Speeches - ಆರ್ಬಿಐ - Reserve Bank of India
Speeches & Media Interactions
Monetary Policy Statement by Shri Shaktikanta Das, RBI Governor October 09, 2024
Speeches
ನವೆಂ 03, 2009
Philosophy and practice of financial sector regulation – Space for unorthodoxy
It is a privilege to be invited to share my thoughts at this conference. The contribution of FSA in setting the terms of the debate in the aftermath of the crisis has been very significant and crucial. The clarity, conviction and clinical sharpness of arguments one encounters while reading the Turner review ask of us a very fundamental question – how could the world not have expected this crisis? How could the policy regimes world over, barring a few exceptions, faile
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
It is a privilege to be invited to share my thoughts at this conference. The contribution of FSA in setting the terms of the debate in the aftermath of the crisis has been very significant and crucial. The clarity, conviction and clinical sharpness of arguments one encounters while reading the Turner review ask of us a very fundamental question – how could the world not have expected this crisis? How could the policy regimes world over, barring a few exceptions, faile
ಅಕ್ಟೋ 30, 2009
Changing Dynamics of Legal Risks in Financial Sector - Shyamala Gopinath, Deputy Governor
It gives me great pleasure to be amidst you all today to inaugurate this Symposium. 1. At the outset, I may say that this Symposium on “Changing Dynamics of Legal Risks in Financial Sector” could not have been organized at a more appropriate time than now. The recent global financial crisis has brought to light various risks. It has to a great extent blurred the distinction between operational risks and legal risks. As they say, each crisis opens up opportunities for
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
It gives me great pleasure to be amidst you all today to inaugurate this Symposium. 1. At the outset, I may say that this Symposium on “Changing Dynamics of Legal Risks in Financial Sector” could not have been organized at a more appropriate time than now. The recent global financial crisis has brought to light various risks. It has to a great extent blurred the distinction between operational risks and legal risks. As they say, each crisis opens up opportunities for
ಅಕ್ಟೋ 16, 2009
Learning from Crises
Ladies and Gentlemen, The late John Kenneth Galbraith, Harvard Economics Professor Emeritus, attributed the longevity of his book The Great Crash 1929 – published in 1955 and never since out of print – to the tendency of history to threaten a repeat. "Each time it has been about to pass from bookstores," he wrote in a later foreword, "another speculative episode – another bubble or the ensuing misfortune – has stirred interest in the history of this, the great modern
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
Ladies and Gentlemen, The late John Kenneth Galbraith, Harvard Economics Professor Emeritus, attributed the longevity of his book The Great Crash 1929 – published in 1955 and never since out of print – to the tendency of history to threaten a repeat. "Each time it has been about to pass from bookstores," he wrote in a later foreword, "another speculative episode – another bubble or the ensuing misfortune – has stirred interest in the history of this, the great modern
ಅಕ್ಟೋ 05, 2009
Emerging Market Concerns: An Indian Perspective
1. From the perspective of Emerging Market Economies (EMEs) and particularly for that of India, I will highlight five concerns. These are: first, timing of exit from the accommodative monetary policy in the context of rising food price-led inflation but still weak growth; second, the possibility of another surge in capital flows, especially if we turn out to be an outlier in withdrawal of monetary stimulus; third, monetary transmission mechanism as it is evolving from
Dr. D. Subbarao, Governor, Reserve Bank of India
1. From the perspective of Emerging Market Economies (EMEs) and particularly for that of India, I will highlight five concerns. These are: first, timing of exit from the accommodative monetary policy in the context of rising food price-led inflation but still weak growth; second, the possibility of another surge in capital flows, especially if we turn out to be an outlier in withdrawal of monetary stimulus; third, monetary transmission mechanism as it is evolving from
ಸೆಪ್ಟೆಂ 29, 2009
Global Crisis: Genesis, Challenges and Opportunities Unleashed
Mr. Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka; Mr. Ajantha Madurapperuma, President, Association of Professional Bankers – Sri Lanka; Distinguished guests and members of the Association of Professional Bankers, Ladies and Gentlemen: It is a great pleasure and privilege for me to be here today for this 21st Anniversary Convention of the Association of Professional Bankers of Sri Lanka. At the outset, I would like to thank Mr. Ajantha Madurapperuma, the
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mr. Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka; Mr. Ajantha Madurapperuma, President, Association of Professional Bankers – Sri Lanka; Distinguished guests and members of the Association of Professional Bankers, Ladies and Gentlemen: It is a great pleasure and privilege for me to be here today for this 21st Anniversary Convention of the Association of Professional Bankers of Sri Lanka. At the outset, I would like to thank Mr. Ajantha Madurapperuma, the
ಸೆಪ್ಟೆಂ 22, 2009
V K Sharma: Supervising in a Crisis Environment
I thank International Credit Union Regulators Network for inviting me to this Regulators Roundtable to share our experience of Supervising in Crisis Environment. I greatly appreciate the selection of the topic, the relevance of which cannot be over emphasized today. Urban Cooperative Banks (UCBs) in India are akin to Credit Unions as they are member-driven and are essentially community-based. However, unlike credit unions, UCBs are also permitted to accept deposits fr
Shri V.K. Sharma, Executive Director, Reserve Bank of India
I thank International Credit Union Regulators Network for inviting me to this Regulators Roundtable to share our experience of Supervising in Crisis Environment. I greatly appreciate the selection of the topic, the relevance of which cannot be over emphasized today. Urban Cooperative Banks (UCBs) in India are akin to Credit Unions as they are member-driven and are essentially community-based. However, unlike credit unions, UCBs are also permitted to accept deposits fr
ಸೆಪ್ಟೆಂ 11, 2009
Sustaining growth potential – Focus on key Sectors
