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जनवरी 24, 2019
सूक्ष्म ऋण और कैसे कोई लोक ऋण रजिस्ट्री इसे सुदृढ़ कर सकता है इसके संबंध में कुछ विचार - विरल वी. आचार्य
Sometimes when I sit down to write down a new set of remarks, the same old thoughts cross my mind, a bit like one’s favorite songs that are so deeply entrenched in the psyche that at the end of a long day when one is reflecting on the subject, they start playing all over again, without any reason and without any conscious decision to rewind to them. In my case, a few striking images flash across my eyes. I have tried in what follows to describe these images and what t
डॉ. विरल वी. आचार्य, उप गवर्नर, भारतीय रिज़र्व बैंक
Sometimes when I sit down to write down a new set of remarks, the same old thoughts cross my mind, a bit like one’s favorite songs that are so deeply entrenched in the psyche that at the end of a long day when one is reflecting on the subject, they start playing all over again, without any reason and without any conscious decision to rewind to them. In my case, a few striking images flash across my eyes. I have tried in what follows to describe these images and what t
जनवरी 18, 2019
भारतीय अर्थव्यवस्था के सामने मोजूद नीतिगत मुद्दों पर चिंतन – शक्तिकान्त दास
I am very happy to participate in the 9th edition of Vibrant Gujarat Global Summit. It is indeed a pleasure to be here and share my thoughts on various contours of the Indian economy. I thank the organisers of this event, namely the Government of Gujarat, National Investment and Infrastructure Fund and the Department of Economic Affairs, Ministry of Finance, Government of India for inviting me to this Roundtable. 2. As this august audience would know, India in recent
श्री शक्तिकान्त दास, गवर्नर, भारतीय रिज़र्व बैंक
I am very happy to participate in the 9th edition of Vibrant Gujarat Global Summit. It is indeed a pleasure to be here and share my thoughts on various contours of the Indian economy. I thank the organisers of this event, namely the Government of Gujarat, National Investment and Infrastructure Fund and the Department of Economic Affairs, Ministry of Finance, Government of India for inviting me to this Roundtable. 2. As this august audience would know, India in recent
अक्‍तूबर 12, 2018
त्वरीत सुधारात्मक कार्रवाई : वित्तीय स्थिरता फ्रेमवर्क का एक अनिवार्य तत्व - डॉ विरल वी आचार्य
Abstract This talk explains why the Prompt Corrective Action (PCA) framework of the Reserve Bank of India (RBI) is an essential element of its financial stability framework. It lays out the case for structured early intervention and resolution by regulators for banks that become under-capitalised due to poor asset quality or vulnerable due to loss of profitability. Detailing the mandatory and discretionary actions under the RBI's Revised PCA framework, it compares and
डॉ. विरल वी. आचार्य, उप गवर्नर, भारतीय रिज़र्व बैंक
Abstract This talk explains why the Prompt Corrective Action (PCA) framework of the Reserve Bank of India (RBI) is an essential element of its financial stability framework. It lays out the case for structured early intervention and resolution by regulators for banks that become under-capitalised due to poor asset quality or vulnerable due to loss of profitability. Detailing the mandatory and discretionary actions under the RBI's Revised PCA framework, it compares and
सितंबर 20, 2018
निर्वारक सतर्कता – सरकारी क्षेत्र के संस्थानों में सुशासन का सर्वप्रमुख साधन – डॉ. उर्जित. आर. पटेल

‘He is most free from danger, who even when safe, is on his guard.’ - Publilius Syrus (1st Century B.C.)

It is an accepted norm of organising human societies that with the right to liberty comes good governance, the latter being designed around laws (formal governance) or norms (informal governance) restricting excessive exertions of the right to liberty: where individual actions are deemed to create adverse spillovers (‘negative externalities’) on the rest of the society, laws or norms – backed by an enforcement machinery – draw a line as to what is acceptable human behaviour. Governance could be for the society as a whole or an individual firm or entity or a group of entities (e.g., the public sector). An important term we all come across in our functioning, especially in the public sector, is Vigilance, which is the essence of what all of you are attempting to achieve at the Central Vigilance Commission, established in 1964 by the Government of India, to address corruption in the government sector.

