Speeches & Media Interactions

I am happy to have been invited to this Annual FIBAC 2022 Conference. This is an important forum for industry stalwarts, banking practitioners, thought leaders and policymakers to brainstorm on emerging issues. This conference is being held at a time when the global economy is going through a process of churning. Triple shocks of COVID-19, war in Ukraine and the current financial market turmoil have created a toxic mix of factors and circumstances which every country

I. Introduction: Indian Financial System- Looking back and looking ahead in the 75th year of Indian Independence Distinguished members of banking fraternity, ladies, and gentlemen It is a privilege to deliver the twelfth memorial lecture honouring the great legacy of late Shri R.K. Talwar. I feel thankful and humbled for this opportunity as an occasion to remember personality like Shri R.K. Talwar given his contribution to the banking industry. India recently celebrat

Hon’ble Prime Minister, Hon’ble Finance Minister, Hon’ble Ministers from the Central Government, Hon’ble Chief Ministers and Ministers from the State Governments, Hon’ble MPs and MLAs, Officers from Central and State Governments, Deputy Governors of RBI, MD&CEOs of Banks, Dignitaries and participants from across the country, Ladies and Gentlemen. 2. It is my proud privilege to welcome the Hon’ble Prime Minister to this event. His presence here is a great source of

I am delighted to be here today in the third edition of the Global Fintech Festival (GFF). I would like to congratulate the organisers – the National Payments Corporation of India (NPCI), the Fintech Convergence Council (FCC) and the Payment Council of India (PCI) for organising this event. The theme of the event – Creating a sustainable financial world - is very relevant in current times. 2. In recent years, India has witnessed rapid progress in the financial service

Ladies and Gentlemen, I thank ASSOCHAM for inviting me to deliver this talk here today. The theme of this summit - “Financial Inclusion & Future of Financial Services in India - Vision 2030” is indeed contextual and relevant given the challenges we face at this juncture. The discussions around the issue at this summit should generate invigorating discussions and productive outcomes during the course of the day. Financial inclusion has always been an important poli

1. I am happy to be part of this FIMMDA1 event today. I take this opportunity to place on record the RBI’s appreciation of the key role played by FIMMDA in the development of financial markets in India. 2. In my address this evening, I propose to reflect upon some recent financial market developments and our efforts to navigate through them in the prevailing global and domestic environment. I shall then touch upon some of our recent initiatives for the development of

I am delighted to be here among such a distinguished gathering at the Bank of Baroda Banking Conference. I wish to compliment the Bank of Baroda for organising this event and for having chosen ‘Banking Beyond Tomorrow’ as the theme of the Conference. Given that the banking landscape is witnessing far-reaching changes in the backdrop of rapid innovation, disruption and evolution of new business models, I believe this theme merits active discussion. 2. In my address tod

I am delighted to participate in the inaugural Kautilya Economic Conclave. I look forward to this forum emerging as a leading platform for thoughtful discussions on contemporary economic and policy issues. The conference is being attended by a host of dignitaries from India and abroad, and I am sure their insights on a vast canvas of topics will enhance our understanding of current and future issues. In my address today, I propose to focus on a matter that is now in e

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

Good morning! 2. I am delighted to be here in Guwahati, the gateway to North-Eastern India. The ‘Annual Statistics Conference - 2022’ of the Department of Statistics and Information Management (DSIM), which is being held after a hiatus1 is an important event in the calendar of activities of the RBI. The earlier conference, which was scheduled here in March 2020 was cancelled a day before it was to commence due to the onset of COVID-19 pandemic. 3. The ancient name of

It is a great pleasure to address such an august gathering in this event organised by the Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Government of India as part of the Iconic week of Azadi ka Amrit Mahotsav celebrations. The topic I have chosen for my address today, namely, “Indian Businesses: Past, Present and Future” will resonate with the audience here. Businesses form the bedrock of an economy and on an occasion like this, it would