I am privileged to speak before this learned audience at this conclave on the theme of 'Top priorities of the new regime – Growth strategies'. The topic is of special relevance for emerging economies like ours, particularly in the current context. As is well recognised, the Indian economy has enormous growth potential, and can be one of the economic powerhouses in the current millennium. The economic dominance of India along with China looks all the more likely in vie
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
I am privileged to speak before this learned audience at this conclave on the theme of 'Top priorities of the new regime – Growth strategies'. The topic is of special relevance for emerging economies like ours, particularly in the current context. As is well recognised, the Indian economy has enormous growth potential, and can be one of the economic powerhouses in the current millennium. The economic dominance of India along with China looks all the more likely in vie
ಸೆಪ್ಟೆಂ 10, 2009
Financial Stability: Issues and Challenges
I. Global Banking - Paradigm Shift Thank you for inviting me to participate in this FICCI-IBA conference on “Global Banking: Paradigm Shift”. I understand this is one of the important banking conferences in the annual calendar, and so I struggled through what I should say at this valedictory that is central to the theme of the conference. 2. Quite understandably, public discourse over the last one year has been dominated by the global financial crisis; and the future
Dr. D. Subbarao, Governor, Reserve Bank of India
I. Global Banking - Paradigm Shift Thank you for inviting me to participate in this FICCI-IBA conference on “Global Banking: Paradigm Shift”. I understand this is one of the important banking conferences in the annual calendar, and so I struggled through what I should say at this valedictory that is central to the theme of the conference. 2. Quite understandably, public discourse over the last one year has been dominated by the global financial crisis; and the future
ಸೆಪ್ಟೆಂ 08, 2009
Global Agenda for Regulatory and Supervisory Reforms: The Stock Taking and Way Forward
I thank the organisers of the FICCI - IBA Conference on Global Banking: Paradigm Shift for having invited me to chair the panel session this afternoon on Strengthening Financial Regulation and Supervision. Macro economic Scenario 2. The massive derailment of the financial sector in the advanced economies has had a knock on effect on the world economy. The world output is expected to contract by 1.4 per cent in 2009, GDP in the advanced economies is projected to declin
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
I thank the organisers of the FICCI - IBA Conference on Global Banking: Paradigm Shift for having invited me to chair the panel session this afternoon on Strengthening Financial Regulation and Supervision. Macro economic Scenario 2. The massive derailment of the financial sector in the advanced economies has had a knock on effect on the world economy. The world output is expected to contract by 1.4 per cent in 2009, GDP in the advanced economies is projected to declin
ಸೆಪ್ಟೆಂ 07, 2009
India’s Economic Transformation - A Snapshot
Mr. K.V. Kamath, Chairman, ICICI Bank; Mr. Gagan Chaturvedi, Director, Antique Finance Limited; Distinguished participants from different parts of the World, invited guests, Ladies and Gentlemen: It is a great pleasure for me to be here in such august company and distinguished group of people. I would like to thank the organisers for inviting me to share my thoughts on a topic which has great relevance for sustained growth of Indian economy. I would be sharing my view
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mr. K.V. Kamath, Chairman, ICICI Bank; Mr. Gagan Chaturvedi, Director, Antique Finance Limited; Distinguished participants from different parts of the World, invited guests, Ladies and Gentlemen: It is a great pleasure for me to be here in such august company and distinguished group of people. I would like to thank the organisers for inviting me to share my thoughts on a topic which has great relevance for sustained growth of Indian economy. I would be sharing my view
ಸೆಪ್ಟೆಂ 04, 2009
Policy Lessons from the Global Financial Crisis
Shri Mukul Somany, Chairman, Confederation of Indian Industrty (Eastern Region), Shri S.S. Kohli, Chairman & Managing Director, India Infrastructure Finance Company Limited, Shri S.C. Gupta, Chairman & Managing Director, United Bank of India, Shri Ambarish Dasgupta, Executive Director, PwC, Shri R.K. Agrawal, Chairman, Economic Affairs, Finance & Taxation Subcommittee, CII (ER) and distinguished guests and invitees, members of the electronic and print medi
Shri V.K. Sharma, Executive Director, Reserve Bank of India
Shri Mukul Somany, Chairman, Confederation of Indian Industrty (Eastern Region), Shri S.S. Kohli, Chairman & Managing Director, India Infrastructure Finance Company Limited, Shri S.C. Gupta, Chairman & Managing Director, United Bank of India, Shri Ambarish Dasgupta, Executive Director, PwC, Shri R.K. Agrawal, Chairman, Economic Affairs, Finance & Taxation Subcommittee, CII (ER) and distinguished guests and invitees, members of the electronic and print medi
ಆಗ 31, 2009
Banking and Finance in India: Developments, Issues and Prospects
Mr. M.V. Nair, Chairman IBA and Chairman and Managing Director of Union Bank of India; Mr. Bhaskaran, Chief Executive Officer, Indian Institute of Banking and Finance; Representatives from EBTN, Distinguished participants from different parts of the Globe, invited guests, Ladies and Gentlemen: I am delighted to be here amidst all of you at the 62nd International Banking Summer School (IBSS) being organised by the Indian Institute of Banking and Finance (IIBF) jointly
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mr. M.V. Nair, Chairman IBA and Chairman and Managing Director of Union Bank of India; Mr. Bhaskaran, Chief Executive Officer, Indian Institute of Banking and Finance; Representatives from EBTN, Distinguished participants from different parts of the Globe, invited guests, Ladies and Gentlemen: I am delighted to be here amidst all of you at the 62nd International Banking Summer School (IBSS) being organised by the Indian Institute of Banking and Finance (IIBF) jointly
ಆಗ 28, 2009
Ethics and the World of Finance
Thank you for inviting me to participate in this unique conference on ‘Ethics and the World of Finance’. This topic would have been relevant at any time. But it is particularly so, given the current financial crisis which has called into question the ethical foundation of the financial world. It is also fitting that we are discussing ethics and the world of finance at Sri Sathya Sai University. The worlds of faith and economic development are profoundly intertwined, i
