies and gentlemen. A very good morning to all of you.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

1. Distinguished Guests, Dr R. C. Agrawal, Deputy Director General, Indian Council for Agricultural Research; Dr Sunil Gorantiwar, former Director of Research, Agricultural University , Rahuri; Principal, CAB; senior officials from Financial and Academic Institutions; colleagues from RBI; ladies and gentlemen. A very good morning to all of you.

सित॰ 13, 2024
वैश्विक वित्तीय स्थिरता: जोखिम और अवसर - श्री शक्तिकान्त दास

I am happy to participate in the third annual conference of the Bretton Woods Committee’s Future of Finance Forum. The conference brings together leaders and experts from the public and private sectors, multilateral institutions and think tanks to deliberate on emerging issues, trends and technologies in the financial sector. This comprehensive horizon scanning can enrich decision making and help to fashion strategies for exploiting opportunities, managing risks and building future resilience. Against this backdrop, I propose to focus on the global financial stability landscape and the evolving balance of risks and opportunities beyond the current macro-economic environment. 

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am happy to participate in the third annual conference of the Bretton Woods Committee’s Future of Finance Forum. The conference brings together leaders and experts from the public and private sectors, multilateral institutions and think tanks to deliberate on emerging issues, trends and technologies in the financial sector. This comprehensive horizon scanning can enrich decision making and help to fashion strategies for exploiting opportunities, managing risks and building future resilience. Against this backdrop, I propose to focus on the global financial stability landscape and the evolving balance of risks and opportunities beyond the current macro-economic environment. 

सित॰ 12, 2024
आधारभूत संरचना के लिए वित्तपोषण में आने वाली चुनौतियों का प्रबंधन: एनएबीएफआईडी के लिए आगे की राह - श्री एम. राजेश्वर राव

Distinguished guests, ladies, and gentlemen, It is a pleasure to be here today at ‘NaBFID’s Infrastructure Conclave’ which provides an excellent opportunity to interact with the participants who play a critical role in India's infrastructural journey. 2. Infrastructure can be thought of as the framework of facilities and systems that enables an economy to function efficiently that can then make possible optimal outcomes for the society at large. It is, therefore, a critical catalyst in fuelling a country’s economic expansion and holistic development. It lays the foundation for a prosperous and equitable society by enhancing productivity, attracting investment, expanding markets, and improving quality of life. India is the fastest growing major economy in the world and as it embarks on an ambitious journey towards emerging as a global economic powerhouse, the role of solid and reliable infrastructure is becoming paramount. Recognizing this, India has made and committed substantial infrastructural investment during recent years via policy measures such as the National Infrastructure Pipeline (NIP), PM Gati Shakti National Master Plan, Bharatmala Pariyojana and Sagarmala Pariyojana. An allocation of ₹11.11 lakh crore for capital expenditure in the union budget this year, which is 3.4 per cent of GDP, seeks to reinforce this commitment.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Distinguished guests, ladies, and gentlemen, It is a pleasure to be here today at ‘NaBFID’s Infrastructure Conclave’ which provides an excellent opportunity to interact with the participants who play a critical role in India's infrastructural journey. 2. Infrastructure can be thought of as the framework of facilities and systems that enables an economy to function efficiently that can then make possible optimal outcomes for the society at large. It is, therefore, a critical catalyst in fuelling a country’s economic expansion and holistic development. It lays the foundation for a prosperous and equitable society by enhancing productivity, attracting investment, expanding markets, and improving quality of life. India is the fastest growing major economy in the world and as it embarks on an ambitious journey towards emerging as a global economic powerhouse, the role of solid and reliable infrastructure is becoming paramount. Recognizing this, India has made and committed substantial infrastructural investment during recent years via policy measures such as the National Infrastructure Pipeline (NIP), PM Gati Shakti National Master Plan, Bharatmala Pariyojana and Sagarmala Pariyojana. An allocation of ₹11.11 lakh crore for capital expenditure in the union budget this year, which is 3.4 per cent of GDP, seeks to reinforce this commitment.

सित॰ 05, 2024
भारत एक महत्वपूर्ण मोड़ पर: कुछ विचार - श्री शक्तिकान्त दास

I am happy to be back at the FIBAC annual conference. This conference is special as it brings together industry leaders, financial sector players and regulators on a single platform to discuss vital issues of contemporary relevance. I would like to congratulate the FICCI and the IBA for organising this annual conference.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am happy to be back at the FIBAC annual conference. This conference is special as it brings together industry leaders, financial sector players and regulators on a single platform to discuss vital issues of contemporary relevance. I would like to congratulate the FICCI and the IBA for organising this annual conference.

सित॰ 03, 2024
भारत की आकांक्षाओं का वित्तपोषण - माइकल देवब्रत पात्र

Namaskar! Good morning, I am honoured to be here today. This initiative by the CII – the Summit on Financing 3.0 – is perhaps the first of its kind and assumes timely significance in positioning itself as a beacon of light illuminating India’s leap towards its future. At the outset, therefore, I would like to express my deep appreciation of CII’s role in shaping India’s industrial and business landscape since 1895 as arguably the most visible business association in the country today. It is only befitting that I pay tribute to the CII’s extraordinary contributions by dwelling on our ambitions as a nation and the role of finance in actualising them.

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

Namaskar! Good morning, I am honoured to be here today. This initiative by the CII – the Summit on Financing 3.0 – is perhaps the first of its kind and assumes timely significance in positioning itself as a beacon of light illuminating India’s leap towards its future. At the outset, therefore, I would like to express my deep appreciation of CII’s role in shaping India’s industrial and business landscape since 1895 as arguably the most visible business association in the country today. It is only befitting that I pay tribute to the CII’s extraordinary contributions by dwelling on our ambitions as a nation and the role of finance in actualising them.

सित॰ 02, 2024
वित्तीय परिदृश्य में परिवर्तन: आर्थिक स्थिरता के लिए समुत्थानशीलता का निर्माण - श्री स्वामीनाथन जे.

1. Shri V Anantha Nageswaran, Chief Economic Advisor, Ms. Shereen Bhan, Managing Editor, CNBC TV 18, Ms. Latha Venkatesh, Executive Editor CNBC TV 18, Managing Directors & Chief Executive Officers of Banks and Non-Banking Financial Companies, leaders from the Fintech industry, distinguished guests, ladies, and gentlemen. A very good evening to all of you.

2. I am indeed delighted to be present here amongst you today to speak to you about the evolving banking landscape and the imperative need to build and sustain financial sector resilience if India is to achieve her aspirations of becoming a developed economy by 2047.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

1. Shri V Anantha Nageswaran, Chief Economic Advisor, Ms. Shereen Bhan, Managing Editor, CNBC TV 18, Ms. Latha Venkatesh, Executive Editor CNBC TV 18, Managing Directors & Chief Executive Officers of Banks and Non-Banking Financial Companies, leaders from the Fintech industry, distinguished guests, ladies, and gentlemen. A very good evening to all of you.