डॉ. ऊर्जित पटेल, गवर्नर, भारतीय रिज़र्व बैंक

‘He is most free from danger, who even when safe, is on his guard.’ - Publilius Syrus (1st Century B.C.)

It is an accepted norm of organising human societies that with the right to liberty comes good governance, the latter being designed around laws (formal governance) or norms (informal governance) restricting excessive exertions of the right to liberty: where individual actions are deemed to create adverse spillovers (‘negative externalities’) on the rest of the society, laws or norms – backed by an enforcement machinery – draw a line as to what is acceptable human behaviour. Governance could be for the society as a whole or an individual firm or entity or a group of entities (e.g., the public sector). An important term we all come across in our functioning, especially in the public sector, is Vigilance, which is the essence of what all of you are attempting to achieve at the Central Vigilance Commission, established in 1964 by the Government of India, to address corruption in the government sector.

अगस्त 31, 2018
राज्य सरकार की बाजार उधारियाँ – मुद्दे और संभावनाएं –बी.पी.कानूनगो
Shri Chandra Shekhar Ghosh, President, Bengal Chamber of Commerce, Shri T. Bandopadhyay, ladies and gentlemen. I am thankful to the Bengal Chamber of Commerce and Industry for providing me the opportunity to be present here and speak on the subject of ‘State Government Borrowing’. In the federal system of governance that we have in our country, both the Central and the State Governments are responsible for the development of the nation. To discharge the responsibility
श्री बी.पी. कानूनगो, उप गवर्नर, भारतीय रिज़र्व बैंक
Shri Chandra Shekhar Ghosh, President, Bengal Chamber of Commerce, Shri T. Bandopadhyay, ladies and gentlemen. I am thankful to the Bengal Chamber of Commerce and Industry for providing me the opportunity to be present here and speak on the subject of ‘State Government Borrowing’. In the federal system of governance that we have in our country, both the Central and the State Governments are responsible for the development of the nation. To discharge the responsibility
अगस्त 24, 2018
शहरी सहकारी बैंकों को प्रासंगिक बनाए रखने में सक्षक्त गवर्नेंस और सुरक्षित आईटी परिचालनों का महत्व –एन.एस.विश्वनाथन
I am happy to be here in this edition of Sahakar Setu organised by the Gujarat Urban Cooperative Banks Federation. The Federation has been proactive in providing leadership to the cooperative movement in the State of Gujarat. It is because of the efforts of the Federation and its member banks, the cooperative banks in the State could emerge stronger out of the Madhavpura Bank crisis. The Federation has taken several measures particularly in adoption of technology by t
एन.एस. विश्वनाथन, उप गवर्नर, भारतीय रिज़र्व बैंक
I am happy to be here in this edition of Sahakar Setu organised by the Gujarat Urban Cooperative Banks Federation. The Federation has been proactive in providing leadership to the cooperative movement in the State of Gujarat. It is because of the efforts of the Federation and its member banks, the cooperative banks in the State could emerge stronger out of the Madhavpura Bank crisis. The Federation has taken several measures particularly in adoption of technology by t
अगस्त 20, 2018
लोक ऋण रजिस्ट्री और माल एवं सेवा कर नेटवर्क : भारत में ऋण को सर्वसुलभ एवं औपचारिक बनाने के लिए लंबे कदम भरना – विरल वी. आचार्य

It is a pleasure to be with you all and share with you my thoughts on some recent developments that are expected to have transformative implications for our country. In particular, I wish to draw your attention to some major initiatives in gathering and analysing better credit data that can potentially have a huge impact in creating a financially healthy India. It is a known fact that a large part of the Indian economy is informal. This year’s Economic Survey has give