Dr. D. Subbarao, Governor, Reserve Bank of India
Thank you for inviting me to participate in this unique conference on ‘Ethics and the World of Finance’. This topic would have been relevant at any time. But it is particularly so, given the current financial crisis which has called into question the ethical foundation of the financial world. It is also fitting that we are discussing ethics and the world of finance at Sri Sathya Sai University. The worlds of faith and economic development are profoundly intertwined, i
ಆಗ 19, 2009
V K Sharma: The International Financial Crisis and India – the Impact, Response and Outlook
His Excellency the High Commissioner of India Mr. Bhatia, Mr. Navdeep Suri, Consul General of India, Mr. Hari Bhartia, Vice-President of CII, Dr. Guma, Dy. Governor, South African Reserve Bank, Mr. Rudolf Gouws, Chief Economist, Rand Merchant Bank, distinguished invitees and delegates, First of all I would wish to thank His Excellency the High Commissioner of India for giving me the opportunity and privilege to address this distinguished and august audience. Second, I
Shri V.K. Sharma, Executive Director, Reserve Bank of India
His Excellency the High Commissioner of India Mr. Bhatia, Mr. Navdeep Suri, Consul General of India, Mr. Hari Bhartia, Vice-President of CII, Dr. Guma, Dy. Governor, South African Reserve Bank, Mr. Rudolf Gouws, Chief Economist, Rand Merchant Bank, distinguished invitees and delegates, First of all I would wish to thank His Excellency the High Commissioner of India for giving me the opportunity and privilege to address this distinguished and august audience. Second, I
ಆಗ 14, 2009
Panel Discussion on 'Challenges for the Central Banks' organised at Hyderabad on as part of RBI's Platinum Jubilee Celebration
August 14, 2009 Webcast As part of its Platinum Jubilee Celebrations, the Reserve Bank of India (RBI) organised a Panel Discussion on 'Challenges for the Central Banks' on August 14, 2009 at Hyderabad. Apart from Dr. D. Subbarao, Governor, the distinguished panel comprised three former Governors of the Reserve Bank, viz., Shri M. Narasimham (currently Chairman, Administrative Staff College of India), Dr. C. Rangarajan (currently Chairman, Economic Advisory Council to
August 14, 2009 Webcast As part of its Platinum Jubilee Celebrations, the Reserve Bank of India (RBI) organised a Panel Discussion on 'Challenges for the Central Banks' on August 14, 2009 at Hyderabad. Apart from Dr. D. Subbarao, Governor, the distinguished panel comprised three former Governors of the Reserve Bank, viz., Shri M. Narasimham (currently Chairman, Administrative Staff College of India), Dr. C. Rangarajan (currently Chairman, Economic Advisory Council to
ಆಗ 13, 2009
Banking: Key Driver for Inclusive Growth
Ladies and Gentlemen: It gives me immense pleasure to be here this evening in front of an august audience for today’s Mint debate series on the theme ‘Banking: Key Driver for Inclusive Growth’. I would like to thank the sponsors and all of you for inviting me here to share my views and thoughts on a subject which has become of great significance today for the growth of the Indian economy. The previous Conclaves organized by the Mint brought together the eminent banker
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Ladies and Gentlemen: It gives me immense pleasure to be here this evening in front of an august audience for today’s Mint debate series on the theme ‘Banking: Key Driver for Inclusive Growth’. I would like to thank the sponsors and all of you for inviting me here to share my views and thoughts on a subject which has become of great significance today for the growth of the Indian economy. The previous Conclaves organized by the Mint brought together the eminent banker
ಆಗ 10, 2009
Technology, Financial Inclusion and Role of Urban Cooperative Banks *
Hon’ble Finance Minister, Govt. of Andhra Pradesh, Shri Rosaiahji; Chairman, A.P. Mahesh Co-operative Urban Bank Shri Ramesh Kumar Bung; Sr. Vice-Chairman Purshotamdas Mandhana; Vice-Chairperson Smt Pushpa Boob, Board of Directors, Senior Executives, Staff Members, Ladies and Gentlemen, I am delighted to be here this evening amongst all of you on the occasion of the 32nd Foundation Day Celebrations of The A.P. Mahesh Cooperative Urban Bank Ltd. I would like to thank y
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Hon’ble Finance Minister, Govt. of Andhra Pradesh, Shri Rosaiahji; Chairman, A.P. Mahesh Co-operative Urban Bank Shri Ramesh Kumar Bung; Sr. Vice-Chairman Purshotamdas Mandhana; Vice-Chairperson Smt Pushpa Boob, Board of Directors, Senior Executives, Staff Members, Ladies and Gentlemen, I am delighted to be here this evening amongst all of you on the occasion of the 32nd Foundation Day Celebrations of The A.P. Mahesh Cooperative Urban Bank Ltd. I would like to thank y
ಜುಲೈ 31, 2009
Global Financial Crisis Questioning the Questions
JRD Tata Thank you for inviting me to deliver this year’s JRD Tata Memorial Lecture. It is an honour to which I attach a lot of value. The man whose life this series of lectures commemorates, JRD Tata - or JRD, as he was known - left a great legacy as a visionary, as an industry leader, as a philanthropist, and above all as a humanist. 2. Two words capture JRD’s lasting contribution, nation builder. His commitment to India’s development was deep and abiding, and he wa
Dr. D. Subbarao, Governor, Reserve Bank of India
JRD Tata Thank you for inviting me to deliver this year’s JRD Tata Memorial Lecture. It is an honour to which I attach a lot of value. The man whose life this series of lectures commemorates, JRD Tata - or JRD, as he was known - left a great legacy as a visionary, as an industry leader, as a philanthropist, and above all as a humanist. 2. Two words capture JRD’s lasting contribution, nation builder. His commitment to India’s development was deep and abiding, and he wa
ಜುಲೈ 17, 2009
Pushing Financial Inclusion – Issues, Challenges and Way Forward - A Presentation by Dr. K.C.Chakrabarty DG, RBI
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
ಜುಲೈ 11, 2009
Impact of global financial crisis on Reserve Bank of India (RBI) as a National Regulator
I am delighted to be here in Seoul, participating in this 56th EXCOM Meeting and FinPower CEO Forum - my thanks to Secretary General Bayaua for inviting me to make this presentation on the ‘impact of the global financial crisis on RBI as a national regulator’. In order to understand the impact of the global crisis on India and the manner in which the Reserve Bank of India (RBI) responded, it is important to realise that the RBI is a central bank that is entrusted with