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

Shri Juzar Khorakiwala, President, Shri Anant Singhania, Vice-President, Shri Ajit Mangrulkar, Director General, Shri Sanjay Mehta and Ms. Sheetal Kalro, Deputy Director Generals, esteemed members of the IMC Chamber of Commerce and Industry, and friends, I thank you for inviting me to deliver the keynote address in the Thought Leadership Series. From the time of its establishment in 1907, the IMC Chamber of Commerce and Industry has always been a thought leader itself

Introduction Delegates from various financial institutions, guest speakers and colleagues from CAFRAL, a very Good Morning to all. At the outset, let me thank CAFRAL for hosting this learning program. The lingering Covid-19 pandemic and the potential economic disruptions due to the latest geo-political events in Europe have again brought to the fore the reality that the nature and frequency of risks faced by the financial system of today are quite unparalleled and unp

A very warm good morning and Namaskar. 1. On behalf of the Central Board of the Reserve Bank of India, I have the privilege of welcoming the Hon’ble Prime Minister to this event to launch two major initiatives of the Reserve Bank. Sir, your participation in this event is a source of great motivation for all of us in the RBI. I would also like to welcome the Hon’ble Finance Minister to this event and thank her for her continuing support. We are also honoured by the est

It gives me great pleasure to be here at the National Academy of Audit and Accounts (NAAA), Shimla today to address the probationers and other officers of the Indian Audit and Accounts Service (IAAS). For the probationers, this is a time when they are embarking upon a journey in the service of the nation as the principal flag bearers of accountability and transparency in public finance and governance. 2. Civil Services play a pivotal role in the overall progress of a

Ladies and Gentlemen! 1. It’s a pleasure to be with you this morning. Let me thank Mr. Chandrajit Banerjee, Director General, CII for extending this kind invitation to me for delivering this inaugural talk at the summit organised by CII. NBFC sector has received wide ranging attention for past few years for various reasons. As an important cog of the financial system, it holds immense potential with its ability to reach out to vast cross-section of the population and

Shri Nilesh Shah, Chairman, CII National Committee on Financial Markets, Shri Vishal Kampani, Co-Chair, Ms. Anuradha Salwan, Head, Financial Sector, CII, Ms. Amita Sarkar, Deputy Director General, CII and friends, I am honoured to be invited to deliver the keynote address in this plenary session of the 12th edition of the Financial Markets Summit organized by the Confederation of Indian Industry (CII). Over the years, the Summit has emerged as a flagship event for tak

It is my pleasure to be part of the Annual FIMMDA-PDAI Conference today. I take this opportunity to place on record the Reserve Bank’s deep appreciation of the key role played by FIMMDA and PDAI in the development of financial markets in India. Both organizations have played a significant role in improving the depth and liquidity of interest rate markets and in supporting primary issuance by the Government. Introduction 2. During May last year, in one of my statements

I wish to thank the organisers of the Economic Times Financial Inclusion Summit for inviting me to address this august gathering. Financial inclusion is a key driver of sustained and balanced economic growth which helps reduce income inequality and poverty. While we have made tremendous strides in this area over the years, the pandemic has created new challenges and complexities. The financial system will have a crucial role to fulfil the aspirations and needs of our

1. The COVID-19 pandemic still continues to keep the world on the edge. The pandemic has so far infected more than 2.3 crore people and has claimed more than 8 lakh lives worldwide. The world is struggling to find a vaccine and/or a cure to the deadly virus. In India also the spread of pandemic continues unabated, though the fatality rate is much lower. 2. As the pandemic ravages on, the economic impact is hard to measure. While there are green shoots and some busines

A very warm good morning to you all. I wish to thank the State Bank of India for inviting me to deliver the keynote address today. I sincerely appreciate the efforts of the organising team in putting together this virtual conference which has now become a new normal. Banks and other financial entities are today at the forefront of the country’s counter measures against the economic impact of COVID-19. They are the transmission channels for RBI’s monetary, regulatory a

1. Introduction 1.1 Capital markets play a crucial role in the economic development of a country. They provide financial resources required for the long-term sustainable development of the economy. Development of viable capital markets is therefore considered an important element in the macro-financial policy toolkit, including for objectives such as financial stability and the transmission of monetary policy. 1.2 The Committee on Global Financial System (CGFS), which

‘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.

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

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

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

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