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தேடலை ரீஃபைன் செய்யவும்

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செப். 05, 2023
FinTech Innovation and approach to regulation - Keynote address delivered by Deputy Governor T Rabi Sankar, Reserve Bank of India - September 5, 2023 - at the Global Fintech Festival in Mumbai

I am delighted to be here with all of you to celebrate the Diamond Jubilee Year of the Delhi School of Economics (DSE). The Delhi School has made a distinct mark as an institution of excellence and very high reputation, both in India and abroad. The list of eminent economists and distinguished alumni associated with the DSE is long and impressive. The School has inspired generations of students to excel in diverse streams such as academia, research, government and corporate sectors. In the Reserve Bank of India, we have also benefitted immensely from the DSE, with a continuous stream of students joining the RBI. It is a matter of pride for me to be part of this momentous year in the history of the institute which has contributed immensely to the policy discourse in India.

2. Today, I have chosen to speak on “Art of Monetary Policy Making: The Indian Context”. As you would be aware, India formally adopted the flexible inflation targeting (FIT) framework in 2016, in broad alignment with global trends. The underlying principle of this framework is that a clearly articulated, legislatively mandated numerical inflation target is the best foundation for overall macroeconomic stability. Low and stable inflation helps households and businesses in planning for long-term savings and investments which ultimately drive innovation, productivity and sustainable growth. On the contrary, high and volatile inflation corrodes the economy by denting productivity and the long-term growth potential. Inflation also imposes disproportionate burden on the poor.

3. I have structured my talk in the following sequence: (i) evolution of monetary policy in India, culminating in the adoption of flexible inflation targeting (FIT) framework; (ii) key elements of this framework, including the forecasting process; (iii) conduct of monetary policy under the FIT regime; and (iv) monetary policy challenges at the current juncture.

Evolution of Monetary Policy Since Independence

4. During the 1950s and 1960s, as the country embarked upon planned economic development, monetary policy assumed a developmental role of meeting the credit needs of the economy as identified under the five-year plans. Bank nationalisation in 1969 ushered in the era of social banking and led to the credit planning phase (1969-85). This period witnessed widespread use of non-market instruments such as directed credit, administered interest rates and moral suasion.

5. Monetary policy during the 1970s and 1980s was constrained by fiscal dominance, automatic monetisation of budget deficits and excessive growth of monetary aggregates. The large scale deficit financing and the resultant high monetary and credit expansion led to inflationary pressures which were further exacerbated by a series of shocks, namely, the Indo-Pak war of 1971, the drought of 1973, the collapse of the Bretton Woods system in 1973, and global oil price shocks of 1973 and 1979. These events precipitated the adoption of “monetary targeting with feedback” as a formal monetary policy framework in 1985.

Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India

I am delighted to be here with all of you to celebrate the Diamond Jubilee Year of the Delhi School of Economics (DSE). The Delhi School has made a distinct mark as an institution of excellence and very high reputation, both in India and abroad. The list of eminent economists and distinguished alumni associated with the DSE is long and impressive. The School has inspired generations of students to excel in diverse streams such as academia, research, government and corporate sectors. In the Reserve Bank of India, we have also benefitted immensely from the DSE, with a continuous stream of students joining the RBI. It is a matter of pride for me to be part of this momentous year in the history of the institute which has contributed immensely to the policy discourse in India.

2. Today, I have chosen to speak on “Art of Monetary Policy Making: The Indian Context”. As you would be aware, India formally adopted the flexible inflation targeting (FIT) framework in 2016, in broad alignment with global trends. The underlying principle of this framework is that a clearly articulated, legislatively mandated numerical inflation target is the best foundation for overall macroeconomic stability. Low and stable inflation helps households and businesses in planning for long-term savings and investments which ultimately drive innovation, productivity and sustainable growth. On the contrary, high and volatile inflation corrodes the economy by denting productivity and the long-term growth potential. Inflation also imposes disproportionate burden on the poor.

3. I have structured my talk in the following sequence: (i) evolution of monetary policy in India, culminating in the adoption of flexible inflation targeting (FIT) framework; (ii) key elements of this framework, including the forecasting process; (iii) conduct of monetary policy under the FIT regime; and (iv) monetary policy challenges at the current juncture.

Evolution of Monetary Policy Since Independence

4. During the 1950s and 1960s, as the country embarked upon planned economic development, monetary policy assumed a developmental role of meeting the credit needs of the economy as identified under the five-year plans. Bank nationalisation in 1969 ushered in the era of social banking and led to the credit planning phase (1969-85). This period witnessed widespread use of non-market instruments such as directed credit, administered interest rates and moral suasion.

5. Monetary policy during the 1970s and 1980s was constrained by fiscal dominance, automatic monetisation of budget deficits and excessive growth of monetary aggregates. The large scale deficit financing and the resultant high monetary and credit expansion led to inflationary pressures which were further exacerbated by a series of shocks, namely, the Indo-Pak war of 1971, the drought of 1973, the collapse of the Bretton Woods system in 1973, and global oil price shocks of 1973 and 1979. These events precipitated the adoption of “monetary targeting with feedback” as a formal monetary policy framework in 1985.

செப். 04, 2023
Keynote Address by Shri Shaktikanta Das, Governor, RBI at the G20 TechSprint Finale organised by Reserve Bank of India and Bank for International Settlements (BIS). Mumbai, September 4, 2023

It gives me immense pleasure to be present here on the occasion of the G20 TechSprint 2023 Grand Finale - an event that represents the spirit of innovation, collaboration and transformation. TechSprint is yet another initiative which reinforces our commitment to harness technology and foster innovations that can transform the financial landscape of the entire world. As we gather here, in the presence of remarkable minds and visionary leaders, we stand on the vortex of possibility and progress, where innovation is not just a concept, but a catalyst for change. 2. The G20 TechSprint is a global long-form hackathon series that the BIS Innovation Hub co-hosts annually with the G20 Presidency. The objective of these hackathons is to identify new technologies which can address the challenges and priorities of central banks. It provides a unique opportunity for public-private partnerships as well as regulator-innovator partnerships. These partnerships have great potential to contribute positively towards improving the efficiency and effectiveness of the financial services ecosystem. 3. TechSprint 2023 resonates profoundly with India's commitment to innovation. With its robust start-up ecosystem, vibrant talent pool, and unwavering commitment to digital transformation, India is now focusing on the way technology can be harnessed to bridge gaps, empower individuals and promote financial inclusion. The past few years have seen a rapid expansion of digital technologies in India having transformative impact on our financial system. Today, more and more people have access to financial services, regardless of their location or social status, owing to the robust digital public infrastructure like Aadhar, affordable internet and mobile phone services. Innovations are powering the spread of mobile banking, digital payments, and other customised digital product offerings. 4. A landmark example of our commitment to innovation is the Unified Payments Interface (UPI), which has been a game-changer for India's digital payments ecosystem. It has helped to drive financial inclusion by bringing millions of unbanked individuals into the formal financial system. With over 10 billion transactions a month, the UPI has become the backbone of digital payments in India and has helped to catalyse a wave of innovations in the fintech sector. Today, there are more than 70 mobile apps and more than 50 million merchants, who accept UPI payments.

Shri Shaktikanta Das, Governor, Reserve Bank of India

It gives me immense pleasure to be present here on the occasion of the G20 TechSprint 2023 Grand Finale - an event that represents the spirit of innovation, collaboration and transformation. TechSprint is yet another initiative which reinforces our commitment to harness technology and foster innovations that can transform the financial landscape of the entire world. As we gather here, in the presence of remarkable minds and visionary leaders, we stand on the vortex of possibility and progress, where innovation is not just a concept, but a catalyst for change. 2. The G20 TechSprint is a global long-form hackathon series that the BIS Innovation Hub co-hosts annually with the G20 Presidency. The objective of these hackathons is to identify new technologies which can address the challenges and priorities of central banks. It provides a unique opportunity for public-private partnerships as well as regulator-innovator partnerships. These partnerships have great potential to contribute positively towards improving the efficiency and effectiveness of the financial services ecosystem. 3. TechSprint 2023 resonates profoundly with India's commitment to innovation. With its robust start-up ecosystem, vibrant talent pool, and unwavering commitment to digital transformation, India is now focusing on the way technology can be harnessed to bridge gaps, empower individuals and promote financial inclusion. The past few years have seen a rapid expansion of digital technologies in India having transformative impact on our financial system. Today, more and more people have access to financial services, regardless of their location or social status, owing to the robust digital public infrastructure like Aadhar, affordable internet and mobile phone services. Innovations are powering the spread of mobile banking, digital payments, and other customised digital product offerings. 4. A landmark example of our commitment to innovation is the Unified Payments Interface (UPI), which has been a game-changer for India's digital payments ecosystem. It has helped to drive financial inclusion by bringing millions of unbanked individuals into the formal financial system. With over 10 billion transactions a month, the UPI has become the backbone of digital payments in India and has helped to catalyse a wave of innovations in the fintech sector. Today, there are more than 70 mobile apps and more than 50 million merchants, who accept UPI payments.

ஆக. 23, 2023
“Building Blocks for a Sustainable Future: Some Reflections” - Speech by Shri Shaktikanta Das, Governor, Reserve Bank of India - Delivered at the 29th Lalit Doshi Memorial Lecture on August 23, 2023 at the Y. B. Chavan Centre, Mumbai

I am deeply honoured for the invitation to deliver this lecture in the memory of Shri Lalit Doshi, an eminent civil servant, whose sudden demise at an early age nearly three decades back was a great loss to many, including the state of Maharashtra. Shri Doshi is fondly remembered as unassuming, sober, hardworking and extremely competent by his colleagues and contemporaries. In his distinguished public service career spanning more than 27 years, he held several key positions both in the state and central governments. As Secretary Industries, Government of Maharashtra during 1992-94, till his sad demise in January 1994, he played a pivotal role in

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am deeply honoured for the invitation to deliver this lecture in the memory of Shri Lalit Doshi, an eminent civil servant, whose sudden demise at an early age nearly three decades back was a great loss to many, including the state of Maharashtra. Shri Doshi is fondly remembered as unassuming, sober, hardworking and extremely competent by his colleagues and contemporaries. In his distinguished public service career spanning more than 27 years, he held several key positions both in the state and central governments. As Secretary Industries, Government of Maharashtra during 1992-94, till his sad demise in January 1994, he played a pivotal role in

ஆக. 11, 2023
Closing Remarks by Shri Shaktikanta Das, Governor, RBI at the Seminar on Global Economy: Challenges, Opportunities and Way Forward organised by the Ministry of Finance, Government of India and the Reserve Bank of India, August 11, 2023, Mumbai

Today’s seminar on Global Economy: Challenges, Opportunities, and the Way Forward, held as part of the International Financial Architecture (IFA) and Framework Working Groups (FWG) workstreams under India’s G20 Presidency, including the three panel discussions have yielded rich and insightful thoughts on (i) financing development and global public goods; (ii) tackling global debt vulnerabilities; and (iii) the key risks to the global economy. All these issues are priorities under India’s G20 Presidency. I take this opportunity to thank all the participants for enhancing the quality of discussions during the day.