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
I am delighted to be here in Seoul, participating in this 56th EXCOM Meeting and FinPower CEO Forum - my thanks to Secretary General Bayaua for inviting me to make this presentation on the ‘impact of the global financial crisis on RBI as a national regulator’. In order to understand the impact of the global crisis on India and the manner in which the Reserve Bank of India (RBI) responded, it is important to realise that the RBI is a central bank that is entrusted with
ಜುಲೈ 02, 2009
Inaugural address delivered by Dr. D. Subbarao, Governor, Reserve Bank of India at the third Annual Statistics Day Conference of the Reserve Bank at Mumbai on July 2, 2009
1. I am delighted to be here today to inaugurate this third Annual Statistics Day Conference of the Reserve Bank. It has now become a tradition for us to mark the Statistics Day as a tribute to late Professor P.C. Mahalanobis and his colossal contribution to the development of statistics in India, both as an academic discipline and as a tool for public policy. The Mahalanobis model of development planning, based as it was on statistical data analysis, marked an import
Dr. D. Subbarao, Governor, Reserve Bank of India
1. I am delighted to be here today to inaugurate this third Annual Statistics Day Conference of the Reserve Bank. It has now become a tradition for us to mark the Statistics Day as a tribute to late Professor P.C. Mahalanobis and his colossal contribution to the development of statistics in India, both as an academic discipline and as a tool for public policy. The Mahalanobis model of development planning, based as it was on statistical data analysis, marked an import
ಜೂನ್ 29, 2009
Sub-national Fiscal Reforms and Debt Management - Indian Experience
It gives me great pleasure to be here amongst you and address the World Bank Sub-national Fiscal Reform and Debt Management Forum. There is more than one reason on my part to accept this invitation, but more importantly, to share with you the turnaround story at the sub-national level in India. The relevance of fiscal reforms and creation of fiscal space even at the sub-national level can hardly be over-emphasised in the context of the on-going slowdown the world over
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
It gives me great pleasure to be here amongst you and address the World Bank Sub-national Fiscal Reform and Debt Management Forum. There is more than one reason on my part to accept this invitation, but more importantly, to share with you the turnaround story at the sub-national level in India. The relevance of fiscal reforms and creation of fiscal space even at the sub-national level can hardly be over-emphasised in the context of the on-going slowdown the world over
ಜೂನ್ 15, 2009
Addressing the Regulatory Perimeter Issues – Indian Experience
1. The regulatory perimeter or boundary issue has been engaging the attention of policy makers internationally for quite some time but it was not a central issue associated with the current crisis. Paradoxically the origins as well the severity of impact of the crisis were concentrated in the most heavily regulated institutions. However, in my view, the real issue lay in not recognizing and addressing the dynamic inter-connectedness between entities across regulated,
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
1. The regulatory perimeter or boundary issue has been engaging the attention of policy makers internationally for quite some time but it was not a central issue associated with the current crisis. Paradoxically the origins as well the severity of impact of the crisis were concentrated in the most heavily regulated institutions. However, in my view, the real issue lay in not recognizing and addressing the dynamic inter-connectedness between entities across regulated,
ಜೂನ್ 10, 2009
Emerging Contours of Financial Regulation : Challenges and Dynamics
The world is currently in the midst of the most severe financial and economic crisis since the Great Depression. Although the crisis originated in the sub-prime mortgage market in the United States, it then spread to Europe and later to the rest of the world. The speed of the contagion that spread across the world is perhaps unprecedented. What started off as a relatively limited crisis in the US housing mortgage sector turned successively into a widespread banking cr
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
The world is currently in the midst of the most severe financial and economic crisis since the Great Depression. Although the crisis originated in the sub-prime mortgage market in the United States, it then spread to Europe and later to the rest of the world. The speed of the contagion that spread across the world is perhaps unprecedented. What started off as a relatively limited crisis in the US housing mortgage sector turned successively into a widespread banking cr
ಮೇ 22, 2009
Risk Management in the Midst of the Global Financial Crisis
Thank you for inviting me to be the keynote speaker at this Financial Management Summit. The global economy is passing through its deepest financial and economic crisis of our time. Protecting the Indian economy from the worst impact of the crisis has been a big challenge for the government and the Reserve Bank. Equally, I am conscious of the fact that industry, business and investors gathered here today have had to make very challenging adjustments in these difficult
Dr. D. Subbarao, Governor, Reserve Bank of India
Thank you for inviting me to be the keynote speaker at this Financial Management Summit. The global economy is passing through its deepest financial and economic crisis of our time. Protecting the Indian economy from the worst impact of the crisis has been a big challenge for the government and the Reserve Bank. Equally, I am conscious of the fact that industry, business and investors gathered here today have had to make very challenging adjustments in these difficult
ಮೇ 18, 2009
Information Technology and Banking – A Continuing Agenda
I am delighted to be here today to celebrate outstanding Information Technology achievements in the Indian banking sector. We are all well aware of the significant contributions that Indian IT professionals have made in the world arena. In fact, when the phrase “Indian talent” is used, it is often meant as a synonym for IT excellence. IT in the Indian Financial Sector – the Beginnings 2. The use of technology in expanding banking has been a key focus area of the Reser