डॉ. विरल वी. आचार्य, उप गवर्नर, भारतीय रिज़र्व बैंक

It is a pleasure to be with you all and share with you my thoughts on some recent developments that are expected to have transformative implications for our country. In particular, I wish to draw your attention to some major initiatives in gathering and analysing better credit data that can potentially have a huge impact in creating a financially healthy India. It is a known fact that a large part of the Indian economy is informal. This year’s Economic Survey has give

अगस्त 17, 2018
खुदरा भुगतानों में नवाचार : डॉ ऊर्जित आर पटेल

1. Shri Mahapatra, Chairman, National Payments Corporation of India (NPCI), Shri Nandan Nilekani, Shri Dilip Asbe, Managing Director (MD) and Chief Executive Officer (CEO), NPCI, bankers and distinguished guests, it gives me immense pleasure to be in your midst as we launch a new, enhanced version of the Unified Payments Interface (UPI). I was especially moved by Nandan’s kind words for the RBI’s contribution in recent years in the area of digital payments. It would be remiss of us if we don’t acknowledge the strong foundations laid down by those who preceded us; it is, in part, because of their work that we have been able to make rapid progress.

2. Payment and Settlement Systems are at the heart of a modern economy. Recognising this, the Reserve Bank has been, over the years, initiating measures that have resulted in the payment systems in India gaining international recognition. In introducing: (i) second factor authentication; (ii) a unified payments structure; and (iii) the Bharat Quick Response

डॉ. ऊर्जित पटेल, गवर्नर, भारतीय रिज़र्व बैंक

1. Shri Mahapatra, Chairman, National Payments Corporation of India (NPCI), Shri Nandan Nilekani, Shri Dilip Asbe, Managing Director (MD) and Chief Executive Officer (CEO), NPCI, bankers and distinguished guests, it gives me immense pleasure to be in your midst as we launch a new, enhanced version of the Unified Payments Interface (UPI). I was especially moved by Nandan’s kind words for the RBI’s contribution in recent years in the area of digital payments. It would be remiss of us if we don’t acknowledge the strong foundations laid down by those who preceded us; it is, in part, because of their work that we have been able to make rapid progress.

2. Payment and Settlement Systems are at the heart of a modern economy. Recognising this, the Reserve Bank has been, over the years, initiating measures that have resulted in the payment systems in India gaining international recognition. In introducing: (i) second factor authentication; (ii) a unified payments structure; and (iii) the Bharat Quick Response

अगस्त 03, 2018
मेघनाद देसाई एकेडमी ऑफ इकोनॉमिक्स में दीक्षांत समारोह के अवसर पर उदघाटन भाषण – डॉ. उर्जित.आर. पटेल

1. The ‘Class of 2018’ and their parents, guests and students, Lord Meghnad Desai, Chairman of the Meghnad Desai Academy of Economics, and the academic fraternity of the Academy, I am deeply honoured to be invited to the convocation ceremony. It reminds me fondly of my graduation ceremony three decades back.

2. Although his enormous standing and body of work is well known, let me say a few words about Lord Meghnad Desai, the Academy’s Chairman, Professor Emeritus at the London School of Economics, a renowned academic and a prominent global public figure. His contributions to the field of economics and education, and particularly his commitment to teaching at the London School of Economics, are the stuff of legend. He has also been an enlightened institution builder, a shining example of which is the Centre for the Study of Global Governance that he established in 1992. Lord Desai has written extensively, covering international political economy, Marxian economics, monetary economics, economic history and globalisation (as an aside, Lord Desai’s book ‘Testing Monetarism’ was required reading for macro courses in the United Kingdom in the 1980s). He has also worked extensively on issues relating to the Indian polity and has also been a sagacious influence in the political life of the UK. In recognition of thes

डॉ. ऊर्जित पटेल, गवर्नर, भारतीय रिज़र्व बैंक

1. The ‘Class of 2018’ and their parents, guests and students, Lord Meghnad Desai, Chairman of the Meghnad Desai Academy of Economics, and the academic fraternity of the Academy, I am deeply honoured to be invited to the convocation ceremony. It reminds me fondly of my graduation ceremony three decades back.