Shri Shaktikanta Das, Governor, Reserve Bank of India

Today’s seminar on Global Economy: Challenges, Opportunities, and the Way Forward, held as part of the International Financial Architecture (IFA) and Framework Working Groups (FWG) workstreams under India’s G20 Presidency, including the three panel discussions have yielded rich and insightful thoughts on (i) financing development and global public goods; (ii) tackling global debt vulnerabilities; and (iii) the key risks to the global economy. All these issues are priorities under India’s G20 Presidency. I take this opportunity to thank all the participants for enhancing the quality of discussions during the day.

ஜூலை 25, 2023
Remarks of Shri M. Rajeshwar Rao, Deputy Governor Panel Discussion on Climate Implications for Central Banking - Organised by the IMF and Center for Social and Economic Forum on Wednesday, July 19, 2023 at New Delhi

1. Good Afternoon, Ladies and Gentlemen, 2. Thank you for inviting me to participate in this dialogue and the Panel Discussion on ‘Climate Implications for Central Banking’. Climate change and its impact on us is no longer a distant threat. Rising global temperatures, extreme weather events, changing weather patterns and the degradation of ecosystems are threatening our lives and livelihoods. We therefore have to face up to the challenge of climate change sooner, not later. Now, it is up to us to deal with this in a calibrated and well-planned manner or deal with it once we are pushed into a corner with little elbow room. Therefore, the timing of this dialogue is quite appropriate and provides an opportunity to discuss and deliberate on this issue.

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

1. Good Afternoon, Ladies and Gentlemen, 2. Thank you for inviting me to participate in this dialogue and the Panel Discussion on ‘Climate Implications for Central Banking’. Climate change and its impact on us is no longer a distant threat. Rising global temperatures, extreme weather events, changing weather patterns and the degradation of ecosystems are threatening our lives and livelihoods. We therefore have to face up to the challenge of climate change sooner, not later. Now, it is up to us to deal with this in a calibrated and well-planned manner or deal with it once we are pushed into a corner with little elbow room. Therefore, the timing of this dialogue is quite appropriate and provides an opportunity to discuss and deliberate on this issue.

ஜூலை 11, 2023
RBI & Fintech: The Road Ahead - Keynote address delivered by Deputy Governor T Rabi Sankar, Reserve Bank of India - July 7, 2023 - at the Moneycontrol India Startup Conclave in Bengaluru

Good Morning to all I am delighted to be present here at the India Start-up Conclave. All of you represent the best of the Indian entrepreneurial spirit and it is my privilege to be addressing this gathering. India is one of the fastest growing large economies today, our population is young and adequately skilled, the policy environment is supportive of private enterprise, our capital markets are capable of funding good business ideas, the India stack-the envy of the world- all these factors have allowed many start-ups to bloom thereby creating a robust Indian start-up ecosystem. FinTech entities comprise a large part of this start-up ecosystem.

Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India

Good Morning to all I am delighted to be present here at the India Start-up Conclave. All of you represent the best of the Indian entrepreneurial spirit and it is my privilege to be addressing this gathering. India is one of the fastest growing large economies today, our population is young and adequately skilled, the policy environment is supportive of private enterprise, our capital markets are capable of funding good business ideas, the India stack-the envy of the world- all these factors have allowed many start-ups to bloom thereby creating a robust Indian start-up ecosystem. FinTech entities comprise a large part of this start-up ecosystem.

ஜூலை 03, 2023
Statistics Shape the Setting of Monetary Policy - Speech delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - June 30, 2023 - at the Statistics Day Conference at RBI, Mumbai

Namaskar and Good Afternoon! Our eminent chief guest Professor S R S Varadhan, Frank Jay Gould Professor of Science, New York University and recipient of the Padma Vibhushan, Professor Rajeeva L. Karandikar, Chairman, National Statistical Commission – we eagerly await his keynote address -, Professor G. Sivakumar, Professor, Computer Science, Indian Institute of Technology, Bombay, whose guidance has been illuminating the voyage of CIMS from an idea to reality, distin

Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India

Namaskar and Good Afternoon! Our eminent chief guest Professor S R S Varadhan, Frank Jay Gould Professor of Science, New York University and recipient of the Padma Vibhushan, Professor Rajeeva L. Karandikar, Chairman, National Statistical Commission – we eagerly await his keynote address -, Professor G. Sivakumar, Professor, Computer Science, Indian Institute of Technology, Bombay, whose guidance has been illuminating the voyage of CIMS from an idea to reality, distin

ஜூன் 30, 2023
Inaugural Address by Shri Shaktikanta Das, Governor at the 17th Statistics Day Conference organised by the Department of Statistics and Information Management, Reserve Bank of India on June 30, 2023, Mumbai
I am happy to participate in the 17th annual ‘Statistics Day Conference’ of the Reserve Bank, and also to launch the ‘Centralised Information Management System’ or CIMS, which is our next generation data warehouse. Over two decades ago, the Reserve Bank was among the pioneer central banks to set up its data warehouse. Considering the developments during the interregnum, it is natural that we migrate to a new platform with a more enriched orientation. 2. Celebration of
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am happy to participate in the 17th annual ‘Statistics Day Conference’ of the Reserve Bank, and also to launch the ‘Centralised Information Management System’ or CIMS, which is our next generation data warehouse. Over two decades ago, the Reserve Bank was among the pioneer central banks to set up its data warehouse. Considering the developments during the interregnum, it is natural that we migrate to a new platform with a more enriched orientation. 2. Celebration of
ஜூன் 15, 2023
Some perspectives on Banking Supervision - Opening remarks by Shri M K Jain, Deputy Governor, Reserve Bank of India - June 14, 2023 - at the 25th SEACEN-FSI Conference of the Directors of Supervision of Asia Pacific Economies in Mumbai
Mr. Mangal Goswami, Executive Director, SEACEN Centre, Mr. Raihan Zamil, Senior Advisor, Financial Stability Institute, Directors of Supervision of Asia-Pacific Economies, Ladies and gentlemen. A very good morning to all of you. The Reserve Bank is delighted to host this Conference of Directors of Supervision. SEACEN Research and Training Centre and FSI have curated an excellent line-up of topics that are both timely and pertinent, covering key banking risks in the As
Shri M. K. Jain, Deputy Governor, Reserve Bank of India
Mr. Mangal Goswami, Executive Director, SEACEN Centre, Mr. Raihan Zamil, Senior Advisor, Financial Stability Institute, Directors of Supervision of Asia-Pacific Economies, Ladies and gentlemen. A very good morning to all of you. The Reserve Bank is delighted to host this Conference of Directors of Supervision. SEACEN Research and Training Centre and FSI have curated an excellent line-up of topics that are both timely and pertinent, covering key banking risks in the As
ஜூன் 13, 2023
Central Banking in Uncertain Times: The Indian Experience - Opening Plenary Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - June 13, 2023 - Delivered at the Summer Meetings organised by Central Banking, London, UK

In recent times, especially since the outbreak of the COVID-19 pandemic, central banks – who are at the core of monetary and financial systems – have been called to do “heavy lifting” well beyond their traditional mandate. Central banks have navigated through unchartered waters during the three black swan events – the pandemic, the war in Ukraine and the unprecedented scale and pace of global monetary policy normalisation – all in the span of three years. More recentl

Shri Shaktikanta Das, Governor, Reserve Bank of India

In recent times, especially since the outbreak of the COVID-19 pandemic, central banks – who are at the core of monetary and financial systems – have been called to do “heavy lifting” well beyond their traditional mandate. Central banks have navigated through unchartered waters during the three black swan events – the pandemic, the war in Ukraine and the unprecedented scale and pace of global monetary policy normalisation – all in the span of three years. More recentl

ஜூன் 11, 2023
Productivity: The Promise of Progress - Inaugural address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - June 11, 2023 - at the Sixth Asia KLEMS Conference at Lonavala

I. Introduction Good evening! I welcome you all to the sixth Asia KLEMS Conference, to India and to the Reserve Bank of India, henceforth RBI. We are honoured to host this conference in physical mode after the arduous isolation imposed by the pandemic. The hill town of Lonavala, an ancient resting place for travellers and traders, is nestled in India’s soon-to-be monsoon-drenched western ghats – a chain of mountains running 30 to 50 km inland parallel to India’s west

Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India

I. Introduction Good evening! I welcome you all to the sixth Asia KLEMS Conference, to India and to the Reserve Bank of India, henceforth RBI. We are honoured to host this conference in physical mode after the arduous isolation imposed by the pandemic. The hill town of Lonavala, an ancient resting place for travellers and traders, is nestled in India’s soon-to-be monsoon-drenched western ghats – a chain of mountains running 30 to 50 km inland parallel to India’s west