2. I am indeed delighted to be present here amongst you today to speak to you about the evolving banking landscape and the imperative need to build and sustain financial sector resilience if India is to achieve her aspirations of becoming a developed economy by 2047.

अग॰ 30, 2024
ग्लोबल फिनटेक फेस्ट (जीएफएफ) 2024 में संबोधन - श्री शक्तिकान्त दास

Honourable Prime Minister, Shri Kris Gopalakrishnan, Industry leaders, Esteemed participants, Members of the media, Ladies and Gentlemen. The Global FinTech Fest (GFF) has emerged as a flagship event, showcasing innovations, technological transformation and the spirit of collaboration in the Indian FinTech sector. Started in 2020 in the virtual mode, amidst the COVID-19 pandemic with about 12,000 participants, GFF 2024 has so far seen 80,000 participants. This demonstrates not only the growing stature of this event, but also the growing prominence of India in technology driven financial innovation. The presence of the Hon’ble Prime Minister in GFF 2024 inspires all of us to put in our best efforts to build a fintech ecosystem that is truly future ready.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

Honourable Prime Minister, Shri Kris Gopalakrishnan, Industry leaders, Esteemed participants, Members of the media, Ladies and Gentlemen. The Global FinTech Fest (GFF) has emerged as a flagship event, showcasing innovations, technological transformation and the spirit of collaboration in the Indian FinTech sector. Started in 2020 in the virtual mode, amidst the COVID-19 pandemic with about 12,000 participants, GFF 2024 has so far seen 80,000 participants. This demonstrates not only the growing stature of this event, but also the growing prominence of India in technology driven financial innovation. The presence of the Hon’ble Prime Minister in GFF 2024 inspires all of us to put in our best efforts to build a fintech ecosystem that is truly future ready.

अग॰ 28, 2024
इंडिया@100 के लिए फिनटेक नवोन्मेष: भारत के वित्तीय परिदृश्य के भविष्य को आकार देना - श्री शक्तिकान्त दास

I am very happy to participate in the 5th edition of the Global Fintech Fest (GFF). I would like to congratulate the organisers – NPCI, PCI and FCC1 – for bringing together diverse stakeholders from the FinTech ecosystem including FinTech innovators and companies, banks, NBFCs, regulators and others for this year’s GFF. This event has grown into a much awaited fixture in the calendar of not just the Fintech industry but also the broader technology ecosystem. 

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am very happy to participate in the 5th edition of the Global Fintech Fest (GFF). I would like to congratulate the organisers – NPCI, PCI and FCC1 – for bringing together diverse stakeholders from the FinTech ecosystem including FinTech innovators and companies, banks, NBFCs, regulators and others for this year’s GFF. This event has grown into a much awaited fixture in the calendar of not just the Fintech industry but also the broader technology ecosystem. 

अग॰ 26, 2024
आरबीआई@90 वैश्विक सम्मेलन में उद्घाटन भाषण - श्री शक्तिकान्त दास

We are celebrating the 90th year of the Reserve Bank of India in the current financial year. This Global Conference on ‘Digital Public Infrastructure and Emerging Technologies’ is among the marquee events that we are organising to commemorate this significant milestone. It is my pleasure to extend a warm welcome to each one of you to this conference, held in the beautiful and vibrant city of Bengaluru—a city which, for many years now, has been at the forefront of India’s technology revolution. I would also like to extend a special welcome to the esteemed participants who have joined us from across the globe. Thank you all for accepting our invitation. I sincerely hope that you will find the deliberations and interactions during the Global Conference enriching and productive. 

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

We are celebrating the 90th year of the Reserve Bank of India in the current financial year. This Global Conference on ‘Digital Public Infrastructure and Emerging Technologies’ is among the marquee events that we are organising to commemorate this significant milestone. It is my pleasure to extend a warm welcome to each one of you to this conference, held in the beautiful and vibrant city of Bengaluru—a city which, for many years now, has been at the forefront of India’s technology revolution. I would also like to extend a special welcome to the esteemed participants who have joined us from across the globe. Thank you all for accepting our invitation. I sincerely hope that you will find the deliberations and interactions during the Global Conference enriching and productive. 

अग॰ 22, 2024
स्थानिक से वैश्विक: एमएसएमई के विकास में वित्तीय क्षेत्र की भूमिका - श्री स्वामीनाथन जे.

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.

श्री स्वामीनाथन जे., उप गवर्नर, भारतीय रिज़र्व बैंक

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.

अग॰ 19, 2024
जमा बीमा: बदलते समय के साथ तालमेल बनाए रखना - श्री एम राजेश्वर राव

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.

श्री एम राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

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.

अग॰ 14, 2024
उभरते प्रौद्योगिकी परिदृश्य में वित्तीय स्थिरता - श्री स्वामीनाथन जे.

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.

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

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.

अग॰ 13, 2024
जमा बीमाकर्ताओं के लिए उभरती चुनौतियों का समाधान और संकटकालीन तैयारी की मजबूती - माइकल देवब्रत पात्र

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.

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

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.

जुल॰ 25, 2024
जलवायु परिवर्तन – एक उभरती चुनौती - श्री एम. राजेश्वर राव

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.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

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.

जुल॰ 22, 2024
वृद्धि और जोखिम को नियंत्रित करने में आश्वासन कार्यों की भूमिका - श्री एम. राजेश्वर राव

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.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

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.

जुल॰ 19, 2024
भारतीय बैंकिंग और वित्तीय क्षेत्र में वर्तमान मुद्दे - श्री शक्तिकान्त दास

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.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

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.

जुल॰ 12, 2024
भारत की मौद्रिक नीति की भावी तैयारी - माइकल देवब्रत पात्र

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<sup>th</sup> 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

माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

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<sup>th</sup> 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

जुल॰ 09, 2024
साझा दृष्टिकोण, साझा जिम्मेदारियाँ : बैंकिंग पर्यवेक्षण में अग्रिम आश्वासन - स्वामीनाथन जे

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.

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

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.

जुल॰ 09, 2024
उभरते वित्तीय परिदृश्य में सांविधिक लेखा परीक्षकों की भूमिका - एम राजेश्वर राव

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

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

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

जून 28, 2024
18वें सांख्यिकी दिवस सम्मेलन में उद्घाटन भाषण - श्री शक्तिकान्त दास

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.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

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.

जून 24, 2024
भविष्य के निर्माण हेतु कमियों को दूर करना : समावेशी विकास में एसएलबीसी की खास भूमिका - स्वामीनाथन जे

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 

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

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 

जून 20, 2024
वित्तीय प्रणाली को आघातसहनीय, भविष्य के लिए तैयार और संकट प्रतिरोधी रखना - श्री शक्तिकान्त दास

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.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

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.

जून 18, 2024
भारत में जमा बीमा क्षेत्र में नए आयाम - श्री माइकल देवब्रत पात्र

I am deeply honoured to participate in the 79th meeting of the Executive Council (EXCO) of the International Association of Deposit Insurers (IADI). At the outset, I would like to express my profound appreciation for the IADI as a global standard-setter as well as an international forum for the cross-fertilisation of information and country experiences on practices and techniques relating to deposit insurance. The IADI is contributing significantly to building effective deposit insurance systems across the world, thereby strengthening public confidence in the banking system and ensuring financial stability.