Dr. D. Subbarao, Governor, Reserve Bank of India
I am delighted to be here today to celebrate outstanding Information Technology achievements in the Indian banking sector. We are all well aware of the significant contributions that Indian IT professionals have made in the world arena. In fact, when the phrase “Indian talent” is used, it is often meant as a synonym for IT excellence. IT in the Indian Financial Sector – the Beginnings 2. The use of technology in expanding banking has been a key focus area of the Reser
ಏಪ್ರಿ 25, 2009
Statement by Mr. Duvvuri Subbarao, Alternate Governor
Mr. Chairman, 1. The IMFC meets today in extraordinarily complex and challenging times. The financial crisis became full-blown in the second half of 2008, and has morphed through negative feedback to real activity, plunging the global economy into the deepest recession since World War II. What started off as a sub-prime crisis in the US housing mortgage sector has turned successively into a global banking crisis, global financial crisis and now a global economic crisi
Dr. D. Subbarao, Governor, Reserve Bank of India
Mr. Chairman, 1. The IMFC meets today in extraordinarily complex and challenging times. The financial crisis became full-blown in the second half of 2008, and has morphed through negative feedback to real activity, plunging the global economy into the deepest recession since World War II. What started off as a sub-prime crisis in the US housing mortgage sector has turned successively into a global banking crisis, global financial crisis and now a global economic crisi
ಏಪ್ರಿ 23, 2009
Global Financial Crisis : Causes, Impact, Policy Responses and Lessons
Global Financial Crisis : Causes, Consequences and India’s Prospects By Rakesh Mohan, Deputy Governor, Reserve Bank of India at London Business School on April 23, 2009 The intensification of the global financial crisis, following the bankruptcy of Lehman Brothers in September 2008, has made the current economic and financial environment a very difficult time for the world economy, the global financial system and for central banks. The fall out of the current global f
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Global Financial Crisis : Causes, Consequences and India’s Prospects By Rakesh Mohan, Deputy Governor, Reserve Bank of India at London Business School on April 23, 2009 The intensification of the global financial crisis, following the bankruptcy of Lehman Brothers in September 2008, has made the current economic and financial environment a very difficult time for the world economy, the global financial system and for central banks. The fall out of the current global f
ಏಪ್ರಿ 21, 2009
V K Sharma: Issues in Capital account Convertibility and Lessons from the Current Financial Crisis
Mr. Jean Leviol, Minister Counsellor for Economic Affairs, Embassy of France, New Delhi, Mr. Gerard Beduneau, Director, IBFI, Banque de France, Mrs. Isabelle Vaillant, Deputy Director, International and Economic Relations, Banque de France, Mr. Sanjaya Panth, Senior Resident Representative, IMF, New Delhi, Mr. Sandip Ghose, Principal, College of Agricultural Banking, Dr. R. K. Pattnaik, Advisor, Reserve Bank of India and Dear Friends, I welcome you all to the RBI-BdF
Shri V.K. Sharma, Executive Director, Reserve Bank of India
Mr. Jean Leviol, Minister Counsellor for Economic Affairs, Embassy of France, New Delhi, Mr. Gerard Beduneau, Director, IBFI, Banque de France, Mrs. Isabelle Vaillant, Deputy Director, International and Economic Relations, Banque de France, Mr. Sanjaya Panth, Senior Resident Representative, IMF, New Delhi, Mr. Sandip Ghose, Principal, College of Agricultural Banking, Dr. R. K. Pattnaik, Advisor, Reserve Bank of India and Dear Friends, I welcome you all to the RBI-BdF
ಏಪ್ರಿ 02, 2009
Platinum Jubilee Celebrations - Governor’s Address to Staff
Dear Colleagues, As the Reserve Bank of India enters its 75th year, today marks a momentous milestone in the history of this great institution. I am indeed delighted and privileged to be speaking to all of you, members of the RBI family, on this historic occasion. 2. Marking the 75th birthday is a time for joy and celebration. It is also an occasion for introspection - an occasion to reflect on the evolution of the Reserve Bank, to look back on the road we traversed,
Dr. D. Subbarao, Governor, Reserve Bank of India
Dear Colleagues, As the Reserve Bank of India enters its 75th year, today marks a momentous milestone in the history of this great institution. I am indeed delighted and privileged to be speaking to all of you, members of the RBI family, on this historic occasion. 2. Marking the 75th birthday is a time for joy and celebration. It is also an occasion for introspection - an occasion to reflect on the evolution of the Reserve Bank, to look back on the road we traversed,
ಮಾರ್ಚ್ 26, 2009
India - Managing the Impact of the Global Financial Crisis
Introduction 1. Less than a year ago, much of what has happened in the Indian economy since last October would have been hard to anticipate. I recall, around this time last year, the most frequently asked questions (FAQs) were, what are the factors that put India on a high growth trajectory and what can we do to remain there? Today, the FAQ is, when and how do we get back on to the high growth trajectory? The sharp turn around in the FAQs summarizes in a nutshell the
Dr. D. Subbarao, Governor, Reserve Bank of India
Introduction 1. Less than a year ago, much of what has happened in the Indian economy since last October would have been hard to anticipate. I recall, around this time last year, the most frequently asked questions (FAQs) were, what are the factors that put India on a high growth trajectory and what can we do to remain there? Today, the FAQ is, when and how do we get back on to the high growth trajectory? The sharp turn around in the FAQs summarizes in a nutshell the
ಮಾರ್ಚ್ 23, 2009
Technology in Banks – Responding to the Emerging Challenges
Ladies and gentlemen, a very good morning. A central banker addressing an impressive gathering of technology experts on a topic which is their very own – to say the least, is a formidable task. In the current global financial context, though, I may not be surprised if many central banks, as regulators of banking and other financial institutions get more engaged with the technology aspects of the regulated institutions’ operations. 2. It is not hard to miss the role pl