ஜூன் 05, 2023
Governance in Banks: Driving Sustainable Growth and Stability - Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India at the Conference of Directors of Banks organised by the Reserve Bank of India for Public Sector Banks on May 22, 2023 in New Delhi and Private Sector Banks on May 29, 2023 in Mumbai
Governor Shri Das, Deputy Governor Shri Jain, EDs, Chairmen, MDs, distinguished members of the Board, my colleagues from RBI, ladies, and gentlemen, I am glad to be amongst you today on this occasion to engage with you on a topic that the Reserve Bank considers of the utmost importance. Governance in banks is a focus area of RBI’s regulatory and supervisory efforts. To ensure there is alignment between the regulator and stakeholders’ perspectives, encourage free and f
Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India
Governor Shri Das, Deputy Governor Shri Jain, EDs, Chairmen, MDs, distinguished members of the Board, my colleagues from RBI, ladies, and gentlemen, I am glad to be amongst you today on this occasion to engage with you on a topic that the Reserve Bank considers of the utmost importance. Governance in banks is a focus area of RBI’s regulatory and supervisory efforts. To ensure there is alignment between the regulator and stakeholders’ perspectives, encourage free and f
ஜூன் 05, 2023
Cyber Security for a safer Financial System - Keynote address by Shri M K Jain, Deputy Governor, Reserve Bank of India - June 5, 2023 - at ‘Cyber Security Exercise for Banking Sector’ an international event under India’s G 20 Presidency in Mumbai
Dr. Sanjay Bahl, Director General of Computer Emergency Response Team – In (CERT-In), distinguished guests from the IMF, the BIS, delegates from other central banks and CERTs, MDs/CEOs of banks from India and their team members, global CISOs and CTOs of foreign banks, my colleagues from RBI, ladies and gentlemen. Good morning to all of you. 2. I thank all of you for joining us for this important event to deliberate upon the critical area of cyber security that has bec
Shri M. K. Jain, Deputy Governor, Reserve Bank of India
Dr. Sanjay Bahl, Director General of Computer Emergency Response Team – In (CERT-In), distinguished guests from the IMF, the BIS, delegates from other central banks and CERTs, MDs/CEOs of banks from India and their team members, global CISOs and CTOs of foreign banks, my colleagues from RBI, ladies and gentlemen. Good morning to all of you. 2. I thank all of you for joining us for this important event to deliberate upon the critical area of cyber security that has bec
மே 31, 2023
Governance in Banks: Driving Sustainable Growth and Stability - Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of India at the Conference of Directors of Banks organised by the Reserve Bank of India for Public Sector Banks on May 22, 2023 in New Delhi and Private Sector Banks on May 29, 2023 in Mumbai
Governor, Deputy Governor Shri M R Rao, colleagues from the RBI and distinguished directors of banks. Good morning. It is indeed an honour to be here to discuss a topic of utmost importance: Governance in Banks – Driving Sustainable Growth and Stability. You are seasoned professionals with expertise in your domains. Today, I intend to share some insights from my experience both as a practitioner as well as supervisor. 2. We had three key objectives in mind for holding
Shri M. K. Jain, Deputy Governor, Reserve Bank of India
Governor, Deputy Governor Shri M R Rao, colleagues from the RBI and distinguished directors of banks. Good morning. It is indeed an honour to be here to discuss a topic of utmost importance: Governance in Banks – Driving Sustainable Growth and Stability. You are seasoned professionals with expertise in your domains. Today, I intend to share some insights from my experience both as a practitioner as well as supervisor. 2. We had three key objectives in mind for holding
மே 29, 2023
‘Governance in Banks: Driving Sustainable Growth and Stability’ - Inaugural Address by Shri Shaktikanta Das, Governor at the Conference of Directors of Banks organised by the Reserve Bank of India for Public Sector Banks on May 22, 2023 in New Delhi and Private Sector Banks on May 29, 2023 in Mumbai
I am very happy to be here in this maiden Conference of the Directors in the Boards of Banks organised by the Reserve Bank of India. At the outset, I would like to acknowledge the key role played by the Banks in the process of economic development of our country. Over the years and especially in the recent period, Banks have been able to maintain financial and operational resilience in the face of extreme stress originating from the COVID-19 pandemic, the continuing w
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am very happy to be here in this maiden Conference of the Directors in the Boards of Banks organised by the Reserve Bank of India. At the outset, I would like to acknowledge the key role played by the Banks in the process of economic development of our country. Over the years and especially in the recent period, Banks have been able to maintain financial and operational resilience in the face of extreme stress originating from the COVID-19 pandemic, the continuing w
மே 10, 2023
The Dawn of India’s Age - Inaugural address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - May 10, 2023 - at the Indira Gandhi Institute of Development Research (IGIDR) Alumni Conference, Mumbai
Dr. Basanta Kumar Pradhan, Director, Indira Gandhi Institute of Development Research or IGIDR, Prof Subrata Sarkar, Convenor of the Conference Committee, Faculty Members of IGIDR, Distinguished Alumni of the Institute, Ladies and Gentlemen, Namaskar and Good Afternoon! I am deeply honoured to be invited to inaugurate the IGIDR Alumni Conference which, perhaps for the first time, brings together former students, current students and faculty under the mantle of the alma
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
Dr. Basanta Kumar Pradhan, Director, Indira Gandhi Institute of Development Research or IGIDR, Prof Subrata Sarkar, Convenor of the Conference Committee, Faculty Members of IGIDR, Distinguished Alumni of the Institute, Ladies and Gentlemen, Namaskar and Good Afternoon! I am deeply honoured to be invited to inaugurate the IGIDR Alumni Conference which, perhaps for the first time, brings together former students, current students and faculty under the mantle of the alma
ஏப். 27, 2023
Future-Proofing the Indian Financial System - Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - April 27, 2023 - Delivered at the Global Conference on Financial Resilience organised by the College of Supervisors in Mumbai

I am very happy to be here among researchers and practitioners to participate in the Global Conference on Financial Resilience organised by the College of Supervisors of the Reserve Bank of India. I would like to convey my appreciations to the College of Supervisors (CoS) for organising this conference. I also congratulate the CoS for its accomplishments over the last two years. 2. In the context of the overall impact of the COVID-19 pandemic, the war in Ukraine and t

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am very happy to be here among researchers and practitioners to participate in the Global Conference on Financial Resilience organised by the College of Supervisors of the Reserve Bank of India. I would like to convey my appreciations to the College of Supervisors (CoS) for organising this conference. I also congratulate the CoS for its accomplishments over the last two years. 2. In the context of the overall impact of the COVID-19 pandemic, the war in Ukraine and t

ஏப். 03, 2023
Financial Sector as an Enabler for Developed India - Keynote Address by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - March 22, 2023 - at the 31st Annual Management Convention of Thrissur Management Association

A very good evening to all of you. It is indeed a pleasure to be here and participate in the 31st annual management convention of Thrissur Management Association. As Socrates once said, "The only true wisdom is in knowing you know nothing." Little did we know, three years back, that we would face one of the greatest challenges of our lifetime - a pandemic that would upend our daily lives and force us to navigate through unknown, unforeseen, and unanticipated turbulenc

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

A very good evening to all of you. It is indeed a pleasure to be here and participate in the 31st annual management convention of Thrissur Management Association. As Socrates once said, "The only true wisdom is in knowing you know nothing." Little did we know, three years back, that we would face one of the greatest challenges of our lifetime - a pandemic that would upend our daily lives and force us to navigate through unknown, unforeseen, and unanticipated turbulenc

மார். 18, 2023
Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India at the Payment System Operators (PSO) Conference, Kochi, March 18, 2023
I am delighted to be here at the first Payment System Operators’ (PSO) Conference being organised by the Department of Payment & Settlement Systems (DPSS) of the RBI. It is indeed a matter of pride that the Indian payment systems have been globally recognised as best-in-class and future ready. It is the combined effort of all the PSOs, the Government and the Reserve Bank that has made India a shining star in global payments space. The Reserve Bank acknowledges the
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am delighted to be here at the first Payment System Operators’ (PSO) Conference being organised by the Department of Payment & Settlement Systems (DPSS) of the RBI. It is indeed a matter of pride that the Indian payment systems have been globally recognised as best-in-class and future ready. It is the combined effort of all the PSOs, the Government and the Reserve Bank that has made India a shining star in global payments space. The Reserve Bank acknowledges the
மார். 17, 2023
G20 for a Better Global Economic Order during India’s Presidency - 17th K P Hormis Commemorative Lecture by Shri Shaktikanta Das, Governor, Reserve Bank of India, Kochi, March 17, 2023

I am delighted to have been invited by Federal Bank to deliver the K P Hormis Commemorative Lecture today. Late Shri K P Hormis, the founder of the Federal Bank, was a great institution builder who recognised early the critical role of entrepreneurs in an economy, the importance of banks in providing finance, particularly to small scale entrepreneurs, and the need for prudence in banking business to preserve financial stability. 2. Despite the multiple and overlapping

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am delighted to have been invited by Federal Bank to deliver the K P Hormis Commemorative Lecture today. Late Shri K P Hormis, the founder of the Federal Bank, was a great institution builder who recognised early the critical role of entrepreneurs in an economy, the importance of banks in providing finance, particularly to small scale entrepreneurs, and the need for prudence in banking business to preserve financial stability. 2. Despite the multiple and overlapping

மார். 10, 2023
The FinTech Revolution in India- Innovation, Inclusion and Regulation - Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of India - March 10, 2023 - at the International Research Conference on FinTech: Innovation, Inclusion, and Regulation jointly organized by the Indian Institute of Management (IIM), Ahmedabad and the Centre for Advanced Financial Research and Learning (CAFRAL)

Shri Injeti Srinivas (Chairperson, IFSCA), Shri B. P. Kanungo (Director, CAFRAL), faculty members of IIM Ahmedabad and CAFRAL, and distinguished participants of this conference, a warm greeting to you all! 1. I am delighted to be present here at this International Research Conference on FinTech. The theme on ‘Innovation, Inclusion, and Regulation’ in the context of the FinTech Revolution in India is indeed very topical and relevant to the times we live in. 2. New tech

Shri M. K. Jain, Deputy Governor, Reserve Bank of India

Shri Injeti Srinivas (Chairperson, IFSCA), Shri B. P. Kanungo (Director, CAFRAL), faculty members of IIM Ahmedabad and CAFRAL, and distinguished participants of this conference, a warm greeting to you all! 1. I am delighted to be present here at this International Research Conference on FinTech. The theme on ‘Innovation, Inclusion, and Regulation’ in the context of the FinTech Revolution in India is indeed very topical and relevant to the times we live in. 2. New tech

மார். 09, 2023
Self-Regulation in Financial Markets – Looking Back and Looking Ahead - Keynote address delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – March 05, 2023 - at the 17th FEDAI Annual Conference at Cairo, Egypt

1. A very good morning to all of you. It is indeed a pleasure to be here amidst all of you today at the 17th annual conference of FEDAI. These annual events of FEDAI provide an excellent opportunity for the exchange of ideas and thoughts among the foreign exchange market participants and I am sure this one will be no exception. 2. Today, as I speak to the market veterans assembled here in Cairo, it strikes me that it is fitting perhaps that this conference is being he

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

1. A very good morning to all of you. It is indeed a pleasure to be here amidst all of you today at the 17th annual conference of FEDAI. These annual events of FEDAI provide an excellent opportunity for the exchange of ideas and thoughts among the foreign exchange market participants and I am sure this one will be no exception. 2. Today, as I speak to the market veterans assembled here in Cairo, it strikes me that it is fitting perhaps that this conference is being he

மார். 06, 2023
Address by Governor, Shri Shaktikanta Das, Reserve Bank of India - March 06, 2023 - Digital Payments Awareness Week (March 6-12, 2023) Launch of Mission ‘Har Payment Digital’, Mumbai

1. The Launching of Mission ‘Har Payment Digital’ today during the Digital Payments Awareness Week (DPAW) 2023 reinforces RBI’s commitment to deepen digital payments in the country. 2. I am happy to note that the Department of Payment and Settlement Systems (DPSS) of the RBI is celebrating its 18th anniversary (it was formed on March 7, 2005). Congratulations to team DPSS on this milestone. Over the years our payment systems have evolved and now we have multiple syste

Shri Shaktikanta Das, Governor, Reserve Bank of India

1. The Launching of Mission ‘Har Payment Digital’ today during the Digital Payments Awareness Week (DPAW) 2023 reinforces RBI’s commitment to deepen digital payments in the country. 2. I am happy to note that the Department of Payment and Settlement Systems (DPSS) of the RBI is celebrating its 18th anniversary (it was formed on March 7, 2005). Congratulations to team DPSS on this milestone. Over the years our payment systems have evolved and now we have multiple syste