डॉ. एम. डी. पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

I am deeply honoured to participate in the 79th meeting of the Executive Council (EXCO) of the International Association of Deposit Insurers (IADI). At the outset, I would like to express my profound appreciation for the IADI as a global standard-setter as well as an international forum for the cross-fertilisation of information and country experiences on practices and techniques relating to deposit insurance. The IADI is contributing significantly to building effective deposit insurance systems across the world, thereby strengthening public confidence in the banking system and ensuring financial stability.

मई 31, 2024
अभिशासन के माध्यम से विश्वास का निर्माण: दबावग्रस्त परिसंपत्तियों के पुनर्निर्माण का आधार - एम. राजेश्वर राव

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.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

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.

मई 29, 2024
शीर्ष तंत्र से सही दिशा का निर्धा‍रण - स्वामीनाथन जे.

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

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

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

मई 17, 2024
शहरी सहकारी बैंकों में आश्वासन कार्यों की महत्वपूर्ण भूमिका - स्वामीनाथन जे

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

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

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

मई 16, 2024
एनबीएफ़सी क्षेत्र की सतत संवृद्धि के लिए सार्थक आश्वासन कार्य अपनाना - स्वामीनाथन जे

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 

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

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 

अप्रैल 25, 2024
समृद्धि के मार्ग का निर्धारण : वित्तीय साक्षरता का महत्व - स्वामीनाथन जे

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”.

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

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”.

अप्रैल 08, 2024
भारत में वित्तीय बाज़ारों का क्रमिक विकास: भविष्य का परिदृश्य - शक्तिकान्त दास

It is my pleasure to be here at the FIMMDA-PDAI annual conference. This year (2024-25) is particularly special for the Reserve Bank. The RBI has entered its 90th year on April 1, 2024. I, therefore, thought it appropriate to dwell upon the journey of the Reserve Bank, especially in the context of its role in developing the financial markets in India in the recent period. I also propose to share some of my thoughts on the way forward.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

It is my pleasure to be here at the FIMMDA-PDAI annual conference. This year (2024-25) is particularly special for the Reserve Bank. The RBI has entered its 90th year on April 1, 2024. I, therefore, thought it appropriate to dwell upon the journey of the Reserve Bank, especially in the context of its role in developing the financial markets in India in the recent period. I also propose to share some of my thoughts on the way forward.

अप्रैल 02, 2024
वर्ष 2024 में विनियामक अंतर्दृष्टि - एम. राजेश्वर राव

Good Evening,

It is indeed a pleasure to be here amidst this distinguished gathering. The theme of the summit, ‘Rise of the Indian Spring’, is both contextual and inspiring, reflecting not just the rising trajectory and profile of the Indian economy, but also the sentiments prevailing within the country and across the world.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Good Evening,

It is indeed a pleasure to be here amidst this distinguished gathering. The theme of the summit, ‘Rise of the Indian Spring’, is both contextual and inspiring, reflecting not just the rising trajectory and profile of the Indian economy, but also the sentiments prevailing within the country and across the world.

अप्रैल 01, 2024
Reserved Maybe, Effective Certainly

As Reserve Bank of India enters its 90th year today, April 1, 2024, it’s time to reflect upon its journey through the multitude of overlapping shocks over the last few years. The pandemic, followed by continuing geopolitical crises in several parts of the world tested the resilience of every economy, including that of India. Nevertheless, it is satisfying to note that, as a country, we’ve navigated through this period of ‘great volatility’ remarkably well.

Shri Shaktikanta Das, Governor, Reserve Bank of India

As Reserve Bank of India enters its 90th year today, April 1, 2024, it’s time to reflect upon its journey through the multitude of overlapping shocks over the last few years. The pandemic, followed by continuing geopolitical crises in several parts of the world tested the resilience of every economy, including that of India. Nevertheless, it is satisfying to note that, as a country, we’ve navigated through this period of ‘great volatility’ remarkably well.

अप्रैल 01, 2024
RBI@90 स्मृति समारोह में स्वागत भाषण - शक्तिकान्त दास

Hon’ble Prime Minister, Hon’ble Governor of Maharashtra, Hon’ble Finance Minister, Hon’ble Chief Minister of Maharashtra, Hon’ble Union Ministers of State for Finance, Hon’ble Deputy Chief Ministers of Maharashtra, Distinguished invitees, Media representatives, and My colleagues from the Reserve Bank, past and present.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

Hon’ble Prime Minister, Hon’ble Governor of Maharashtra, Hon’ble Finance Minister, Hon’ble Chief Minister of Maharashtra, Hon’ble Union Ministers of State for Finance, Hon’ble Deputy Chief Ministers of Maharashtra, Distinguished invitees, Media representatives, and My colleagues from the Reserve Bank, past and present.

मार्च 28, 2024
भारतीय अर्थव्यवस्था: अवसर और चुनौतियां - माइकल देवब्रत पात्र

I am honoured to be invited to Nomura’s 40th Central Bankers Seminar. The discussions here assume topical relevance in the context of the tectonic shifts underway in the global economy that present new challenges for the conduct of central banking. Besides divergent growth pathways and the varying speeds and magnitudes of disinflation, regime shifts impart their own layers of uncertainty.

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

I am honoured to be invited to Nomura’s 40th Central Bankers Seminar. The discussions here assume topical relevance in the context of the tectonic shifts underway in the global economy that present new challenges for the conduct of central banking. Besides divergent growth pathways and the varying speeds and magnitudes of disinflation, regime shifts impart their own layers of uncertainty.

मार्च 21, 2024
सुरक्षित बैंकिंग पद्धतियां – युवाओं की सुरक्षा - स्वामीनाथन जे.

Mr. Yoshiki Takeuchi, Deputy Secretary General, OECD, Ms. Mairead McGuiness, European Commissioner for Financial Services, Ms. Magda Bianco, Chair of OECD INFE and G20 GPFI, Mr. Connor Graham, youth representative from Enactus, assembled regulators from across the world, ladies and gentlemen. A very warm good morning to all of you.  It gives me immense pleasure to speak to you today on a highly relevant topic - safe banking

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

Mr. Yoshiki Takeuchi, Deputy Secretary General, OECD, Ms. Mairead McGuiness, European Commissioner for Financial Services, Ms. Magda Bianco, Chair of OECD INFE and G20 GPFI, Mr. Connor Graham, youth representative from Enactus, assembled regulators from across the world, ladies and gentlemen. A very warm good morning to all of you.  It gives me immense pleasure to speak to you today on a highly relevant topic - safe banking

मार्च 15, 2024
आरबीआई ओम्बड्समैन वार्षिक सम्मेलन के अवसर पर उद्घाटन भाषण - शक्तिकान्त दास

We are holding this conference of the Reserve Bank of India Ombudsmen on a very important day, namely, the World Consumer Day. This event underscores our unwavering dedication to the well-being of the consumer in the financial sector. As custodians of the financial system – whether as a regulator or regulated entities such as banks, NBFCs or other financial institutions – our success hinges not only on promoting the resilience of the system, but also significantly on the value we bring to the lives of our citizens, who form the core of the financial ecosystem. Protection of consumer interest is one of the core guiding principles of the Reserve Bank’s policies and actions. I take it that similar is the case with the regulated entities of the Reserve Bank also.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

We are holding this conference of the Reserve Bank of India Ombudsmen on a very important day, namely, the World Consumer Day. This event underscores our unwavering dedication to the well-being of the consumer in the financial sector. As custodians of the financial system – whether as a regulator or regulated entities such as banks, NBFCs or other financial institutions – our success hinges not only on promoting the resilience of the system, but also significantly on the value we bring to the lives of our citizens, who form the core of the financial ecosystem. Protection of consumer interest is one of the core guiding principles of the Reserve Bank’s policies and actions. I take it that similar is the case with the regulated entities of the Reserve Bank also.