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Ladies and gentlemen, a very good morning. A central banker addressing an impressive gathering of technology experts on a topic which is their very own – to say the least, is a formidable task. In the current global financial context, though, I may not be surprised if many central banks, as regulators of banking and other financial institutions get more engaged with the technology aspects of the regulated institutions’ operations. 2. It is not hard to miss the role pl
ಮಾರ್ಚ್ 19, 2009
Retail Payments : Perspectives and Way Forward
Introduction 1. It is a great delight for me to be here at the conclusion of this seminar on Payment and Settlement Systems aimed at improving our understanding of the way forward on this vital segment of central bank infrastructure. Here, at the Reserve Bank of India (RBI), we have traversed a steep learning curve over the last several years, and come a long way in implementing an efficient and effective payment system. I am deeply conscious of the fact that we still
Dr. D. Subbarao, Governor, Reserve Bank of India
Introduction 1. It is a great delight for me to be here at the conclusion of this seminar on Payment and Settlement Systems aimed at improving our understanding of the way forward on this vital segment of central bank infrastructure. Here, at the Reserve Bank of India (RBI), we have traversed a steep learning curve over the last several years, and come a long way in implementing an efficient and effective payment system. I am deeply conscious of the fact that we still
ಮಾರ್ಚ್ 17, 2009
Retail Payment Systems – Select Issues
Ladies and Gentlemen, 1. It is indeed an honour to be the first speaker in a gathering of Payment and Settlement System professionals who will be deliberating upon various issues that I am sure will go a long way in strengthening the payment systems fabric in individual countries as well as in a global context. In the context of an otherwise gloomy scenario in the global financial system, the presence of robust payment and settlement systems infrastructure around the
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Ladies and Gentlemen, 1. It is indeed an honour to be the first speaker in a gathering of Payment and Settlement System professionals who will be deliberating upon various issues that I am sure will go a long way in strengthening the payment systems fabric in individual countries as well as in a global context. In the context of an otherwise gloomy scenario in the global financial system, the presence of robust payment and settlement systems infrastructure around the
ಮಾರ್ಚ್ 03, 2009
Lessons for Financial Policymaking - Interpreting the Dilemmas
I was really struggling to select a theme for today’s address. I intended it to be relevant but not repetitive, comprehensive but not broad brush, having a policymaker’s perspective but not too uni-dimensional. Finally the theme I zeroed down on emerged out of this very exercise of the balancing act - the dilemmas and conflicts thrown up for the policymakers by the paradoxical character of recent turn of events in the global financial markets. It is rather surprising
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
I was really struggling to select a theme for today’s address. I intended it to be relevant but not repetitive, comprehensive but not broad brush, having a policymaker’s perspective but not too uni-dimensional. Finally the theme I zeroed down on emerged out of this very exercise of the balancing act - the dilemmas and conflicts thrown up for the policymakers by the paradoxical character of recent turn of events in the global financial markets. It is rather surprising
ಫೆಬ್ರವರಿ 18, 2009
Impact of the Global Financial Crisis on India Collateral Damage and Response
Global outlook 1. The global economic outlook deteriorated sharply over the last quarter. In a sign of the ferocity of the down turn, the IMF made a marked downward revision of its estimate for global growth in 2009 in purchasing power parity terms – from its forecast of 3.0 per cent made in October 2008 to 0.5 per cent in January 2009. In market exchange rate terms, the downturn is sharper – global GDP is projected to actually shrink by 0.6 per cent. With all the adv
Dr. D. Subbarao, Governor, Reserve Bank of India
Global outlook 1. The global economic outlook deteriorated sharply over the last quarter. In a sign of the ferocity of the down turn, the IMF made a marked downward revision of its estimate for global growth in 2009 in purchasing power parity terms – from its forecast of 3.0 per cent made in October 2008 to 0.5 per cent in January 2009. In market exchange rate terms, the downturn is sharper – global GDP is projected to actually shrink by 0.6 per cent. With all the adv
ಜನವರಿ 13, 2009
Some Reflections on the recent global financial turmoil – an Indian perspective
Every year, this forum provides an opportunity to collectively review and analyse the developments of the past year in the forex market. But the past year has been like never before and now the focus is on the impact of the financial crisis on the real economy. The financial meltdown has resulted in effective nationalisation of major financial institutions in the US, UK and Eurozone. So far global banks, mortgage lenders and insurance firms have announced write downs
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Every year, this forum provides an opportunity to collectively review and analyse the developments of the past year in the forex market. But the past year has been like never before and now the focus is on the impact of the financial crisis on the real economy. The financial meltdown has resulted in effective nationalisation of major financial institutions in the US, UK and Eurozone. So far global banks, mortgage lenders and insurance firms have announced write downs
ಡಿಸೆಂ 18, 2008
The Global Financial Turmoil and Challenges for the Indian Economy
It is my pleasure to be here this evening and to be able to share my thoughts with an exclusive gathering of bankers. Since this is an in-house meeting and we are professional colleagues, I propose to be frank and forthright. I am glad to know that the Bankers' Club in Kolkata has been recently revived and is engaged in promoting professional interaction within the banking community. 2. The global financial crisis is now the staple of front page news. Banks around the
Dr. D. Subbarao, Governor, Reserve Bank of India
It is my pleasure to be here this evening and to be able to share my thoughts with an exclusive gathering of bankers. Since this is an in-house meeting and we are professional colleagues, I propose to be frank and forthright. I am glad to know that the Bankers' Club in Kolkata has been recently revived and is engaged in promoting professional interaction within the banking community. 2. The global financial crisis is now the staple of front page news. Banks around the