ஜன. 27, 2023
Financial markets in India: In pursuit of stability and development - Keynote Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - January 27, 2023 - at the 22nd FIMMDA-PDAI Annual Conference, Dubai
It is my pleasure to be part of the Annual FIMMDA1-PDAI2 Conference today. I would like to place on record the Reserve Bank’s appreciation of the critical role played by FIMMDA and PDAI in the development of financial markets in India over the years, and more recently, in partnering with the RBI in guiding the markets and the economy through the turbulent times of COVID-19, the war in Ukraine and the turmoil in financial markets. 2. Today, as I speak before keen marke
Shri Shaktikanta Das, Governor, Reserve Bank of India
It is my pleasure to be part of the Annual FIMMDA1-PDAI2 Conference today. I would like to place on record the Reserve Bank’s appreciation of the critical role played by FIMMDA and PDAI in the development of financial markets in India over the years, and more recently, in partnering with the RBI in guiding the markets and the economy through the turbulent times of COVID-19, the war in Ukraine and the turmoil in financial markets. 2. Today, as I speak before keen marke
ஜன. 06, 2023
South Asia’s Current Macroeconomic Challenges and Policy Priorities - Keynote Address by Shri Shaktikanta Das, Governor, Reserve Bank of India – January 06, 2023 - at the high-level Conference co-organised by International Monetary Fund (IMF) Asia and Pacific Department (APD) and IMF South Asia Regional Training and Technical Assistance Centre (SARTTAC), New Delhi
I am delighted to have been invited by the IMF to join this distinguished gathering here today to discuss pathways to resilient, sustainable and inclusive growth in South Asia. I am happy to note that the conference proceedings will be anchored by the research findings and policy recommendations of the book titled “South Asia’s Path to Resilient Growth”. In the current international setting, global trade and growth outlook appear uninspiring, and policies have to be c
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am delighted to have been invited by the IMF to join this distinguished gathering here today to discuss pathways to resilient, sustainable and inclusive growth in South Asia. I am happy to note that the conference proceedings will be anchored by the research findings and policy recommendations of the book titled “South Asia’s Path to Resilient Growth”. In the current international setting, global trade and growth outlook appear uninspiring, and policies have to be c
டிச. 27, 2022
Fintech & Regulation - Speech delivered by Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India - December 21, 2022 - at the Business Standard Summit in Mumbai

1. Year-ends are usually a time for introspection and 2022 clearly offers a lot of food for thought. On the bright side, humanity seems to be finally putting the horrors of Covid behind it. The rest of the story is not so bright. The specter of war and geopolitical tension has reared its head again. We were told in the late 1990s that business cycles were dead and inflation has been conquered. After the financial crisis in advanced economies, the focus shifted to defl

Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India

1. Year-ends are usually a time for introspection and 2022 clearly offers a lot of food for thought. On the bright side, humanity seems to be finally putting the horrors of Covid behind it. The rest of the story is not so bright. The specter of war and geopolitical tension has reared its head again. We were told in the late 1990s that business cycles were dead and inflation has been conquered. After the financial crisis in advanced economies, the focus shifted to defl

டிச. 22, 2022
Challenges and Opportunities in Scaling up Green Finance - Address by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - December 22, 2022 - at the Business Standard BFSI Insight Summit at Mumbai

1. A very good morning to all the distinguished dignitaries and participants at this BFSI Insight Summit being organised by the Business Standard. I am very happy to be amidst you today albeit virtually. In recent times, this event has become a well-regarded platform for debate and deliberation on contemporary issues in finance and has generated useful insights from the wisdom of distinguished speakers who have graced the previous summits. 2. As we look back over the

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

1. A very good morning to all the distinguished dignitaries and participants at this BFSI Insight Summit being organised by the Business Standard. I am very happy to be amidst you today albeit virtually. In recent times, this event has become a well-regarded platform for debate and deliberation on contemporary issues in finance and has generated useful insights from the wisdom of distinguished speakers who have graced the previous summits. 2. As we look back over the

டிச. 08, 2022
Capacity Building in the Financial Sector in the face of Emerging Challenges - Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of India - December 2, 2022 - at the Golden Jubilee celebration function of the National Institute for Banking Studies and Corporate Management (NIBSCOM) in Noida

Chairman Governing Board, NIBSCOM as well as other Governing Board Members, NIBSCOM; Director, NIBSCOM and Faculty Members of NIBSCOM; Eminent bankers, ladies and gentlemen. Good afternoon. 1. Thank you for inviting me to the Golden Jubilee celebration of this premier institution. Over the last 50 years the National Institute for Banking Studies and Corporate Management (NIBSCOM) has provided exemplary service to the banking industry by training several generations of

Shri M. K. Jain, Deputy Governor, Reserve Bank of India

Chairman Governing Board, NIBSCOM as well as other Governing Board Members, NIBSCOM; Director, NIBSCOM and Faculty Members of NIBSCOM; Eminent bankers, ladies and gentlemen. Good afternoon. 1. Thank you for inviting me to the Golden Jubilee celebration of this premier institution. Over the last 50 years the National Institute for Banking Studies and Corporate Management (NIBSCOM) has provided exemplary service to the banking industry by training several generations of

நவ. 30, 2022
Financial Benchmarks in India: A Coming of Age - Speech delivered by Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India - November 28, 2022 - at a seminar organised by Financial Benchmarks India Private Limited (FBIL) in Mumbai

Smt. Usha Thorat, Chairperson, FBIL, Shri R.N. Kar, CEO, FBIL, distinguished speakers, colleagues and friends. It is a pleasure to be speaking today at the annual dinner of the Financial Benchmarks India Limited. Over the last decade, following the LIBOR problems, international attention to reform financial benchmarks has been a major component of the post-GFC regulatory overhaul of financial systems. Today, as we stand in the final stages of transition away from LIBO

Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India

Smt. Usha Thorat, Chairperson, FBIL, Shri R.N. Kar, CEO, FBIL, distinguished speakers, colleagues and friends. It is a pleasure to be speaking today at the annual dinner of the Financial Benchmarks India Limited. Over the last decade, following the LIBOR problems, international attention to reform financial benchmarks has been a major component of the post-GFC regulatory overhaul of financial systems. Today, as we stand in the final stages of transition away from LIBO

நவ. 24, 2022
The Lighter Side of Making Monetary Policy - Speech delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - November 24, 2022 - in the 9th SBI Banking and Economics Conclave, Mumbai
I am honoured to be invited to this year’s Conclave. In a short span of eight years, the SBI Banking and Economics Conclave has emerged as an important platform of eminence and relevance for deliberating on issues shaping the banking system and more broadly, India’s financial sector. This year, the backdrop is a daunting one. Across the world, monetary policy authorities are engaged in the most aggressive and synchronized tightening in decades. They are resolute in th
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
I am honoured to be invited to this year’s Conclave. In a short span of eight years, the SBI Banking and Economics Conclave has emerged as an important platform of eminence and relevance for deliberating on issues shaping the banking system and more broadly, India’s financial sector. This year, the backdrop is a daunting one. Across the world, monetary policy authorities are engaged in the most aggressive and synchronized tightening in decades. They are resolute in th
நவ. 19, 2022
Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - November 19, 2022 - at the Annual Research Conference of the Department of Economic and Policy Research, Hyderabad

I am delighted to be here with the economists of the Reserve Bank to inaugurate the annual research conference of the Department of Economic and Policy Research (DEPR). This conference is being held after a gap of more than three years. While I have been regularly interacting with many of you individually or in groups to discuss various issues, this is the first time that I am addressing all of you at one place. 2. The economics profession today faces one of its tough

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am delighted to be here with the economists of the Reserve Bank to inaugurate the annual research conference of the Department of Economic and Policy Research (DEPR). This conference is being held after a gap of more than three years. While I have been regularly interacting with many of you individually or in groups to discuss various issues, this is the first time that I am addressing all of you at one place. 2. The economics profession today faces one of its tough

நவ. 15, 2022
Lost in Transmission? Financial Markets and Monetary Policy - Speech delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - November 12, 2022 - in the Treasury Heads’ Seminar organised by the Reserve Bank at Lonavala
I thank you all for your very valuable participation in this seminar, the third in the series that we began in May 2016. In this context, I want to thank our team in the Financial Markets Regulation Department for making this Seminar happen with physical interactions after a long gap. Given my abiding interest in financial markets, I am particularly grateful to our team for ensuring that I don’t miss this opportunity to be with treasury heads and financial market expe
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
I thank you all for your very valuable participation in this seminar, the third in the series that we began in May 2016. In this context, I want to thank our team in the Financial Markets Regulation Department for making this Seminar happen with physical interactions after a long gap. Given my abiding interest in financial markets, I am particularly grateful to our team for ensuring that I don’t miss this opportunity to be with treasury heads and financial market expe
நவ. 07, 2022
Journey Towards an Inclusive and Responsible Microfinance Sector - Keynote address delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - November 04, 2022 - at the launch of MFIN’s India Microfinance Review, Mumbai
Ladies and Gentlemen, At the outset, I would like to thank MFIN for inviting me to this event. In an earlier speech2 last year in October, I had highlighted some of the aspects typical to the borrowers and lenders in the microfinance sector. These related to over indebtedness of the borrowers, pricing of microfinance loans besides conduct related issues. I had also stressed that emerging dynamics in the microfinance sector as well as the concerns around customer prote
Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India
Ladies and Gentlemen, At the outset, I would like to thank MFIN for inviting me to this event. In an earlier speech2 last year in October, I had highlighted some of the aspects typical to the borrowers and lenders in the microfinance sector. These related to over indebtedness of the borrowers, pricing of microfinance loans besides conduct related issues. I had also stressed that emerging dynamics in the microfinance sector as well as the concerns around customer prote
நவ. 02, 2022
India : A Story of Resilience - Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - November 02, 2022 - at the Annual FIBAC 2022 Conference Organised Jointly by FICCI and IBA, Mumbai

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

அக். 31, 2022
Fifty Years of Indian Banking Through the Lens of Basic Statistical Returns - Speech delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - October 28, 2022 - in the Conference on ‘BSR@50’ organised by the Bank at Mumbai
Dr. R. B. Barman, former Chairman, National Statistical Commission, Shri S. H. Saoji, Dr. A. K. Nag and other former colleagues who contributed richly to the Basic Statistical Return (BSR) system, senior officials from banks – I am glad to see many Chief Compliance Officers (CCOs) of banks participating today – Executive Directors and other colleagues from the Reserve Bank, Ladies and Gentlemen, 2. Today, we celebrate the 50th year of the BSR system and pause to refle
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
Dr. R. B. Barman, former Chairman, National Statistical Commission, Shri S. H. Saoji, Dr. A. K. Nag and other former colleagues who contributed richly to the Basic Statistical Return (BSR) system, senior officials from banks – I am glad to see many Chief Compliance Officers (CCOs) of banks participating today – Executive Directors and other colleagues from the Reserve Bank, Ladies and Gentlemen, 2. Today, we celebrate the 50th year of the BSR system and pause to refle
அக். 28, 2022
Excellence in Customer Service in the Changing Paradigm of Financial Services - Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - October 28, 2022 - at the Annual Conference of RBI Ombudsmen, Jodhpur
Namaskar, Chief Executive Officer and Chief Ombudsman, Australian Financial Complaints Authority, Mr. David Locke, Deputy Governor, RBI, Shri M K Jain, Executive Directors, RBI, Shri Anil Kumar Sharma and Shri S C Murmu, Managing Director & Chief Executive Officers of Banks and NBFCs, Shri Gaur Gopal Das, Prof. M. S. Sriram, Ombudsmen and colleagues from the Reserve Bank of India. 1. I am delighted to address this annual conference of the RBI Ombudsmen which is ta
Shri Shaktikanta Das, Governor, Reserve Bank of India
Namaskar, Chief Executive Officer and Chief Ombudsman, Australian Financial Complaints Authority, Mr. David Locke, Deputy Governor, RBI, Shri M K Jain, Executive Directors, RBI, Shri Anil Kumar Sharma and Shri S C Murmu, Managing Director & Chief Executive Officers of Banks and NBFCs, Shri Gaur Gopal Das, Prof. M. S. Sriram, Ombudsmen and colleagues from the Reserve Bank of India. 1. I am delighted to address this annual conference of the RBI Ombudsmen which is ta
அக். 21, 2022
Reflections on Policy Choices in the Indian Financial System - 12th R.K. Talwar Memorial Lecture – delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India, October 21, 2022, Mumbai