मार्च 04, 2024
डिजिटल भुगतान जागरूकता सप्ताह समारोह के अवसर पर भारतीय रिज़र्व बैंक के गवर्नर द्वारा संबोधन - शक्तिकान्त दास

It gives me immense pleasure to be here to celebrate the Digital Payments Awareness Week organised by the Reserve Bank of India. Over the years, we have not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world, be they large value, retail or fast payments. This has been made possible by nurturing diverse payment systems in the country, namely, the bill payments, merchant payments, vendor payments, transit payments, or recurring payments.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

It gives me immense pleasure to be here to celebrate the Digital Payments Awareness Week organised by the Reserve Bank of India. Over the years, we have not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world, be they large value, retail or fast payments. This has been made possible by nurturing diverse payment systems in the country, namely, the bill payments, merchant payments, vendor payments, transit payments, or recurring payments.

फ़र॰ 29, 2024
विश्वसनीय संचार – परिप्रेक्ष्य और विचार - एम. राजेश्वर राव

Dr. P.G. Sankaran, Vice Chancellor, CUSAT; Dr. Jagathy Raj, Director, School of Management Studies; faculty members, students, ladies, and gentlemen, At the outset, let me thank Dr. Jagathy Raj for inviting to deliver this memorial lecture in the memory of Dr. M.V. Pylee. I cherish this gesture from my alma mater to deliver this talk and it is indeed an honour and privilege to do so. Padma Bhushan Dr. M. V. Pylee was a distinguished figure in the field of management and administration who enriched the field of management education in not only Kerala but across the country with his scholarly work. He made significant contributions to the society through his thought leadership and academic endeavour and with his enduring legacy. Dr. Pylee's leadership as a Management Guru and as the Director of the School of Management Studies, CUSAT, contributed significantly to the development of management education in Kerala. His vision and guidance helped establish several institutions as centers of excellence in management studies. Unfortunately, I did not have an opportunity to directly interact with Dr. Pylee as he demitted office of Director before I joined SMS, but I have benefitted from his ideals and vision, having completed my MBA from SMS in the year 1982.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Dr. P.G. Sankaran, Vice Chancellor, CUSAT; Dr. Jagathy Raj, Director, School of Management Studies; faculty members, students, ladies, and gentlemen, At the outset, let me thank Dr. Jagathy Raj for inviting to deliver this memorial lecture in the memory of Dr. M.V. Pylee. I cherish this gesture from my alma mater to deliver this talk and it is indeed an honour and privilege to do so. Padma Bhushan Dr. M. V. Pylee was a distinguished figure in the field of management and administration who enriched the field of management education in not only Kerala but across the country with his scholarly work. He made significant contributions to the society through his thought leadership and academic endeavour and with his enduring legacy. Dr. Pylee's leadership as a Management Guru and as the Director of the School of Management Studies, CUSAT, contributed significantly to the development of management education in Kerala. His vision and guidance helped establish several institutions as centers of excellence in management studies. Unfortunately, I did not have an opportunity to directly interact with Dr. Pylee as he demitted office of Director before I joined SMS, but I have benefitted from his ideals and vision, having completed my MBA from SMS in the year 1982.

फ़र॰ 20, 2024
एक अशांत विश्व में एसईएसीईएन की प्रासंगिकता - माइकल देवब्रत पात्र

Honourable Governors, Deputy Governors, Managing Directors, delegations from SEACEN central banks, distinguished experts, and panellists, Dr. Mangal Goswami and the SEACEN team, and my colleagues from the Reserve Bank of India.

डॉ. माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

Honourable Governors, Deputy Governors, Managing Directors, delegations from SEACEN central banks, distinguished experts, and panellists, Dr. Mangal Goswami and the SEACEN team, and my colleagues from the Reserve Bank of India.

फ़र॰ 15, 2024
वैश्विक अर्थव्यवस्था में मौलिक बदलाव : नई जटिलताएँ, चुनौतियाँ और नीति विकल्प - शक्तिकान्त दास

On behalf of the Reserve Bank of India, the current Chair of the SEACEN (South East Asian Central Banks) forum, I extend a warm welcome to Governors of central banks and other delegates to this 59th SEACEN Governors’ Conference. The weather in Mumbai during this time of the year is pleasant and I hope you get some time for sightseeing. As everyone in this hall is aware, SEACEN plays a pivotal role in promoting collaboration, knowledge sharing and policy coordination among the member central banks, and thereby contributes significantly to the stability, resilience and sustainable development of the regional and the global economy.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

On behalf of the Reserve Bank of India, the current Chair of the SEACEN (South East Asian Central Banks) forum, I extend a warm welcome to Governors of central banks and other delegates to this 59th SEACEN Governors’ Conference. The weather in Mumbai during this time of the year is pleasant and I hope you get some time for sightseeing. As everyone in this hall is aware, SEACEN plays a pivotal role in promoting collaboration, knowledge sharing and policy coordination among the member central banks, and thereby contributes significantly to the stability, resilience and sustainable development of the regional and the global economy.

फ़र॰ 09, 2024
आभासी बैंक, अब और नहीं - एम. राजेश्वर राव

Ladies and Gentlemen! It’s a pleasure to be here at CII NBFC Summit 2024. At the outset, let me thank Mr. Abhimanyu Munjal, Chairman, CII National Committee on Non-Banking Finance Companies (NBFCs) for extending the invitation to me for delivering this inaugural talk at the 6th edition of the NBFC summit organised by CII. I recall that it was at this forum, in earlier speech2 at CII NBFC Summit held in October 2021, I had dwelt upon the introduction of Scale Based Regulatory (SBR) approach in the NBFC Sector. Much water has flown under the bridge since then. SBR framework has since been rolled out for the NBFC sector and NBFCs have seamlessly transitioned to the revised regulations. While I had previously discussed the detailed contours of the SBR framework, today I propose to discuss the broad regulatory approaches behind NBFC regulations, including SBR framework and then focus on few specific issues pertaining to NBFC sector.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Ladies and Gentlemen! It’s a pleasure to be here at CII NBFC Summit 2024. At the outset, let me thank Mr. Abhimanyu Munjal, Chairman, CII National Committee on Non-Banking Finance Companies (NBFCs) for extending the invitation to me for delivering this inaugural talk at the 6th edition of the NBFC summit organised by CII. I recall that it was at this forum, in earlier speech2 at CII NBFC Summit held in October 2021, I had dwelt upon the introduction of Scale Based Regulatory (SBR) approach in the NBFC Sector. Much water has flown under the bridge since then. SBR framework has since been rolled out for the NBFC sector and NBFCs have seamlessly transitioned to the revised regulations. While I had previously discussed the detailed contours of the SBR framework, today I propose to discuss the broad regulatory approaches behind NBFC regulations, including SBR framework and then focus on few specific issues pertaining to NBFC sector.

