Speeches & Media Interactions

Opening and Context Setting Good afternoon, distinguished policymakers, members of academia, industry leaders and innovators. It is both a pleasure and a responsibility to address this gathering on a subject that is poised to shape the future of finance, society, and governance alike—Responsible Artificial Intelligence. AI has rapidly evolved from an academic discussion less than a decade back to become an integral part of our daily lives. We encounter it when we unlock our phones, interact with chatbots, and increasingly, when accessing financial services. In just a few years, AI has evolved from an enabling technology to a foundational driver of how individuals and businesses make decisions.

Secretary, DFS, Shri M. Nagaraju, other senior officials from the Government, Chairman and MDs of SBI, MD CEOs and EDs of Public Sector Banks, and my other colleagues, a very good morning to all of you.

Distinguished guests, participants, ladies and gentlemen, a very good evening. I am delighted to address this august gathering of distinguished persons, and key stakeholders across the financial spectrum in the banking transformation summit on the theme of ‘Banking That Builds Bharat: AI-Powered, Credit-Driven’, which is extremely contextual and relevant and encapsulates the spirit of Viksit Bharat.

Participants of the ‘Management Development Programme on Financial Market Regulations’, Professors, ladies, and gentlemen. A very good morning to all of you! 2. At the outset, I would like to thank IIM, Kozhikode for inviting me here. It is a pleasure to address such a diverse gathering, ranging from policy veterans to important stakeholders across the financial landscape. The contents of programme span the issues around the regulatory framework of a diverse mix of entities operating in the financial markets including banks, securities firms, and insurance entities. 

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

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

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

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

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

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