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

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

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

அக். 21, 2022
Internationalisation of the Rupee: Is it time to shift gears? - Keynote address delivered by Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India - October 20, 2022 - Annual Day event of the Foreign Exchange Dealers Association of India (FEDAI) at Mumbai
Good Evening. It gives me great pleasure to be part of the annual day event of the Foreign Exchange Dealers Association of India (FEDAI). Since its inception in 1958, FEDAI has played a crucial role in the smooth conduct of foreign exchange business and development of forex markets. This role assumes greater significance in today’s age of rapidly evolving forex markets and innovations in financial products and instruments. 2. The global situation continues to experien
Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India
Good Evening. It gives me great pleasure to be part of the annual day event of the Foreign Exchange Dealers Association of India (FEDAI). Since its inception in 1958, FEDAI has played a crucial role in the smooth conduct of foreign exchange business and development of forex markets. This role assumes greater significance in today’s age of rapidly evolving forex markets and innovations in financial products and instruments. 2. The global situation continues to experien
அக். 16, 2022
Virtual Launch of DBUs - Welcome Remarks by Shri Shaktikanta Das, Governor, Reserve Bank of India on October 16, 2022

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

செப். 20, 2022
Fintech as a Force Multiplier - Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - September 20, 2022 - at the Global Fintech Festival, Mumbai

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

செப். 08, 2022
Inclusive Credit: The Next Milestone - Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – September 08, 2022 - at ASSOCHAM’s 17th Annual Summit & Awards on Banking & Financial Sector Lending in Mumbai

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

Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India

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

செப். 05, 2022
Financial Market Reforms: Approach and Expectations - Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - September 05, 2022 - at FIMMDA annual event, Mumbai

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

ஆக. 24, 2022
Dynamics of Inflation in South Asia - Keynote address delivered by Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - August 24, 2022 - at the SAARCFINANCE Seminar hosted by India, New Delhi
Good afternoon and a warm welcome to South Asian Association for Regional Cooperation (SAARC) central bank colleagues participating in this first physical seminar under the aegis of SAARCFINANCE after the onset of the pandemic. Greetings to Ms. Dechen Pelzom, Executive Director, Royal Monetary Authority of Bhutan. We are delighted to have with us colleagues from the Ministry of Finance, and virtual participants from our central banks, the Bank for International Settle
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
Good afternoon and a warm welcome to South Asian Association for Regional Cooperation (SAARC) central bank colleagues participating in this first physical seminar under the aegis of SAARCFINANCE after the onset of the pandemic. Greetings to Ms. Dechen Pelzom, Executive Director, Royal Monetary Authority of Bhutan. We are delighted to have with us colleagues from the Ministry of Finance, and virtual participants from our central banks, the Bank for International Settle
ஆக. 24, 2022
Corporate Bond Markets in India – Challenges and prospects - Keynote address delivered by Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India - August 24, 2022 - at the Bombay Chamber of Commerce & Industry, Mumbai
Introduction 1. An active corporate bond market serves multiple functions. Apart from providing borrowers an alternative to bank finance, corporate bonds can lower the cost of long- term funding. Banks are typically constrained in lending long-term because their liabilities are relatively of a shorter tenor. An efficient corporate bond market with lower costs and quicker issuing time can offer an efficient and cost-effective source of longer term funds for corporates.
Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India
Introduction 1. An active corporate bond market serves multiple functions. Apart from providing borrowers an alternative to bank finance, corporate bonds can lower the cost of long- term funding. Banks are typically constrained in lending long-term because their liabilities are relatively of a shorter tenor. An efficient corporate bond market with lower costs and quicker issuing time can offer an efficient and cost-effective source of longer term funds for corporates.
ஆக. 13, 2022
INDIA@75 - Speech delivered by Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India in an event to celebrate Azadi Ka Amrit Mohotsav organised by Reserve Bank of India - August 13, 2022, Bhubaneswar
Dr. Hrudananda Panda, Regional Director, Reserve Bank of India (RBI), Bhubaneswar, distinguished guests of the RBI from the Government of Odisha, academia, banks, financial institutions, industry associations, the media, scholars and students, my colleagues from the RBI, Ladies and Gentlemen, I am deeply honoured to be invited to deliver this address as part of the celebration of the 75th year of our Independence. I thank Dr. Panda for inviting me and more than that,
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
Dr. Hrudananda Panda, Regional Director, Reserve Bank of India (RBI), Bhubaneswar, distinguished guests of the RBI from the Government of Odisha, academia, banks, financial institutions, industry associations, the media, scholars and students, my colleagues from the RBI, Ladies and Gentlemen, I am deeply honoured to be invited to deliver this address as part of the celebration of the 75th year of our Independence. I thank Dr. Panda for inviting me and more than that,
ஜூலை 22, 2022
Banking Beyond Tomorrow - Speech by Shri Shaktikanta Das, Governor, Reserve Bank of India - July 22, 2022 - Delivered at the Bank of Baroda’s Annual Banking Conference in Mumbai

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

ஜூலை 09, 2022
Globalisation of Inflation and Conduct of Monetary Policy - Speech by Shri Shaktikanta Das, Governor, Reserve Bank of India - July 9, 2022 - Delivered at the Kautilya Economic Conclave, organised by Institute of Economic Growth in New Delhi

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

ஜூன் 29, 2022
Inaugural Address by Governor, Shri Shaktikanta Das at the Statistics Day Conference on June 29, 2022

It is a privilege to inaugurate the annual ‘Statistics Day Conference’ of the Reserve Bank. This annual event is taking place today in the physical mode after a gap of two years. On this day, the nation commemorates the contributions of Professor Prasanta Chandra Mahalanobis, one of the pioneers in the discipline of statistics and a true visionary. Professor C. R. Rao, a great statistician and a student of Professor Mahalanobis described him as “a physicist by trainin

Shri Shaktikanta Das, Governor, Reserve Bank of India

It is a privilege to inaugurate the annual ‘Statistics Day Conference’ of the Reserve Bank. This annual event is taking place today in the physical mode after a gap of two years. On this day, the nation commemorates the contributions of Professor Prasanta Chandra Mahalanobis, one of the pioneers in the discipline of statistics and a true visionary. Professor C. R. Rao, a great statistician and a student of Professor Mahalanobis described him as “a physicist by trainin

ஜூன் 24, 2022
Geopolitical Spillovers and the Indian Economy - Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - June 24, 2022 - Standalone session on ‘Geopolitical Spillovers and the Indian Economy’ organised by the PhD Chamber of Commerce and Industry, New Delhi
Shri Pradeep Multani, President, Shri Saket Dalmia, Senior Vice-President, Shri Sanjeev Agarwal, Vice President, Shri Saurabh Sanyal, Secretary General, Dr. S P Sharma, Chief Economist, esteemed members of the PhD Chamber of Commerce and Industry, eminent dignitaries and friends. I am honoured to be invited to address and interact with you today. I am inspired by the Chamber’s glorious history of 117 years as an apex chamber of national eminence catalysing Indian busi
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
Shri Pradeep Multani, President, Shri Saket Dalmia, Senior Vice-President, Shri Sanjeev Agarwal, Vice President, Shri Saurabh Sanyal, Secretary General, Dr. S P Sharma, Chief Economist, esteemed members of the PhD Chamber of Commerce and Industry, eminent dignitaries and friends. I am honoured to be invited to address and interact with you today. I am inspired by the Chamber’s glorious history of 117 years as an apex chamber of national eminence catalysing Indian busi
ஜூன் 20, 2022
Building a Future-ready Banking System - Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – June 16, 2022 - at IMC's 12th Annual Banking & Finance Conference held in Mumbai
Good morning, everyone! 1. Thank you for inviting me to deliver this inaugural address this morning. This conference has been appropriately timed and quite aptly themed as we strive to come out of the debilitating impact of the pandemic. While some parts of the country are witnessing a rise in infections, the vaccines seem to have reduced its impact and infections are not as severe as they were previously. Hopefully, going forward we would be able to go on with our li
Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India
Good morning, everyone! 1. Thank you for inviting me to deliver this inaugural address this morning. This conference has been appropriately timed and quite aptly themed as we strive to come out of the debilitating impact of the pandemic. While some parts of the country are witnessing a rise in infections, the vaccines seem to have reduced its impact and infections are not as severe as they were previously. Hopefully, going forward we would be able to go on with our li
ஜூன் 17, 2022
Disruptions & Opportunities in the Financial Sector - Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - June 17, 2022 - Delivered at the Financial Express Modern BFSI Summit in Mumbai

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

ஜூன் 10, 2022
Inaugural Address by Governor, Shri Shaktikanta Das at the Annual Statistics Conference of the Department of Statistics and Information Management (DSIM), Reserve Bank of India in Guwahati on June 10, 2022

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

ஜூன் 09, 2022
Indian Business: Past, Present and Future - Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - June 9, 2022 - Delivered on the occasion of Iconic Week of Azadi ka Amrit Mahotsav Celebrations organised by the Central Board of Indirect Taxes and Customs in Mumbai

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

மே 06, 2022
Resolution of Stressed Assets and IBC - Address delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – April 30, 2022 – in the International Research Conference on Insolvency and Bankruptcy held at IIM Ahmedabad
Hon’ble Minister of State for Corporate Affairs Shri Rao Inderjit Singh, Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs, Shri Ravi Mittal, Chairman, IBBI, Shri Sudhakar Shukla, Whole Time Member, IBBI, distinguished guests, panelists and researchers, Ladies and Gentlemen, At the outset, let me express my gratitude to the organisers for inviting me to deliver the keynote address in this conference. This conference quite appropriately focuses on one of the
Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India
Hon’ble Minister of State for Corporate Affairs Shri Rao Inderjit Singh, Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs, Shri Ravi Mittal, Chairman, IBBI, Shri Sudhakar Shukla, Whole Time Member, IBBI, distinguished guests, panelists and researchers, Ladies and Gentlemen, At the outset, let me express my gratitude to the organisers for inviting me to deliver the keynote address in this conference. This conference quite appropriately focuses on one of the
மார். 24, 2022
Inauguration of the Reserve Bank Innovation Hub (RBIH) - Inaugural Address delivered by Shri Shaktikanta Das, Governor, Reserve Bank of India at the Reserve Bank Innovation Hub - March 24, 2022, Bengaluru