जन॰ 29, 2024
शहरी सहकारी बैंकों के निदेशकों की भूमिका और अपेक्षाएँ : क्षमता निर्माण और प्रौद्योगिकी उन्नयन के साथ अभिशासन और व्यावसायिकता को बनाए रखना - स्वामीनाथन जे.

Speech by Shri Swaminathan J, Deputy Governor at the Conference of Governance in Urban Co-operative Banks for UCBs in Andhra Pradesh, Karnataka, Kerala and Telangana held in Hyderabad on January 24, 2024

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

Speech by Shri Swaminathan J, Deputy Governor at the Conference of Governance in Urban Co-operative Banks for UCBs in Andhra Pradesh, Karnataka, Kerala and Telangana held in Hyderabad on January 24, 2024

जन॰ 25, 2024
ग्राहक केंद्रित वित्तीय उत्कृष्टता सुनिश्चित करने में आंतरिक ओम्बड्समैन की महत्वपूर्ण भूमिका - 16 जनवरी 2024 को मुंबई में आयोजित आंतरिक ओम्बड्समैन सम्मेलन में श्री स्वामीनाथन जे, उप गवर्नर महोदय का उद्बोधन

विनियमित संस्थाओं के एमडी और सीईओ, ग्राहक सेवा प्रमुख, प्रधान नोडल अधिकारी, कार्यपालक निदेशक, श्री नीरज निगम, रिज़र्व बैंक ओम्बड्समैन, रिज़र्व बैंक के वरिष्ठ साथियों और सबसे महत्वपूर्ण रूप से आज के हमारे इस सम्मेलन के प्रमुख श्रोता, विनियमित संस्थाओं के आंतरिक ओम्बड्समैन।आप सभी को मेरा नमस्कार ।

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

विनियमित संस्थाओं के एमडी और सीईओ, ग्राहक सेवा प्रमुख, प्रधान नोडल अधिकारी, कार्यपालक निदेशक, श्री नीरज निगम, रिज़र्व बैंक ओम्बड्समैन, रिज़र्व बैंक के वरिष्ठ साथियों और सबसे महत्वपूर्ण रूप से आज के हमारे इस सम्मेलन के प्रमुख श्रोता, विनियमित संस्थाओं के आंतरिक ओम्बड्समैन।आप सभी को मेरा नमस्कार ।

जन॰ 17, 2024
संकट से आत्मविश्वास तक भारत की यात्रा - शक्तिकान्त दास

It gives me great pleasure to be here at Davos for the annual meeting of the World Economic Forum. While the winter outside is cold, the warmth of coming together of eminent leaders and experts from diverse fields more than compensates for it. These meetings assume greater relevance when fundamental changes are taking place in a global scale that would potentially shape our common destiny. I thank the Confederation of Indian Industries (CII) for giving me this opportunity to speak at this event. Recent information on the global macroeconomic front has been somewhat reassuring with inflation gradually descending closer to the target, even as growth has held up better than expected. The odds of a soft landing have increased and this has enthused the financial markets. Financial conditions have eased, and markets have scaled new highs, raising concerns that they might be running ahead of themselves. At this critical juncture, certain hard facts have to be kept in mind, namely, global growth is slowing down; geopolitical situation continues to be fragile with new flash points and fear of supply chain disruptions; geo-economic fragmentation remains unabated undermining global trade; and the daunting climate related challenges are holding their ground.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

It gives me great pleasure to be here at Davos for the annual meeting of the World Economic Forum. While the winter outside is cold, the warmth of coming together of eminent leaders and experts from diverse fields more than compensates for it. These meetings assume greater relevance when fundamental changes are taking place in a global scale that would potentially shape our common destiny. I thank the Confederation of Indian Industries (CII) for giving me this opportunity to speak at this event. Recent information on the global macroeconomic front has been somewhat reassuring with inflation gradually descending closer to the target, even as growth has held up better than expected. The odds of a soft landing have increased and this has enthused the financial markets. Financial conditions have eased, and markets have scaled new highs, raising concerns that they might be running ahead of themselves. At this critical juncture, certain hard facts have to be kept in mind, namely, global growth is slowing down; geopolitical situation continues to be fragile with new flash points and fear of supply chain disruptions; geo-economic fragmentation remains unabated undermining global trade; and the daunting climate related challenges are holding their ground.

जन॰ 17, 2024
दबावग्रस्त आस्तियों का समाधान और आईबीसी - भविष्य की राह - स्वामीनाथन जे.

Director, CAFRAL, Shri B P Kanungo; Shri N S Vishwanathan former Deputy Governor RBI, Smt. Indrani Banerjee, Additional Director CAFRAL, Shri Diwakar Gupta, Senior Advisor, CAFRAL, distinguished guests from the financial fraternity; and ladies and gentlemen. I am delighted to be present here at this very topical Conference on Resolution of Stressed Assets and Insolvency and Bankruptcy Code – the Future Road Map. The IBC notified in May 2016 introduced a comprehensive legislation that introduced a paradigm shift in the landscape of insolvency and bankruptcy proceedings in India, bringing in a more structured, institutionalised and time-sensitive approach to resolving financial distress.

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

Director, CAFRAL, Shri B P Kanungo; Shri N S Vishwanathan former Deputy Governor RBI, Smt. Indrani Banerjee, Additional Director CAFRAL, Shri Diwakar Gupta, Senior Advisor, CAFRAL, distinguished guests from the financial fraternity; and ladies and gentlemen. I am delighted to be present here at this very topical Conference on Resolution of Stressed Assets and Insolvency and Bankruptcy Code – the Future Road Map. The IBC notified in May 2016 introduced a comprehensive legislation that introduced a paradigm shift in the landscape of insolvency and bankruptcy proceedings in India, bringing in a more structured, institutionalised and time-sensitive approach to resolving financial distress.

जन॰ 17, 2024
वित्तीय स्थिरता की सुरक्षा : आश्वासन संबंधी कार्यों की महत्वपूर्ण भूमिका - स्वामीनाथन जे.

