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

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

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

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

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