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 Shaktikanta Das, Governor, Reserve Bank of India

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

மார். 11, 2022
Taper 2022: Touchdown in Turbulence - Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - March 11, 2022 - organised by the IMC Chamber of Commerce and Industry, Mumbai

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

Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India

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

மார். 10, 2022
Importance of Governance and Assurance Functions in Financial Institutions - Keynote Address delivered by Shri M. K. Jain, Deputy Governor, Reserve Bank of India - March 10, 2022 - at CAFRAL

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

Shri M. K. Jain, Deputy Governor, Reserve Bank of India

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

மார். 04, 2022
Monetary Policy and Central Bank Communication - Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - March 4, 2022 - Delivered at the National Defence College, Ministry of Defence, Government of India, New Delhi
I am happy to have been invited by the National Defence College (NDC) to share some of my thoughts with the participants of the 62nd NDC course on National Security and Strategic Studies. The NDC has earned a reputation for being a centre of excellence in the study and practice of National Security and Strategy. It is good to see a mix of officers of Armed Forces and Civil Services from India as well as from other countries who are participating in this course. In my
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am happy to have been invited by the National Defence College (NDC) to share some of my thoughts with the participants of the 62nd NDC course on National Security and Strategic Studies. The NDC has earned a reputation for being a centre of excellence in the study and practice of National Security and Strategy. It is good to see a mix of officers of Armed Forces and Civil Services from India as well as from other countries who are participating in this course. In my
பிப். 14, 2022
Cryptocurrencies – An assessment - Keynote address delivered by Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India - February 14th, 2022 - at the Indian Banks Association 17th Annual Banking Technology Conference and Awards
Shri Goel, Chairman IBA, Shri Mehta, Chief Executive IBA, Prof Phatak, Chairman of Awards Jury, members of the Jury, MDs and CEOs and other senior functionaries of banks, ladies and gentlemen Let me begin by congratulating the winners of the IBA Banking Technology Awards. It is indeed a privilege to be among so august an audience and so learned a gathering and be able to talk about an issue of momentous significance – how to deal with cryptocurrencies. Crypto technolo
Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India
Shri Goel, Chairman IBA, Shri Mehta, Chief Executive IBA, Prof Phatak, Chairman of Awards Jury, members of the Jury, MDs and CEOs and other senior functionaries of banks, ladies and gentlemen Let me begin by congratulating the winners of the IBA Banking Technology Awards. It is indeed a privilege to be among so august an audience and so learned a gathering and be able to talk about an issue of momentous significance – how to deal with cryptocurrencies. Crypto technolo
ஜன. 28, 2022
RBI’s Pandemic Response: Stepping out of Oblivion - Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - January 28, 2022 - at the C D Deshmukh Memorial Lecture organised by the Council for Social Development, Hyderabad
Professor Muchkund Dubey, President, Professor Shanta Sinha, Chairperson, Managing Committee, Professor Sujit Kumar Mishra, Regional Director (in-Charge), Dr. Sunny Jose, RBI Chair Professor, faculty and staff of the Council for Social Development, Hyderabad, (hereafter CSD), students, researchers and faculty joining this event from various universities and research institutions across the country, colleagues and friends! It is indeed an honour to share my thoughts to
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
Professor Muchkund Dubey, President, Professor Shanta Sinha, Chairperson, Managing Committee, Professor Sujit Kumar Mishra, Regional Director (in-Charge), Dr. Sunny Jose, RBI Chair Professor, faculty and staff of the Council for Social Development, Hyderabad, (hereafter CSD), students, researchers and faculty joining this event from various universities and research institutions across the country, colleagues and friends! It is indeed an honour to share my thoughts to
டிச. 24, 2021
Financial Inclusion Empowers Monetary Policy
Prof. Errol D’Souza, Director, Indian Institute of Management, Ahmedabad or IIMA; Prof. Umakant Dash, Director, Institute of Rural Management, Anand or IRMA; Dr. Supriya Sharma, Partner-Insights, Centre for Innovation Incubation and Entrepreneurship or CIIE; representatives of the Bill & Melinda Gates Foundation (BMGF); faculty, students and staff of IIMA; and friends, I commend all of you on this laudable initiative of Financial Inclusion for Rural Transformation
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
Prof. Errol D’Souza, Director, Indian Institute of Management, Ahmedabad or IIMA; Prof. Umakant Dash, Director, Institute of Rural Management, Anand or IRMA; Dr. Supriya Sharma, Partner-Insights, Centre for Innovation Incubation and Entrepreneurship or CIIE; representatives of the Bill & Melinda Gates Foundation (BMGF); faculty, students and staff of IIMA; and friends, I commend all of you on this laudable initiative of Financial Inclusion for Rural Transformation
நவ. 16, 2021
Contours of Economic Recovery
I am happy to be back at the State Bank of India Banking & Economics Conclave. I thank the Chairman, SBI and the organisers of this event for having invited me to address this august gathering. The theme of this year’s conclave ‘Contours of Economic Recovery in Post-Covid World’ is both well-timed and relevant. Well-timed because, after all the trials and tribulations, we might just be knocking at the door of the post-COVID world. Relevant because a crisis of this
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am happy to be back at the State Bank of India Banking & Economics Conclave. I thank the Chairman, SBI and the organisers of this event for having invited me to address this august gathering. The theme of this year’s conclave ‘Contours of Economic Recovery in Post-Covid World’ is both well-timed and relevant. Well-timed because, after all the trials and tribulations, we might just be knocking at the door of the post-COVID world. Relevant because a crisis of this
நவ. 15, 2021
Keynote address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India in the conference on ‘Growth And Development in the BRICS Economies’ organised by the Delhi School of Economics (DSE) and Indian Statistical Institute (ISI), Delhi
BRICS: FROM ACRONYM TO GLOBAL ECONOMIC POWERHOUSE1 Professor Pami Dua, Director, Delhi School of Economics, Prof. Yogesh Singh, Vice Chancellor, University of Delhi, Prof. Sanghamitra Bandyopadhyay, Director, Indian Statistical Institute, Delhi Centre, Prof. Chetan Ghate, Indian Statistical Institute, distinguished invitees and conference participants, I am honoured to be invited to deliver the inaugural keynote address for the conference on ‘Growth and Development in
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
BRICS: FROM ACRONYM TO GLOBAL ECONOMIC POWERHOUSE1 Professor Pami Dua, Director, Delhi School of Economics, Prof. Yogesh Singh, Vice Chancellor, University of Delhi, Prof. Sanghamitra Bandyopadhyay, Director, Indian Statistical Institute, Delhi Centre, Prof. Chetan Ghate, Indian Statistical Institute, distinguished invitees and conference participants, I am honoured to be invited to deliver the inaugural keynote address for the conference on ‘Growth and Development in
நவ. 12, 2021
Launch of RBI-Retail Direct Scheme and Reserve Bank- Integrated Ombudsman Scheme by the Hon’ble Prime Minister on November 12, 2021 - Welcome Address by Shri Shaktikanta Das, Governor, Reserve Bank of India

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

அக். 25, 2021
Role of Audit in the Modern Financial System

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

செப். 28, 2021
Responsible Digital Innovation - Speech by Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India – Tuesday, September 28, 2021 - Address to the Global Fintech Festival

Good morning. 1. Fintech, or technology that provides digital financial services is transforming the provision and delivery of financial services. At its most basic level digital technology enables speed – speed in processing information and speed in communication. Processing speed has reduced cost and time for transactions while communication speed has enhanced connectivity of systems expanding the reach of transactions. Taken together, digital technology is changing

Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India

Good morning. 1. Fintech, or technology that provides digital financial services is transforming the provision and delivery of financial services. At its most basic level digital technology enables speed – speed in processing information and speed in communication. Processing speed has reduced cost and time for transactions while communication speed has enhanced connectivity of systems expanding the reach of transactions. Taken together, digital technology is changing

செப். 22, 2021
Beyond COVID: Towards a Stronger, Inclusive and Sustainable Economy
I wish to thank the President and other office bearers of the All India Management Association (AIMA) for having invited me to participate in this convention. This is a national management convention and it is apt that the AIMA is organising it. In normal times and even more in times of severe stress, it is the quality and capacity of management that makes the critical difference and enables businesses to not only survive but come out stronger. I am happy to note that
Shri Shaktikanta Das, Governor, Reserve Bank of India
I wish to thank the President and other office bearers of the All India Management Association (AIMA) for having invited me to participate in this convention. This is a national management convention and it is apt that the AIMA is organising it. In normal times and even more in times of severe stress, it is the quality and capacity of management that makes the critical difference and enables businesses to not only survive but come out stronger. I am happy to note that
செப். 16, 2021
Monetary Policy: Trial by Pandemic

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

Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India

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

ஆக. 31, 2021
Keynote Address at the 21st FIMMDA-PDAI Annual Conference on August 31, 2021 - Shri Shaktikanta Das, Governor, Reserve Bank of India

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

ஜூலை 22, 2021
Central Bank Digital Currency – Is This the Future of Money
Introduction The idea of “Central Bank Digital Currencies” (CBDC) is not a recent development. Some attribute the origins of CBDCs to Nobel laureate James Tobin2, an American economist, who in 1980s suggested that that Federal Reserve Banks in the United States could make available to the public a widely accessible ‘medium with the convenience of deposits and the safety of currency.’ It is only in the last decade, however, that the concept of digital currency has been
Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India
Introduction The idea of “Central Bank Digital Currencies” (CBDC) is not a recent development. Some attribute the origins of CBDCs to Nobel laureate James Tobin2, an American economist, who in 1980s suggested that that Federal Reserve Banks in the United States could make available to the public a widely accessible ‘medium with the convenience of deposits and the safety of currency.’ It is only in the last decade, however, that the concept of digital currency has been
ஜூலை 15, 2021
Financial Inclusion – Past, Present and Future

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

மார். 25, 2021
Financial Sector in the New Decade - Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - Thursday, March 25, 2021 - at the Times Network India Economic Conclave 2021 in New Delhi
A very warm good morning to you all. It is indeed an honour for me to be here at the India Economic Conclave 2021 organised by the Times Network. I have been looking forward to participating in this year’s conclave, especially after an enriching experience during my participation in this event in 2019. The theme of this year's conclave, one which resonates very strongly is "India's Decade: Reform. Perform. Transform.” The COVID-19 pandemic has set forth the wheels of
Shri Shaktikanta Das, Governor, Reserve Bank of India
A very warm good morning to you all. It is indeed an honour for me to be here at the India Economic Conclave 2021 organised by the Times Network. I have been looking forward to participating in this year’s conclave, especially after an enriching experience during my participation in this event in 2019. The theme of this year's conclave, one which resonates very strongly is "India's Decade: Reform. Perform. Transform.” The COVID-19 pandemic has set forth the wheels of
பிப். 25, 2021
Creating New Opportunities for Growth