2. Although his enormous standing and body of work is well known, let me say a few words about Lord Meghnad Desai, the Academy’s Chairman, Professor Emeritus at the London School of Economics, a renowned academic and a prominent global public figure. His contributions to the field of economics and education, and particularly his commitment to teaching at the London School of Economics, are the stuff of legend. He has also been an enlightened institution builder, a shining example of which is the Centre for the Study of Global Governance that he established in 1992. Lord Desai has written extensively, covering international political economy, Marxian economics, monetary economics, economic history and globalisation (as an aside, Lord Desai’s book ‘Testing Monetarism’ was required reading for macro courses in the United Kingdom in the 1980s). He has also worked extensively on issues relating to the Indian polity and has also been a sagacious influence in the political life of the UK. In recognition of thes

मई 30, 2018
भुगतान के क्षेत्र में उत्कृष्टता – बी. पी.कानूनगो
Shri B. Mahapatra, Chairman, NPCI, Shri Dilip Asbe, MD, NPCI, distinguished guests, fellow bankers, captains of the industry and the Honourable members of the Jury – it gives me great pleasure to be amidst you all as NPCI today recognises the significant work done by the innovators in payment systems of the country. Let me begin with a quote by Robin Sharma, the motivational speaker, who says ‘Small daily improvements over time lead to stunning results’. No one can di
श्री बी.पी. कानूनगो, उप गवर्नर, भारतीय रिज़र्व बैंक
Shri B. Mahapatra, Chairman, NPCI, Shri Dilip Asbe, MD, NPCI, distinguished guests, fellow bankers, captains of the industry and the Honourable members of the Jury – it gives me great pleasure to be amidst you all as NPCI today recognises the significant work done by the innovators in payment systems of the country. Let me begin with a quote by Robin Sharma, the motivational speaker, who says ‘Small daily improvements over time lead to stunning results’. No one can di
अप्रैल 18, 2018
ऋणदाताओं और उधारकर्ताओं के लिए कारोबार अब सामान्य /पहले जैसा नहीं रहा – एन.एस.विश्वनाथन
1. Chief guest, Shri M. Damodaran, Dr. Dhingra, Director NIBM, other dignitaries on the dais, distinguished bankers, faculty and staff of the institution, proud parents, and, all graduating students, and of course, friends from media, I thank NIBM for giving me the opportunity to be part of this occasion and share some thoughts when another batch of bank management graduates is passing out. 2. Martin Luther King Jr. once said “Intelligence plus character – that is the
एन.एस. विश्वनाथन, उप गवर्नर, भारतीय रिज़र्व बैंक
1. Chief guest, Shri M. Damodaran, Dr. Dhingra, Director NIBM, other dignitaries on the dais, distinguished bankers, faculty and staff of the institution, proud parents, and, all graduating students, and of course, friends from media, I thank NIBM for giving me the opportunity to be part of this occasion and share some thoughts when another batch of bank management graduates is passing out. 2. Martin Luther King Jr. once said “Intelligence plus character – that is the
मार्च 14, 2018
बैंकिंग विनियामकीय शक्तियां स्वामित्व निरपेक्ष होनी चाहिए - उर्जित आर पटेल
I speak today to highlight some fundamental fissures that exist in the regulation of banks, in particular, public sector banks (PSBs). It has been slightly over a month since the latest fraud in the Indian banking sector broke news. Success has many fathers; failures none. Hence, there has been the usual blame game, passing the buck, and a tonne of honking, mostly short-term and knee-jerk reactions. These appear to have prevented the participants in this cacophony fro
डॉ. ऊर्जित पटेल, उप गवर्नर, भारतीय रिज़र्व बैंक