ಡಿಸೆಂ 04, 2008
Mitigating Spillovers and Contagion Lessons from the Global Financial Crisis
1. On behalf of the Reserve Bank of India, it is my pleasure and privilege to welcome all of you international delegates to India, to this wonderful city of Hyderabad, and to this RBI-BIS Seminar on "Mitigating Spillovers and Contagion - Lessons from the Global Financial Crisis". Seminar Context 2. This seminar is the second successive BIS seminar to be organised by the RBI, and marks an important milestone in the intellectual collaboration between the Bank for Intern
Dr. D. Subbarao, Governor, Reserve Bank of India
1. On behalf of the Reserve Bank of India, it is my pleasure and privilege to welcome all of you international delegates to India, to this wonderful city of Hyderabad, and to this RBI-BIS Seminar on "Mitigating Spillovers and Contagion - Lessons from the Global Financial Crisis". Seminar Context 2. This seminar is the second successive BIS seminar to be organised by the RBI, and marks an important milestone in the intellectual collaboration between the Bank for Intern
ನವೆಂ 25, 2008
Contemporary International and Domestic Banking Developments and the Emerging Challenges
Dear Friends, I am delighted to be here this evening at the meeting of the Bankers’ Club, Kolkata, which, I understand, is in the process of reactivating itself to provide a vibrant professional platform to the bankers for an ongoing exchange of views on the areas of functional and contemporary relevance to the banking community. I am grateful to the organisers for affording me this opportunity to be with this august audience and to share some my thoughts on the very
Shri V. Leeladhar, Deputy Governor, Reserve Bank of India
Dear Friends, I am delighted to be here this evening at the meeting of the Bankers’ Club, Kolkata, which, I understand, is in the process of reactivating itself to provide a vibrant professional platform to the bankers for an ongoing exchange of views on the areas of functional and contemporary relevance to the banking community. I am grateful to the organisers for affording me this opportunity to be with this august audience and to share some my thoughts on the very
ನವೆಂ 21, 2008
V K Sharma: Genesis, Diagnosis and Prognosis of the Current Global Financial Crisis
I heartily welcome you all to the Senior Management Conference 2008. As at the time of the last Senior Management Conference, the now 14-month old, and still ongoing, global financial market convulsion, with no hint even now of its cataclysmic denouement, and its recent direct outcome, the widespread global economic slowdown, provide, again, the perfect backdrop, and contextual topicality, to this year's conference theme "Financial Sector Development in India: Agenda
Shri V.K. Sharma, Executive Director, Reserve Bank of India
I heartily welcome you all to the Senior Management Conference 2008. As at the time of the last Senior Management Conference, the now 14-month old, and still ongoing, global financial market convulsion, with no hint even now of its cataclysmic denouement, and its recent direct outcome, the widespread global economic slowdown, provide, again, the perfect backdrop, and contextual topicality, to this year's conference theme "Financial Sector Development in India: Agenda
ಅಕ್ಟೋ 12, 2008
Lessons from the Global Financial Crisis with special reference to Emerging Market Economies and India
1. Since the collapse of the leading US investment banks in August-September 2008, there has been a breakdown of trust in inter-bank and inter-institutional lending. Given that this kind of extreme risk perception will be reversed only slowly, the full resolution of the crisis will inevitably take time. 2. Additionally, there is the problem of contagion – across markets, across institutions and across countries. Each day, there is news of the crisis spreading to a new
Dr. D. Subbarao, Governor, Reserve Bank of India
1. Since the collapse of the leading US investment banks in August-September 2008, there has been a breakdown of trust in inter-bank and inter-institutional lending. Given that this kind of extreme risk perception will be reversed only slowly, the full resolution of the crisis will inevitably take time. 2. Additionally, there is the problem of contagion – across markets, across institutions and across countries. Each day, there is news of the crisis spreading to a new
ಅಕ್ಟೋ 10, 2008
Global Financial Crisis and Key Risks: Impact on India and Asia (Updated on October 27, 2008)
The turmoil in the international financial markets of advanced economies, that started around mid-2007, has exacerbated substantially since August 2008. The financial market crisis has led to the collapse of major financial institutions and is now beginning to impact the real economy in the advanced economies. As this crisis is unfolding, credit markets appear to be drying up in the developed world. With the substantive increase in financial globalisation, how much wi
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
The turmoil in the international financial markets of advanced economies, that started around mid-2007, has exacerbated substantially since August 2008. The financial market crisis has led to the collapse of major financial institutions and is now beginning to impact the real economy in the advanced economies. As this crisis is unfolding, credit markets appear to be drying up in the developed world. With the substantive increase in financial globalisation, how much wi
ಸೆಪ್ಟೆಂ 12, 2008
Financial Inclusion and Information Technology
It is indeed very heartening to be here at this WIPRO-NDTV Convergence Conference on ‘Vision 2020 - Indian Financial Services Sector’. I thank the organizers for inviting me here today. Introduction 2. The banking system has grown enormously in the last five years keeping pace with and in some cases leading the country’s remarkable economic growth. Simultaneously, the banking system has improved its strength, efficiency and resilience. There have also been significant
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
It is indeed very heartening to be here at this WIPRO-NDTV Convergence Conference on ‘Vision 2020 - Indian Financial Services Sector’. I thank the organizers for inviting me here today. Introduction 2. The banking system has grown enormously in the last five years keeping pace with and in some cases leading the country’s remarkable economic growth. Simultaneously, the banking system has improved its strength, efficiency and resilience. There have also been significant