I would begin by thanking the Bombay Chamber of Commerce and Industry for the invitation to address this eminent gathering, even if virtually – the compulsive reality of the current times. My heartiest congratulations to the Bombay Chamber of Commerce and Industry for completing 184 years of successful functioning. Besides being the oldest serving Chamber in the country, you have left a significant mark on the destiny of this city as also of the nation. I am happy to

Shri Shaktikanta Das, Governor, Reserve Bank of India

I would begin by thanking the Bombay Chamber of Commerce and Industry for the invitation to address this eminent gathering, even if virtually – the compulsive reality of the current times. My heartiest congratulations to the Bombay Chamber of Commerce and Industry for completing 184 years of successful functioning. Besides being the oldest serving Chamber in the country, you have left a significant mark on the destiny of this city as also of the nation. I am happy to

ஜன. 16, 2021
Towards a Stable Financial System
At the outset, let me pay my homage to Shri Nani A. Palkhiwala and his grand legacy as a nation builder of modern India. I would also like to convey my sincere appreciation to the Palkhivala Foundation for continuing the tradition of organising Shri Palkhivala Memorial Lectures. I consider it as a great honour to be delivering the 39th Shri Palkhivala Memorial Lecture today, more so – among others – because he was very closely associated with the RBI during his tenure
Shri Shaktikanta Das, Governor, Reserve Bank of India
At the outset, let me pay my homage to Shri Nani A. Palkhiwala and his grand legacy as a nation builder of modern India. I would also like to convey my sincere appreciation to the Palkhivala Foundation for continuing the tradition of organising Shri Palkhivala Memorial Lectures. I consider it as a great honour to be delivering the 39th Shri Palkhivala Memorial Lecture today, more so – among others – because he was very closely associated with the RBI during his tenure
டிச. 16, 2020
National Strategy on Financial Education 2020-25

I wish to thank NCAER for inviting me to deliver the key note address at this webinar on National Strategy for Financial Education. I appreciate the thoughtful initiative of NCAER in choosing this topic for the webinar. As we inch towards the close of what has been an unprecedented year in terms of loss of lives and livelihood and the way of living in general, it would be appropriate to look at the area of financial inclusion and literacy which has both broad macro le

Shri Shaktikanta Das, Governor, Reserve Bank of India

I wish to thank NCAER for inviting me to deliver the key note address at this webinar on National Strategy for Financial Education. I appreciate the thoughtful initiative of NCAER in choosing this topic for the webinar. As we inch towards the close of what has been an unprecedented year in terms of loss of lives and livelihood and the way of living in general, it would be appropriate to look at the area of financial inclusion and literacy which has both broad macro le

நவ. 26, 2020
Accelerating Financial Market Reforms in India

1. I wish to thank FEDAI for inviting me on the occasion of their 4th Annual Day. This is an opportune moment to look back and reflect on the developments of the last one year in financial markets and, in particular, the foreign exchange markets. The year 2020 has been one like never before. Faced with an unknown crisis which brought the global economy to a sudden stop, recent policy discourse has been dominated, and rightly so, by the impact of the pandemic. Despite

Shri Shaktikanta Das, Governor, Reserve Bank of India

1. I wish to thank FEDAI for inviting me on the occasion of their 4th Annual Day. This is an opportune moment to look back and reflect on the developments of the last one year in financial markets and, in particular, the foreign exchange markets. The year 2020 has been one like never before. Faced with an unknown crisis which brought the global economy to a sudden stop, recent policy discourse has been dominated, and rightly so, by the impact of the pandemic. Despite

செப். 16, 2020
What Forces Could Drive the Recovery?
Thank you for this opportunity to interact with eminent business leaders of India and distinguished members of the FICCI. I wish to thank the organisers for hosting this event, undeterred by this still unfolding pandemic that, on a daily basis, tests our resilience and capacity to save lives, households, businesses and the economy. 2. The end-August press release of the National Statistics Office (NSO) was a telling reflection of the ravages of COVID-19. Nevertheless,
Shri Shaktikanta Das, Governor, Reserve Bank of India
Thank you for this opportunity to interact with eminent business leaders of India and distinguished members of the FICCI. I wish to thank the organisers for hosting this event, undeterred by this still unfolding pandemic that, on a daily basis, tests our resilience and capacity to save lives, households, businesses and the economy. 2. The end-August press release of the National Statistics Office (NSO) was a telling reflection of the ravages of COVID-19. Nevertheless,
ஆக. 27, 2020
It is Time for Banks to Look Deeply Within: Reorienting Banking Post-Covid

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

ஜூலை 27, 2020
Are Dynamic Shifts Underway in the Indian Economy?
Thank you for having me in this interaction with members of the National Council of the Confederation of Indian Industry (CII). I am pleased to note that the CII has realigned its functioning and thought processes around a new theme for 2020-21 – Building India for New World: Lives, Livelihood, Growth – under the able and visionary leadership of Shri Uday Kotak, Shri T V Narendran, Shri Sanjiv Bajaj, Shri Chandrajit Banerjee and other eminent members. 2. Currently, CO
Shri Shaktikanta Das, Governor, Reserve Bank of India
Thank you for having me in this interaction with members of the National Council of the Confederation of Indian Industry (CII). I am pleased to note that the CII has realigned its functioning and thought processes around a new theme for 2020-21 – Building India for New World: Lives, Livelihood, Growth – under the able and visionary leadership of Shri Uday Kotak, Shri T V Narendran, Shri Sanjiv Bajaj, Shri Chandrajit Banerjee and other eminent members. 2. Currently, CO
ஜூலை 11, 2020
Indian Economy at a Crossroad: A view from Financial Stability Angle

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

மார். 06, 2020
Micro, Small and Medium Enterprises: Challenges and Way Forward
At the outset, I wish to thank ASSOCHAM for inviting me to their 15th Annual Banking Summit. More so because this is ASSOCHAM’s centenary year. It is a remarkable accomplishment and I extend warm greetings to all those associated with ASSOCHAM. Over the years, ASSOCHAM has transformed itself into a forceful, proactive, forward-looking organisation to meet the aspirations of Indian business. I am certain that ASSOCHAM’s journey towards excellence will continue. 2. In a
Shri Shaktikanta Das, Governor, Reserve Bank of India
At the outset, I wish to thank ASSOCHAM for inviting me to their 15th Annual Banking Summit. More so because this is ASSOCHAM’s centenary year. It is a remarkable accomplishment and I extend warm greetings to all those associated with ASSOCHAM. Over the years, ASSOCHAM has transformed itself into a forceful, proactive, forward-looking organisation to meet the aspirations of Indian business. I am certain that ASSOCHAM’s journey towards excellence will continue. 2. In a
பிப். 24, 2020
Banking Landscape in the 21st Century

It is indeed a matter of great pleasure for me to be here today in the Annual Banking Conclave of the Mint. I am told that this is the 13th edition of Conclave in what has become a prestigious annual event attracting the best and brightest minds of the finance and banking industry. This Conclave provides an important platform to all stakeholders in India’s financial and banking sector for assessing where we stand today and preparing ourselves for where we want to reac

Shri Shaktikanta Das, Governor, Reserve Bank of India

It is indeed a matter of great pleasure for me to be here today in the Annual Banking Conclave of the Mint. I am told that this is the 13th edition of Conclave in what has become a prestigious annual event attracting the best and brightest minds of the finance and banking industry. This Conclave provides an important platform to all stakeholders in India’s financial and banking sector for assessing where we stand today and preparing ourselves for where we want to reac

ஜன. 24, 2020
Seven Ages of India’s Monetary Policy
I am delighted to be back in my alma mater. Being here, brings back a surge of memories. Today, I wish to dwell upon a few aspects of central banking in the Indian context and RBI’s role in the current situation. I shall specifically focus on the evolution of monetary policy regimes in India and if I am to use the poetic license of Shakespeare, may I call it the seven ages of India’s monetary policy? 2. The history of central banking goes back to the seventeenth centu
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am delighted to be back in my alma mater. Being here, brings back a surge of memories. Today, I wish to dwell upon a few aspects of central banking in the Indian context and RBI’s role in the current situation. I shall specifically focus on the evolution of monetary policy regimes in India and if I am to use the poetic license of Shakespeare, may I call it the seven ages of India’s monetary policy? 2. The history of central banking goes back to the seventeenth centu
ஜன. 07, 2020
Journey towards Inclusive Growth in India

On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Tharman Shanmugaratnam to deliver the Professor Suresh Tendulkar Memorial Lecture, the third in the series. We are also deeply honoured to have Smt. Sunetra Tendulkar, the wife of late Professor Tendulkar and his daughter Smt. Saee Sapre with us. A hearty welcome to all the distinguished invitees of the Reserve Bank. About Prof. Suresh D. Tendulkar 2. Prof. Suresh D. Tendulkar was a great teacher, e

Shri Shaktikanta Das, Governor, Reserve Bank of India

On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Tharman Shanmugaratnam to deliver the Professor Suresh Tendulkar Memorial Lecture, the third in the series. We are also deeply honoured to have Smt. Sunetra Tendulkar, the wife of late Professor Tendulkar and his daughter Smt. Saee Sapre with us. A hearty welcome to all the distinguished invitees of the Reserve Bank. About Prof. Suresh D. Tendulkar 2. Prof. Suresh D. Tendulkar was a great teacher, e

ஜன. 01, 2020
$ 5 Trillion Economy: Aspiration to Action

It is a privilege to be here this morning at the very prestigious India Economic Conclave organised by The Times Network. I assumed charge of the Reserve Bank last year on December 12, and this event was held around that time. Having witnessed many of the proceedings of the event last year on television, I looked forward to participating in this year’s conclave. I must also compliment Shri Anand of Times Network and Shri Vaidyanathan of IDFC First Bank for introducing

Shri Shaktikanta Das, Governor, Reserve Bank of India

It is a privilege to be here this morning at the very prestigious India Economic Conclave organised by The Times Network. I assumed charge of the Reserve Bank last year on December 12, and this event was held around that time. Having witnessed many of the proceedings of the event last year on television, I looked forward to participating in this year’s conclave. I must also compliment Shri Anand of Times Network and Shri Vaidyanathan of IDFC First Bank for introducing

நவ. 16, 2019
Indian Banking at Crossroads: Some Reflections

I am very happy to be amongst you today to address the first Annual Economics Conference being organised by the Amrut Mody School of Management, Ahmedabad University. The theme of the conference – “50 years of Bank Nationalisation: Indian Banking at Crossroads” - provides the perfect backdrop for a discussion on the evolution of Public Sector Banks(PSBs), their journey over the last 50 years and a vision for their future. The banking system has played a critical role