I speak today to highlight some fundamental fissures that exist in the regulation of banks, in particular, public sector banks (PSBs). It has been slightly over a month since the latest fraud in the Indian banking sector broke news. Success has many fathers; failures none. Hence, there has been the usual blame game, passing the buck, and a tonne of honking, mostly short-term and knee-jerk reactions. These appear to have prevented the participants in this cacophony fro
फ़रवरी 10, 2018
भारत के आर्थिक सुधार: अपूर्ण कार्यक्रमों के संबंध में चिंतन - विजय जोशी
Introduction Governor Patel and friends, The Reserve Bank of India (RBI) has occupied a special place in my thoughts ever since I was here as a Special Adviser thirty-four years ago. It was an immensely enjoyable period of my life, not least because my ring-side position taught me more about public policy than any number of scholarly books and papers. Public policy was also the mission of Mr. L.K. Jha’s exceptionally distinguished career. He was, without question, one
प्रोफेसर विजय जोशी, ऐमिरेट फेलो, मर्टन कॉलेज, ऑक्‍सफोर्ड
Introduction Governor Patel and friends, The Reserve Bank of India (RBI) has occupied a special place in my thoughts ever since I was here as a Special Adviser thirty-four years ago. It was an immensely enjoyable period of my life, not least because my ring-side position taught me more about public policy than any number of scholarly books and papers. Public policy was also the mission of Mr. L.K. Jha’s exceptionally distinguished career. He was, without question, one
जनवरी 15, 2018
बैंकों में ब्याज दर जोखिम को समझना और प्रबंध करना - विरल आचार्य
Let me at the outset wish all of you a happy and healthy New Year. Thank you to Fixed Income Money Markets and Derivatives Association (FIIMDA) and its organizing team for inviting me to deliver this keynote address at its Annual Meet. I will speak today about understanding and managing better the interest rate risk at Indian banks. I will start, however, by looking elsewhere and historically, often a very good place to start. In the period after the Global Financial
डॉ. विरल वी. आचार्य, उप गवर्नर, भारतीय रिज़र्व बैंक
Let me at the outset wish all of you a happy and healthy New Year. Thank you to Fixed Income Money Markets and Derivatives Association (FIIMDA) and its organizing team for inviting me to deliver this keynote address at its Annual Meet. I will speak today about understanding and managing better the interest rate risk at Indian banks. I will start, however, by looking elsewhere and historically, often a very good place to start. In the period after the Global Financial
जनवरी 10, 2018
विनियमन और वित्तीय़ स्थायित्व - एन.एस.विश्वनाथन
Shri Hemant Bangur, President, Merchant Chamber of Commerce and Industry, Shri Pawan Bajaj, MD and CEO, United Bank of India, other dignitaries on the dais, friends from the print and electronic media, ladies and gentlemen. I am happy to be here in front of this august gathering to share my thoughts on ‘’Regulations and Financial Stability’’. The financial system and markets have to be subject to suitable regulation. Therefore, the macroeconomic policies and prudentia
एन.एस. विश्वनाथन, उप गवर्नर, भारतीय रिज़र्व बैंक
Shri Hemant Bangur, President, Merchant Chamber of Commerce and Industry, Shri Pawan Bajaj, MD and CEO, United Bank of India, other dignitaries on the dais, friends from the print and electronic media, ladies and gentlemen. I am happy to be here in front of this august gathering to share my thoughts on ‘’Regulations and Financial Stability’’. The financial system and markets have to be subject to suitable regulation. Therefore, the macroeconomic policies and prudentia
नवंबर 16, 2017
भारत में मौद्रिक नीति का संचरण: यह क्यों महत्वपूर्ण है और इसने ठीक से काम क्यों नहीं किया- विरल वी. आचार्य