Chief Compliance Officers, Chief Risk Officers, Heads of Internal Audit, colleagues from the Reserve Bank of India, Ladies, and Gentlemen. A happy New Year and good afternoon to all of you. I am delighted to address you today as we gather for this inaugural conference of Heads of Assurance functions. Last year, in our engagements with the Boards of both Public and Private Sector Banks, Governor had emphasized the importance of independence of assurance functions as well as their right to constructively challenge business functions for establishing a strong compliance and risk culture.  Indeed, this conference today is a testament to the significant importance the Reserve Bank attaches to the assurance functions in the context of safeguarding financial integrity and promoting regulatory compliance.

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

Chief Compliance Officers, Chief Risk Officers, Heads of Internal Audit, colleagues from the Reserve Bank of India, Ladies, and Gentlemen. A happy New Year and good afternoon to all of you. I am delighted to address you today as we gather for this inaugural conference of Heads of Assurance functions. Last year, in our engagements with the Boards of both Public and Private Sector Banks, Governor had emphasized the importance of independence of assurance functions as well as their right to constructively challenge business functions for establishing a strong compliance and risk culture.  Indeed, this conference today is a testament to the significant importance the Reserve Bank attaches to the assurance functions in the context of safeguarding financial integrity and promoting regulatory compliance.

जन॰ 11, 2024
दिवाला और शोधन अक्षमता संहिता - पूर्ण क्षमता प्राप्त करने की दिशा में - शक्तिकान्त दास

I am very happy to be here at this Conference on Insolvency and Bankruptcy Code (IBC), 2016 organised by the Centre for Advanced Financial Research and Learning (CAFRAL). I wish to congratulate CAFRAL for taking this initiative and thank them for inviting me to this event.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am very happy to be here at this Conference on Insolvency and Bankruptcy Code (IBC), 2016 organised by the Centre for Advanced Financial Research and Learning (CAFRAL). I wish to congratulate CAFRAL for taking this initiative and thank them for inviting me to this event.

जन॰ 11, 2024
भारतीय बैंकिंग प्रणाली का कायापलट - शक्तिकान्त दास

I am extremely delighted to be here this morning at the Mint BFSI Summit. I would like to thank the organisers, Mint, for inviting me to this event. Incidentally, I had also participated in a similar event - Mint Annual Banking Conclave - in February 2020.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am extremely delighted to be here this morning at the Mint BFSI Summit. I would like to thank the organisers, Mint, for inviting me to this event. Incidentally, I had also participated in a similar event - Mint Annual Banking Conclave - in February 2020.

नव॰ 23, 2023
वित्तीय क्षेत्र के बदलते प्रतिमान - एम. राजेश्वर राव

Distinguished guests, Good evening. First of all, let me thank the Indian Banking Association (IBA) and FICCI for inviting me over to deliver this address today. It’s a pleasure to be here amidst such a gathering of important stakeholders across the spectrum of our financial landscape. In a very short span of time, FIBAC has achieved a prominent status for being a premier brainstorming event on emerging themes of relevance to the financial world.

श्री एम. राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Distinguished guests, Good evening. First of all, let me thank the Indian Banking Association (IBA) and FICCI for inviting me over to deliver this address today. It’s a pleasure to be here amidst such a gathering of important stakeholders across the spectrum of our financial landscape. In a very short span of time, FIBAC has achieved a prominent status for being a premier brainstorming event on emerging themes of relevance to the financial world.

नव॰ 22, 2023
अनिश्चित समय में जीत: भारतीय अनुभव - शक्तिकान्त दास

I am delighted to participate in this symposium on Indian Economy organised by the Institute of Indian Economic Studies (IIES), Tokyo. I understand this event is being organised by the IIES after a gap of 3 years due to the intervening period of the COVID-19 pandemic. Earlier this year in March 2023, Prof. Sakakibara and Mr. Sugaya had visited the Reserve Bank of India in Mumbai when we discussed about my participation in this symposium.  I would like to convey my sincere thanks and gratitude to Prof. Sakakibara and the IIES for inviting me to participate in this event today.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am delighted to participate in this symposium on Indian Economy organised by the Institute of Indian Economic Studies (IIES), Tokyo. I understand this event is being organised by the IIES after a gap of 3 years due to the intervening period of the COVID-19 pandemic. Earlier this year in March 2023, Prof. Sakakibara and Mr. Sugaya had visited the Reserve Bank of India in Mumbai when we discussed about my participation in this symposium.  I would like to convey my sincere thanks and gratitude to Prof. Sakakibara and the IIES for inviting me to participate in this event today.

नव॰ 09, 2023
उभरता भारत: स्थिरता और अवसरों की भूमि - शक्तिकान्त दास

I am delighted to participate in this symposium on Indian Economy organised by the Institute of Indian Economic Studies (IIES), Tokyo. I understand this event is being organised by the IIES after a gap of 3 years due to the intervening period of the COVID-19 pandemic. Earlier this year in March 2023, Prof. Sakakibara and Mr. Sugaya had visited the Reserve Bank of India in Mumbai when we discussed about my participation in this symposium.  I would like to convey my sincere thanks and gratitude to Prof. Sakakibara and the IIES for inviting me to participate in this event today.

श्री शक्तिकान्त दास, उप गवर्नर, भारतीय रिज़र्व बैंक

I am delighted to participate in this symposium on Indian Economy organised by the Institute of Indian Economic Studies (IIES), Tokyo. I understand this event is being organised by the IIES after a gap of 3 years due to the intervening period of the COVID-19 pandemic. Earlier this year in March 2023, Prof. Sakakibara and Mr. Sugaya had visited the Reserve Bank of India in Mumbai when we discussed about my participation in this symposium.  I would like to convey my sincere thanks and gratitude to Prof. Sakakibara and the IIES for inviting me to participate in this event today.

नव॰ 07, 2023
हरित एवं स्वच्छ भारत की ओर - माइकल देवब्रत पात्र

Good Morning to you all! I am delighted to be here again at the prestigious Annual Central Banking Seminar, a flagship event of the Federal Reserve Bank of New York for which it has earned global renown. It is truly an honour to interact with central bankers from around the world, our community of tomorrow. You embody the theme of India’s G20 Presidency – Vasudhaivya Kutumbakam: the world is one family. 

The Climate is Striking Back

In my past interactions in this Seminar, I have dwelled on macroeconomic stability; price stability; exchange rate stability; financial stability – all essentially issues centered around the core competence of conservative central bankers from which we are reluctant to stray. After all, central banks stand for stability.

श्री माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

Good Morning to you all! I am delighted to be here again at the prestigious Annual Central Banking Seminar, a flagship event of the Federal Reserve Bank of New York for which it has earned global renown. It is truly an honour to interact with central bankers from around the world, our community of tomorrow. You embody the theme of India’s G20 Presidency – Vasudhaivya Kutumbakam: the world is one family. 

The Climate is Striking Back

In my past interactions in this Seminar, I have dwelled on macroeconomic stability; price stability; exchange rate stability; financial stability – all essentially issues centered around the core competence of conservative central bankers from which we are reluctant to stray. After all, central banks stand for stability.