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am very happy to be amongst you today to address the first Annual Economics Conference being organised by the Amrut Mody School of Management, Ahmedabad University. The theme of the conference – “50 years of Bank Nationalisation: Indian Banking at Crossroads” - provides the perfect backdrop for a discussion on the evolution of Public Sector Banks(PSBs), their journey over the last 50 years and a vision for their future. The banking system has played a critical role

செப். 19, 2019
Dimensions of India’s External Sector Resilience
The international environment is clouded with very challenging conditions. Global growth is slowing down and central banks across the world are bracing up to counter it by easing monetary policy; but there is no recession as yet. Trade wars have pushed world trade into contraction and threaten to morph into tech and currency wars, with no evidence of any significant gains accruing to anyone. Meanwhile, global commodity prices have weakened, with collateral benefits to
Shri Shaktikanta Das, Governor, Reserve Bank of India
The international environment is clouded with very challenging conditions. Global growth is slowing down and central banks across the world are bracing up to counter it by easing monetary policy; but there is no recession as yet. Trade wars have pushed world trade into contraction and threaten to morph into tech and currency wars, with no evidence of any significant gains accruing to anyone. Meanwhile, global commodity prices have weakened, with collateral benefits to
ஆக. 19, 2019
Emerging Challenges to Financial Stability
It is indeed a matter of great pleasure for me to be here today amidst the business and financial sector leaders. My compliments go to the partners, namely, the Indian Banks’ Association, FICCI and the Boston Consulting Group for spearheading this event. What really gives me the additional motivation to address you is the earnestness with which you have themed this year’s conference, showing your appreciation of the need to prepare ourselves for a new paradigm in bank
Shri Shaktikanta Das, Governor, Reserve Bank of India
It is indeed a matter of great pleasure for me to be here today amidst the business and financial sector leaders. My compliments go to the partners, namely, the Indian Banks’ Association, FICCI and the Boston Consulting Group for spearheading this event. What really gives me the additional motivation to address you is the earnestness with which you have themed this year’s conference, showing your appreciation of the need to prepare ourselves for a new paradigm in bank
ஜூலை 26, 2019
Governor’s Remarks at the Book Release of Shri V. Srinivas

I am delighted to be part of this event for the launch of Shri V. Srinivas’s book on “India’s Relations with the International Monetary Fund”. A respected civil servant of the 1989 batch, he has drawn extensively on his hands-on stint as Advisor to the Executive Director for India at the IMF during 2003-06, combining it with his scholarship and experience in policy making. The book and the function today will promote readership on an important subject and spur more th

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am delighted to be part of this event for the launch of Shri V. Srinivas’s book on “India’s Relations with the International Monetary Fund”. A respected civil servant of the 1989 batch, he has drawn extensively on his hands-on stint as Advisor to the Executive Director for India at the IMF during 2003-06, combining it with his scholarship and experience in policy making. The book and the function today will promote readership on an important subject and spur more th

ஜூன் 28, 2019
Governor's Speech on the occasion of the Annual Statistics Day Conference on June 28, 2019, Mumbai
I am honoured to inaugurate this year’s Statistics Day Conference, the thirteenth in the series organised by the Reserve Bank to commemorate the contributions of Professor Prasanta Chandra Mahalanobis. While paying tribute to him, I would like to take this opportunity to review some of the recent challenges in the field of statistics and in that context, to envision our future plans. 2. Professor Mahalanobis’s achievements in the field of statistics are pioneering and
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am honoured to inaugurate this year’s Statistics Day Conference, the thirteenth in the series organised by the Reserve Bank to commemorate the contributions of Professor Prasanta Chandra Mahalanobis. While paying tribute to him, I would like to take this opportunity to review some of the recent challenges in the field of statistics and in that context, to envision our future plans. 2. Professor Mahalanobis’s achievements in the field of statistics are pioneering and
ஜூன் 24, 2019
Statement by Governor on launch of Complaint Management System

The Complaint Management System (CMS), the application being launched today, symbolizes RBI’s commitment to improve customer experience in grievance redressal process by ensuring timely resolution of complaints received at the Reserve Bank. I take this opportunity to seek the co-operation of all RBI regulated entities with public interface such as commercial banks, Urban Co-operative banks, Non-Banking Financial Companies (NBFCs), etc. in resolving customer complaints

Shri Shaktikanta Das, Governor, Reserve Bank of India

The Complaint Management System (CMS), the application being launched today, symbolizes RBI’s commitment to improve customer experience in grievance redressal process by ensuring timely resolution of complaints received at the Reserve Bank. I take this opportunity to seek the co-operation of all RBI regulated entities with public interface such as commercial banks, Urban Co-operative banks, Non-Banking Financial Companies (NBFCs), etc. in resolving customer complaints

ஜூன் 17, 2019
Evolving Role of Central Banks
It gives me great pleasure to be here at the LBSNAA for the inauguration of this Phase V mid-career programme for IAS officers. I have many pleasant memories of this premier training institution where I had come after joining the IAS in the year 1980. I am thankful to Shri Sanjeev Chopra, Director of the Academy and members of the Faculty for having invited me to address such an august gathering. 2. I am sure each one of you has worked hard and achieved many milestone
Shri Shaktikanta Das, Governor, Reserve Bank of India
It gives me great pleasure to be here at the LBSNAA for the inauguration of this Phase V mid-career programme for IAS officers. I have many pleasant memories of this premier training institution where I had come after joining the IAS in the year 1980. I am thankful to Shri Sanjeev Chopra, Director of the Academy and members of the Faculty for having invited me to address such an august gathering. 2. I am sure each one of you has worked hard and achieved many milestone
ஜூன் 08, 2019
Indian Banking Sector: Current Status and the Way Forward

I am happy to be participating in the Fifteenth Annual Convocation ceremony of Post-Graduate Diploma in Management (Banking and Financial Services) for the Batch of 2017-19. I thank Dr. K.L. Dhingra, Director, National Institute of Bank Management (NIBM) and members of faculty for inviting me to join the young minds at their convocation ceremony. This is indeed a moment of pride for students as it marks the fruition of years of dedication, perseverance and hard work.

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am happy to be participating in the Fifteenth Annual Convocation ceremony of Post-Graduate Diploma in Management (Banking and Financial Services) for the Batch of 2017-19. I thank Dr. K.L. Dhingra, Director, National Institute of Bank Management (NIBM) and members of faculty for inviting me to join the young minds at their convocation ceremony. This is indeed a moment of pride for students as it marks the fruition of years of dedication, perseverance and hard work.

ஏப். 25, 2019
17th C.D. Deshmukh Memorial Lecture

On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Agustin Carstens, General Manager of the Bank for International Settlements to deliver the C. D. Deshmukh Memorial lecture, the seventeenth in the series. We are also honored to have Smt. and Shri Atul Deshmukh from late Shri C. D. Deshmukh’s family. A hearty welcome to all the distinguished invitees of the Reserve Bank. 2. At the outset, I would like to say a few words about Shri C. D. Deshmukh to

Shri Shaktikanta Das, Governor, Reserve Bank of India

On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Agustin Carstens, General Manager of the Bank for International Settlements to deliver the C. D. Deshmukh Memorial lecture, the seventeenth in the series. We are also honored to have Smt. and Shri Atul Deshmukh from late Shri C. D. Deshmukh’s family. A hearty welcome to all the distinguished invitees of the Reserve Bank. 2. At the outset, I would like to say a few words about Shri C. D. Deshmukh to

ஏப். 13, 2019
Global Risks and Policy Challenges facing Emerging Market Economies

Thank you for inviting me to this forum. I intend to cover some of the global risks and policy challenges from the perspective of emerging market economies (EMEs). We are aware that most EMEs have emerged more resilient than before from a turbulent 2018. For the greater part of 2018, the EMEs faced a wave of global spillover risks leading to capital outflows, currency and asset price volatility and tightened financial conditions. These developments posed risks to grow

Shri Shaktikanta Das, Governor, Reserve Bank of India

Thank you for inviting me to this forum. I intend to cover some of the global risks and policy challenges from the perspective of emerging market economies (EMEs). We are aware that most EMEs have emerged more resilient than before from a turbulent 2018. For the greater part of 2018, the EMEs faced a wave of global spillover risks leading to capital outflows, currency and asset price volatility and tightened financial conditions. These developments posed risks to grow

மார். 25, 2019
Opportunities and Challenges of FinTech - Shri Shaktikanta Das, Governor, Reserve Bank of India - March 25, 2019 - Keynote Address Delivered at the NITI Aayog’s FinTech Conclave

I am extremely happy to participate in NITI Aayog’s FinTech Conclave 2019 and share my thoughts on the technological revolution that is shaping the future of finance. I am particularly thankful to Shri Amitabh Kant, CEO of NITI Aayog for having invited me to such an august gathering. As I understand, this Conclave is woven around the theme of Indian FinTech ecosystem as well as steps required to help achieve the potential that the sector offers towards growth, employm

I am extremely happy to participate in NITI Aayog’s FinTech Conclave 2019 and share my thoughts on the technological revolution that is shaping the future of finance. I am particularly thankful to Shri Amitabh Kant, CEO of NITI Aayog for having invited me to such an august gathering. As I understand, this Conclave is woven around the theme of Indian FinTech ecosystem as well as steps required to help achieve the potential that the sector offers towards growth, employm

மார். 19, 2019
Some thoughts on Fiscal Federalism

I am honoured to be invited for the launch of the book "Indian Fiscal Federalism" authored by Dr. Y.V. Reddy and Shri G.R. Reddy. This is the latest in a prolific body of work that draws from Dr. Reddy’s hands-on experience with the Indian economy and public policy. These insightful expositions are interwoven with glimpses of Dr. Reddy’s professional life and his 'insider' views. 2. As Governor of the Reserve Bank of India during 2003-2008, after his stint as Deputy G

Shri Shaktikanta Das, Governor, Reserve Bank of India

I am honoured to be invited for the launch of the book "Indian Fiscal Federalism" authored by Dr. Y.V. Reddy and Shri G.R. Reddy. This is the latest in a prolific body of work that draws from Dr. Reddy’s hands-on experience with the Indian economy and public policy. These insightful expositions are interwoven with glimpses of Dr. Reddy’s professional life and his 'insider' views. 2. As Governor of the Reserve Bank of India during 2003-2008, after his stint as Deputy G

ஜன. 18, 2019
Reflections on Current Policy Issues Facing the Indian Economy

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

Shri Shaktikanta Das, Governor, Reserve Bank of India

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

செப். 20, 2018
Preventive Vigilance – The Key Tool of Good Governance at Public Sector Institutions

‘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.

Dr. Urjit R. Patel, Governor, Reserve Bank of India

‘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.

ஆக. 17, 2018
Innovation in Retail Payments - Urjit R. Patel, Governor, Reserve Bank of India - August 16, 2018 - Address at the Launch of Unified Payments Interface(UPI) Version 2

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

Dr. Urjit R. Patel, Governor, Reserve Bank of India

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

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