When I travel from my residence in Vile Parle (W) to the Reserve Bank of India Central Office in Fort, I pass each way Kenilworth – the birth place of late Homi Jehangir Bhabha. It is a good way to start and end the day, being reminded not just of his immense intellect but also of his deep sense of service to India. I am thus grateful to Professor Dipan Ghosh, who was the Dean of Students during my time at IIT Bombay, for inviting me to speak today in the Homi Bhabha

डॉ. विरल वी. आचार्य, उप गवर्नर, भारतीय रिज़र्व बैंक

When I travel from my residence in Vile Parle (W) to the Reserve Bank of India Central Office in Fort, I pass each way Kenilworth – the birth place of late Homi Jehangir Bhabha. It is a good way to start and end the day, being reminded not just of his immense intellect but also of his deep sense of service to India. I am thus grateful to Professor Dipan Ghosh, who was the Dean of Students during my time at IIT Bombay, for inviting me to speak today in the Homi Bhabha

जुलाई 29, 2016
लक्षित आक्रमण: देश की महत्वपूर्ण मूलभूत सुविधाओं का संरक्षण और क्षमता निर्माण-आर गांधी
I am indeed glad to be present here today as we conclude the deliberations on an important topical area – pertaining to cyber security and protection of critical infrastructure from cyber threats, coupled with capacity building in this crucial area of importance. I must congratulate the organisers on having chosen the theme of this summit, given the concerns emanating from cyber security related incidents. 2. We are at a critical juncture in the world of today which i
श्री आर. गांधी, उप गवर्नर, भारतीय रिज़र्व बैंक
I am indeed glad to be present here today as we conclude the deliberations on an important topical area – pertaining to cyber security and protection of critical infrastructure from cyber threats, coupled with capacity building in this crucial area of importance. I must congratulate the organisers on having chosen the theme of this summit, given the concerns emanating from cyber security related incidents. 2. We are at a critical juncture in the world of today which i
जुलाई 19, 2016
सूचना प्रोद्योगिकी- बैंकों के लिए हस्त-प्राण -आर गांधी
Honourable Governor Dr Raghuram Rajan, members of the Governing Council of IDRBT, Chiefs of banks, Heads of IT departments of banks, Director, IDRBT, Faculty members, students, Ladies and Gentlemen. It gives me great pleasure to be present at the 12th IDRBT Banking Technology Awards. 2. I am glad to be back to be directly dealing with the subject of technology yet another time. I have the unique honour of having been and being associated with IDRBT in every possible r
श्री आर. गांधी, उप गवर्नर, भारतीय रिज़र्व बैंक
Honourable Governor Dr Raghuram Rajan, members of the Governing Council of IDRBT, Chiefs of banks, Heads of IT departments of banks, Director, IDRBT, Faculty members, students, Ladies and Gentlemen. It gives me great pleasure to be present at the 12th IDRBT Banking Technology Awards. 2. I am glad to be back to be directly dealing with the subject of technology yet another time. I have the unique honour of having been and being associated with IDRBT in every possible r
मार्च 12, 2016
मौद्रिक गेम के नियम की ओर- रघुराम जी. राजन
There are few areas of robust growth around the world, with the IMF repeatedly reducing its growth forecasts in recent quarters. This period of slow growth is particularly dangerous because both industrial countries and a number of emerging markets need high growth to quell rising domestic political tensions. Policies that attempt to divert growth from others rather than create new growth, or that create growth while fostering instability elsewhere, are more likely un
डॉ. रघुराम जी. राजन, गवर्नर, भारतीय रिज़र्व बैंक
There are few areas of robust growth around the world, with the IMF repeatedly reducing its growth forecasts in recent quarters. This period of slow growth is particularly dangerous because both industrial countries and a number of emerging markets need high growth to quell rising domestic political tensions. Policies that attempt to divert growth from others rather than create new growth, or that create growth while fostering instability elsewhere, are more likely un

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