ಆಗ 29, 2008
Remarks by Smt. Shyamala Gopinath, on the launch of currency futures
Honourable Finance Minister, Chairman SEBI Shri Bhave, Chairman NSE, Shri Mathur, MD & CEO NSE, Shri Ravi Narain, DMD, NSE Smt. Chitra Ramakrishnan, ladies and gentlemen. </font>2. We are gathered here to mark an event of great significance in the context of Indian financial markets. This event is in fulfillment of the announcement made by the Hon. Finance Minister as part of the Budget Speech in February 2008. It may be recalled that the preparatory work in
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Honourable Finance Minister, Chairman SEBI Shri Bhave, Chairman NSE, Shri Mathur, MD & CEO NSE, Shri Ravi Narain, DMD, NSE Smt. Chitra Ramakrishnan, ladies and gentlemen. </font>2. We are gathered here to mark an event of great significance in the context of Indian financial markets. This event is in fulfillment of the announcement made by the Hon. Finance Minister as part of the Budget Speech in February 2008. It may be recalled that the preparatory work in
ಆಗ 04, 2008
The Indian Banking Industry – A Retrospect of Select Aspects
Dear Friends, It is my pleasure to be here on the occasion of the birth centenary celebrations of late Shri M. Ct. M. Chidambaram Chettyar. I am thankful to the organisers for affording me this opportunity to share some of my thoughts with this august audience. As you all know, Shri Chettyar was the visionary founder of the Indian Overseas Bank. He established the bank in the pre-independence era in the February 1937, when the banking industry in the country was indee
Shri V. Leeladhar, Deputy Governor, Reserve Bank of India
Dear Friends, It is my pleasure to be here on the occasion of the birth centenary celebrations of late Shri M. Ct. M. Chidambaram Chettyar. I am thankful to the organisers for affording me this opportunity to share some of my thoughts with this august audience. As you all know, Shri Chettyar was the visionary founder of the Indian Overseas Bank. He established the bank in the pre-independence era in the February 1937, when the banking industry in the country was indee
ಆಗ 01, 2008
Payment and Settlement System in India
Dear Friends, It is my pleasure to be here with you this afternoon at this important conclave, which seeks to articulate the vision of Indian banking in 2010. I am thankful to the organisers for affording me this opportunity to be here today and share some of my thoughts with this august audience. The Indian banking system has come a long way, particularly during the last couple of decades and continues to evolve in a myriad of ways. While, no doubt, the future contou
Shri V. Leeladhar, Deputy Governor, Reserve Bank of India
Dear Friends, It is my pleasure to be here with you this afternoon at this important conclave, which seeks to articulate the vision of Indian banking in 2010. I am thankful to the organisers for affording me this opportunity to be here today and share some of my thoughts with this august audience. The Indian banking system has come a long way, particularly during the last couple of decades and continues to evolve in a myriad of ways. While, no doubt, the future contou
ಜುಲೈ 04, 2008
Global Financial Turbulence and Financial Sector in India: A Practitioner’s Perspective
Madam Chairperson, Governor Williams, and friends, At the outset I would like to thank The Initiative for Policy Dialogue, and Professors Stiglitz, Griffith-Jones, and Ocampo for providing me this opportunity to participate and incidentally share my thoughts on the recent developments in the global financial markets and its implications for both the developing and the developed countries. My presentation will initially provide a broad overview of the global developmen
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Madam Chairperson, Governor Williams, and friends, At the outset I would like to thank The Initiative for Policy Dialogue, and Professors Stiglitz, Griffith-Jones, and Ocampo for providing me this opportunity to participate and incidentally share my thoughts on the recent developments in the global financial markets and its implications for both the developing and the developed countries. My presentation will initially provide a broad overview of the global developmen
ಜುಲೈ 02, 2008
Monetary and Regulatory Policies: How to Get the Balance with Markets Right
Chairman Jean-Pierre Roth, Governor Meirelles, distinguished economist Bill White, fellow governors and friends. It was a treat to listen to Edward Lord George’s wonderful and erudite lecture on the ‘Approach to Macroeconomic Management – How it has evolved’ and Sir Andrew Crockett’s comments, as Chairman, on Lord George’s Per Jacobson lecture and also on Lord George - “Steady Eddie” as he is warmly described. The Reserve Bank of India considers both of them as our sp
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Chairman Jean-Pierre Roth, Governor Meirelles, distinguished economist Bill White, fellow governors and friends. It was a treat to listen to Edward Lord George’s wonderful and erudite lecture on the ‘Approach to Macroeconomic Management – How it has evolved’ and Sir Andrew Crockett’s comments, as Chairman, on Lord George’s Per Jacobson lecture and also on Lord George - “Steady Eddie” as he is warmly described. The Reserve Bank of India considers both of them as our sp
ಜೂನ್ 27, 2008
The Virtues and Vices of Talking About Monetary Policy: Some Comments
Governor Yilmaz, Professor Alan Blinder, Professor Benjamin Friedman, fellow-Governors, and distinguished academics, I am honoured by the invitation from the Bank for International Settlements to be a discussant, for a Paper by the eminent and respected scholar, Professor Alan Blinder. It is virtually impossible to add value to the comprehensive and incisive analysis of the subject in the Paper, which is on a subject of great relevance to central bankers. My comments
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Governor Yilmaz, Professor Alan Blinder, Professor Benjamin Friedman, fellow-Governors, and distinguished academics, I am honoured by the invitation from the Bank for International Settlements to be a discussant, for a Paper by the eminent and respected scholar, Professor Alan Blinder. It is virtually impossible to add value to the comprehensive and incisive analysis of the subject in the Paper, which is on a subject of great relevance to central bankers. My comments
ಭಾರತೀಯ ರಿಸರ್ವ್ ಬ್ಯಾಂಕ್ ಮೊಬೈಲ್ ಅಪ್ಲಿಕೇಶನ್ ಅನ್ನು ಇನ್ಸ್ಟಾಲ್ ಮಾಡಿ ಮತ್ತು ಇತ್ತೀಚಿನ ಸುದ್ದಿಗಳಿಗೆ ತ್ವರಿತ ಅಕ್ಸೆಸ್ ಪಡೆಯಿರಿ!
ಪೇಜ್ ಕೊನೆಯದಾಗಿ ಅಪ್ಡೇಟ್ ಆದ ದಿನಾಂಕ: ಡಿಸೆಂಬರ್ 03, 2024