नव॰ 02, 2023
विनियमन की चुनौतियां – कुछ विचार - एम राजेश्वर राव

Ladies, gentlemen and distinguished guests, It is indeed a pleasure to be participating in this summit, a gathering that is engaged to distill the essence of responsible stewardship in the corporate world. Keeping up with the theme of this session, "The Challenge of Regulation", I will reflect a bit on the dynamic landscape of regulations and regulation making, its evolving nature and on the transformation underway in the financial sector. Later, I will also outline a few challenges and dilemmas encountered by the regulators in framing appropriate regulations to manage these transitions.

Do we need Regulations?

Many believe that minimal regulations, is the best way to foster growth of the enterprise. But history is replete with the examples of how minimal regulation coupled with lenient supervision and restrained enforcements have often led to financial crises. In fact, we would all agree that nothing could be more damaging to sustainable growth than a misfiring banking and financial sector. While in an ideal scenario, the ‘invisible hand’ would ensure that the system functions flawlessly for the greater good with minimal regulatory oversight, in reality it does not happen that way. As such, to control the irrational exuberance in the financial sector, there is need for a regulator who sets the boundaries and also enforces them for ensuring a sound and robust set of financial institutions and there by promotes financial stability.

श्री एम राजेश्वर राव, उप गवर्नर, भारतीय रिज़र्व बैंक

Ladies, gentlemen and distinguished guests, It is indeed a pleasure to be participating in this summit, a gathering that is engaged to distill the essence of responsible stewardship in the corporate world. Keeping up with the theme of this session, "The Challenge of Regulation", I will reflect a bit on the dynamic landscape of regulations and regulation making, its evolving nature and on the transformation underway in the financial sector. Later, I will also outline a few challenges and dilemmas encountered by the regulators in framing appropriate regulations to manage these transitions.

Do we need Regulations?

Many believe that minimal regulations, is the best way to foster growth of the enterprise. But history is replete with the examples of how minimal regulation coupled with lenient supervision and restrained enforcements have often led to financial crises. In fact, we would all agree that nothing could be more damaging to sustainable growth than a misfiring banking and financial sector. While in an ideal scenario, the ‘invisible hand’ would ensure that the system functions flawlessly for the greater good with minimal regulatory oversight, in reality it does not happen that way. As such, to control the irrational exuberance in the financial sector, there is need for a regulator who sets the boundaries and also enforces them for ensuring a sound and robust set of financial institutions and there by promotes financial stability.

अक्तू॰ 26, 2023
धारणीय वित्त और वित्तीय समावेशन के माध्यम से आर्थिक संवृद्धि को प्रोत्साहन - स्वामीनाथन जे

Shri V G Sekar, Principal, College of Agricultural Banking, Heads of Priority Sector verticals of banks, Members of faculty from CAB, Ladies and Gentlemen. Good morning. 1. I thank CAB for inviting me today to discuss a critical topic that lies at the crossroads of financial institutions' responsibilities and our collective vision for a better, more sustainable world. I propose to briefly discuss the aspect of sustainable finance to begin with before coming to the theme of the conclave, that is Priority Sector Lending, as I believe that there is a strong interplay between these two.

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

Shri V G Sekar, Principal, College of Agricultural Banking, Heads of Priority Sector verticals of banks, Members of faculty from CAB, Ladies and Gentlemen. Good morning. 1. I thank CAB for inviting me today to discuss a critical topic that lies at the crossroads of financial institutions' responsibilities and our collective vision for a better, more sustainable world. I propose to briefly discuss the aspect of sustainable finance to begin with before coming to the theme of the conclave, that is Priority Sector Lending, as I believe that there is a strong interplay between these two.

अक्तू॰ 20, 2023
मूल्य और वित्तीय स्थिरता: पूरकता और संतुलन प्रबंधन - शक्तिकान्त दास

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.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

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.

सित॰ 25, 2023
ग्राहक-केंद्रित दृष्टिकोण- ग्राहक सेवा में उत्कृष्टता लाना - स्वामीनाथन जे

Chairmen of Customer Service Committees of banks, Whole Time Directors in charge of Customer Service Verticals, Principal Nodal Officers and my colleagues from the Reserve Bank of India. A very good morning to you all. We have gathered here today to discuss a crucial aspect of our banking and financial services sector: customer service standards and grievance redress mechanism in RBI regulated entities.

श्री स्वामीनाथन जे, उप गवर्नर, भारतीय रिज़र्व बैंक

Chairmen of Customer Service Committees of banks, Whole Time Directors in charge of Customer Service Verticals, Principal Nodal Officers and my colleagues from the Reserve Bank of India. A very good morning to you all. We have gathered here today to discuss a crucial aspect of our banking and financial services sector: customer service standards and grievance redress mechanism in RBI regulated entities.

सित॰ 21, 2023
भारत का वित्तीय क्षेत्र – भावनिकता से समुत्थानशीलता की ओर - माइकल देवब्रत पात्र

Good afternoon and Namaskar. Thank you Alfred for those insightful opening remarks. I must mention that Alfred led the IMF’s Article IV India mission for the 2021 consultations. The sheer weight of that experience and deep understanding of Indian conditions is reflected in his views. I would also like to commend Alfred and his co-editors for a comprehensive evaluation of India’s financial system and very valuable recommendations on the way forward in a recent book evocatively titled “India’s Financial System: Building the Foundation for Strong and Sustainable Growth”.

I am glad to see Mr Thomas Helbling from the Asia and Pacific Department of the IMF in this session, and I look forward to hearing from him.

I thank our host and SEACEN EXCO Chair, the National Bank of Cambodia, the SEACEN Centre and Dr. Mangal Goswami, Executive Director, and the BIS for inviting me to speak in this distinguished forum. In particular, I am grateful to Deputy Governor Sum Sannisith for so graciously writing to me to participate in this 16th SEACEN-BIS High Level Seminar.

The Backdrop

It is widely believed that during the next two decades – if not for longer – the centre of gravity of the global economy will shift eastwards to Asia. The IMF’s Regional Economic Outlook for Asia and the Pacific indicates that this region will contribute about two-thirds of global growth in 2023 itself. India will account for a sixth of world output growth in 2023 and 2024. In terms of market exchange rates, India is the fifth largest economy of the world and the third largest economy on the basis of purchasing power parity. Our assessment is that by 2027, India will be a US$ 5 trillion economy and the third largest in the world even by market exchange rates. A key driver in this transformation is likely to be the window of a demographic dividend that opened up in 2018 and will probably last till the 2040s, going by fertility and mortality rates. Already, we are the most populous country in the world at 1.4 billion and the youngest at an average age of 28 years. The other major catalyst of India’s progress will be the pace and quality of financial sector development, which is the theme of my address today. It is anchored by a few slides.

श्री माइकल देवब्रत पात्र, उप गवर्नर, भारतीय रिज़र्व बैंक

Good afternoon and Namaskar. Thank you Alfred for those insightful opening remarks. I must mention that Alfred led the IMF’s Article IV India mission for the 2021 consultations. The sheer weight of that experience and deep understanding of Indian conditions is reflected in his views. I would also like to commend Alfred and his co-editors for a comprehensive evaluation of India’s financial system and very valuable recommendations on the way forward in a recent book evocatively titled “India’s Financial System: Building the Foundation for Strong and Sustainable Growth”.

