Speeches & Media Interactions

A strong and resilient financial system is the bedrock on which the edifice of economic prosperity of a nation is built. Reserve Bank of India is the custodian of our financial system. It completed 90 years of its journey yesterday. The theme for our 90th year was ‘Stability, Trust and Growth’.

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

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

I am delighted to participate in this year’s Annual Conference of the RBI Ombudsmen. The Reserve Bank has been organising this conference on or around the World Consumer Rights Day, that is, 15th March. World Consumer Rights Day is celebrated every year with the aim of raising global awareness about consumer rights and needs. We organise this conference to reflect on our achievements with regard to consumer services and to deliberate on how to improve services and reduce grievances. We need to improve consumer services, not only because it is our duty to do so, but because it is in our selfish interest to do so. In this age of competition, we would not survive long if we do not provide quality service to our consumers.

I am delighted to be present here and be part of this important event on climate change which continues to draw attention in the national and international discourse. I would not dwell in detail about the perils of climate change since this audience is already well aware about its impact not only on the real economy, but also the financial system, as well as our day-to-day lives. Climate related changes are perceptible, clear, and visible. They are intensifying and threatening ecosystems, livelihoods, and economies. It is our individual and collective responsibility, to work together effectively and contribute to the global efforts to mitigate the risks associated with climate change and ensure that the Indian financial system remains resilient.

Digital Payments – Background and benefits 1. Payments are the lifeblood of commerce, enabling the flow of goods and services in an economy. They connect people, empower individuals and businesses, and drive economic growth. Quick, secure and reliable payments at affordable prices are the bedrock for a vibrant economy. Payments through digital modes support economic growth. They also deepen financial inclusion by overcoming barriers like high transaction costs and geographical limitations . In effect, digital payments are not just convenient but are also a powerful tool for economic empowerment and growth.

1. Chairpersons and Directors of the Boards of Small Finance Banks; Chief Executive Officers of SFBs; Executive Directors, Chief General Managers and colleagues from the Reserve Bank of India; ladies and gentlemen. A very good morning to all of you. 2. It is an honour to address this distinguished gathering in the inaugural conference of Board of Directors of Small Finance Banks organised by the RBI. As has been mentioned, this conference is in continuation of the Reserve Bank’s efforts to reach out to its supervised entities through a direct dialogue with their Boards and Top Management. Our objective is to reaffirm the importance of good governance for maintaining financial stability and fostering sustainable growth.

Distinguished guests, ladies, and gentlemen, It is a pleasure to be here today at ‘NaBFID’s Infrastructure Conclave’ which provides an excellent opportunity to interact with the participants who play a critical role in India's infrastructural journey. 2. Infrastructure can be thought of as the framework of facilities and systems that enables an economy to function efficiently that can then make possible optimal outcomes for the society at large. It is, therefore, a critical catalyst in fuelling a country’s economic expansion and holistic development. It lays the foundation for a prosperous and equitable society by enhancing productivity, attracting investment, expanding markets, and improving quality of life. India is the fastest growing major economy in the world and as it embarks on an ambitious journey towards emerging as a global economic powerhouse, the role of solid and reliable infrastructure is becoming paramount. Recognizing this, India has made and committed substantial infrastructural investment during recent years via policy measures such as the National Infrastructure Pipeline (NIP), PM Gati Shakti National Master Plan, Bharatmala Pariyojana and Sagarmala Pariyojana. An allocation of ₹11.11 lakh crore for capital expenditure in the union budget this year, which is 3.4 per cent of GDP, seeks to reinforce this commitment.

As Reserve Bank of India enters its 90th year today, April 1, 2024, it’s time to reflect upon its journey through the multitude of overlapping shocks over the last few years. The pandemic, followed by continuing geopolitical crises in several parts of the world tested the resilience of every economy, including that of India. Nevertheless, it is satisfying to note that, as a country, we’ve navigated through this period of ‘great volatility’ remarkably well.

It gives me great pleasure to be here at Davos for the annual meeting of the World Economic Forum. While the winter outside is cold, the warmth of coming together of eminent leaders and experts from diverse fields more than compensates for it. These meetings assume greater relevance when fundamental changes are taking place in a global scale that would potentially shape our common destiny. I thank the Confederation of Indian Industries (CII) for giving me this opportunity to speak at this event. Recent information on the global macroeconomic front has been somewhat reassuring with inflation gradually descending closer to the target, even as growth has held up better than expected. The odds of a soft landing have increased and this has enthused the financial markets. Financial conditions have eased, and markets have scaled new highs, raising concerns that they might be running ahead of themselves. At this critical juncture, certain hard facts have to be kept in mind, namely, global growth is slowing down; geopolitical situation continues to be fragile with new flash points and fear of supply chain disruptions; geo-economic fragmentation remains unabated undermining global trade; and the daunting climate related challenges are holding their ground.