I am glad to see Mr Thomas Helbling from the Asia and Pacific Department of the IMF in this session, and I look forward to hearing from him.

I thank our host and SEACEN EXCO Chair, the National Bank of Cambodia, the SEACEN Centre and Dr. Mangal Goswami, Executive Director, and the BIS for inviting me to speak in this distinguished forum. In particular, I am grateful to Deputy Governor Sum Sannisith for so graciously writing to me to participate in this 16th SEACEN-BIS High Level Seminar.

The Backdrop

It is widely believed that during the next two decades – if not for longer – the centre of gravity of the global economy will shift eastwards to Asia. The IMF’s Regional Economic Outlook for Asia and the Pacific indicates that this region will contribute about two-thirds of global growth in 2023 itself. India will account for a sixth of world output growth in 2023 and 2024. In terms of market exchange rates, India is the fifth largest economy of the world and the third largest economy on the basis of purchasing power parity. Our assessment is that by 2027, India will be a US$ 5 trillion economy and the third largest in the world even by market exchange rates. A key driver in this transformation is likely to be the window of a demographic dividend that opened up in 2018 and will probably last till the 2040s, going by fertility and mortality rates. Already, we are the most populous country in the world at 1.4 billion and the youngest at an average age of 28 years. The other major catalyst of India’s progress will be the pace and quality of financial sector development, which is the theme of my address today. It is anchored by a few slides.

सित॰ 06, 2023
फिनटेक और बदलते वित्तीय परिदृश्य - शक्तिकान्त दास

I am delighted to be here with all of you to celebrate the Diamond Jubilee Year of the Delhi School of Economics (DSE). The Delhi School has made a distinct mark as an institution of excellence and very high reputation, both in India and abroad. The list of eminent economists and distinguished alumni associated with the DSE is long and impressive. The School has inspired generations of students to excel in diverse streams such as academia, research, government and corporate sectors. In the Reserve Bank of India, we have also benefitted immensely from the DSE, with a continuous stream of students joining the RBI. It is a matter of pride for me to be part of this momentous year in the history of the institute which has contributed immensely to the policy discourse in India.

2. Today, I have chosen to speak on “Art of Monetary Policy Making: The Indian Context”. As you would be aware, India formally adopted the flexible inflation targeting (FIT) framework in 2016, in broad alignment with global trends. The underlying principle of this framework is that a clearly articulated, legislatively mandated numerical inflation target is the best foundation for overall macroeconomic stability. Low and stable inflation helps households and businesses in planning for long-term savings and investments which ultimately drive innovation, productivity and sustainable growth. On the contrary, high and volatile inflation corrodes the economy by denting productivity and the long-term growth potential. Inflation also imposes disproportionate burden on the poor.

3. I have structured my talk in the following sequence: (i) evolution of monetary policy in India, culminating in the adoption of flexible inflation targeting (FIT) framework; (ii) key elements of this framework, including the forecasting process; (iii) conduct of monetary policy under the FIT regime; and (iv) monetary policy challenges at the current juncture.

Evolution of Monetary Policy Since Independence

4. During the 1950s and 1960s, as the country embarked upon planned economic development, monetary policy assumed a developmental role of meeting the credit needs of the economy as identified under the five-year plans. Bank nationalisation in 1969 ushered in the era of social banking and led to the credit planning phase (1969-85). This period witnessed widespread use of non-market instruments such as directed credit, administered interest rates and moral suasion.

5. Monetary policy during the 1970s and 1980s was constrained by fiscal dominance, automatic monetisation of budget deficits and excessive growth of monetary aggregates. The large scale deficit financing and the resultant high monetary and credit expansion led to inflationary pressures which were further exacerbated by a series of shocks, namely, the Indo-Pak war of 1971, the drought of 1973, the collapse of the Bretton Woods system in 1973, and global oil price shocks of 1973 and 1979. These events precipitated the adoption of “monetary targeting with feedback” as a formal monetary policy framework in 1985.

श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक

I am delighted to be here with all of you to celebrate the Diamond Jubilee Year of the Delhi School of Economics (DSE). The Delhi School has made a distinct mark as an institution of excellence and very high reputation, both in India and abroad. The list of eminent economists and distinguished alumni associated with the DSE is long and impressive. The School has inspired generations of students to excel in diverse streams such as academia, research, government and corporate sectors. In the Reserve Bank of India, we have also benefitted immensely from the DSE, with a continuous stream of students joining the RBI. It is a matter of pride for me to be part of this momentous year in the history of the institute which has contributed immensely to the policy discourse in India.

2. Today, I have chosen to speak on “Art of Monetary Policy Making: The Indian Context”. As you would be aware, India formally adopted the flexible inflation targeting (FIT) framework in 2016, in broad alignment with global trends. The underlying principle of this framework is that a clearly articulated, legislatively mandated numerical inflation target is the best foundation for overall macroeconomic stability. Low and stable inflation helps households and businesses in planning for long-term savings and investments which ultimately drive innovation, productivity and sustainable growth. On the contrary, high and volatile inflation corrodes the economy by denting productivity and the long-term growth potential. Inflation also imposes disproportionate burden on the poor.

3. I have structured my talk in the following sequence: (i) evolution of monetary policy in India, culminating in the adoption of flexible inflation targeting (FIT) framework; (ii) key elements of this framework, including the forecasting process; (iii) conduct of monetary policy under the FIT regime; and (iv) monetary policy challenges at the current juncture.

Evolution of Monetary Policy Since Independence

4. During the 1950s and 1960s, as the country embarked upon planned economic development, monetary policy assumed a developmental role of meeting the credit needs of the economy as identified under the five-year plans. Bank nationalisation in 1969 ushered in the era of social banking and led to the credit planning phase (1969-85). This period witnessed widespread use of non-market instruments such as directed credit, administered interest rates and moral suasion.

5. Monetary policy during the 1970s and 1980s was constrained by fiscal dominance, automatic monetisation of budget deficits and excessive growth of monetary aggregates. The large scale deficit financing and the resultant high monetary and credit expansion led to inflationary pressures which were further exacerbated by a series of shocks, namely, the Indo-Pak war of 1971, the drought of 1973, the collapse of the Bretton Woods system in 1973, and global oil price shocks of 1973 and 1979. These events precipitated the adoption of “monetary targeting with feedback” as a formal monetary policy framework in 1985.

आरबीआई-इंस्टॉल-आरबीआई-सामग्री-वैश्विक

आरबीआई मोबाइल एप्लीकेशन इंस्टॉल करें और लेटेस्ट न्यूज़ का तुरंत एक्सेस पाएं!

Scan Your QR code to Install our app

RBIPageLastUpdatedOn

पृष्ठ अंतिम बार अपडेट किया गया: जुलाई 29, 2025

श्रेणी पहलू

केटेगरी

Custom Date Facet