Speeches - ربی - Reserve Bank of India
Speeches
جنوری 17, 2024
India’s Journey from Crisis to Confidence - Speech by Shri Shaktikanta Das, Governor, Reserve Bank of India - January 17, 2024 - Delivered at an event organised by the Confederation of Indian Industry (CII), Davos, Switzerland
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.
Shri Shaktikanta Das, Governor, Reserve Bank of India
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.
ستمبر 21, 2023
India’s Financial Sector - From Exuberance to Resilience - Speech delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - September 18, 2023 - at the 16th SEACEN-BIS High Level Seminar hosted by the National Bank of Cambodia at Seim Reap, Cambodia
Good afternoon and Namaskar. Thank you Alfred for those insightful opening remarks. I must mention that Alfred led the IMF’s Article IV India mission for the 2021 consultations. The sheer weight of that experience and deep understanding of Indian conditions is reflected in his views. I would also like to commend Alfred and his co-editors for a comprehensive evaluation of India’s financial system and very valuable recommendations on the way forward in a recent book evocatively titled “India’s Financial System: Building the Foundation for Strong and Sustainable Growth”.
I am glad to see Mr Thomas Helbling from the Asia and Pacific Department of the IMF in this session, and I look forward to hearing from him.
I thank our host and SEACEN EXCO Chair, the National Bank of Cambodia, the SEACEN Centre and Dr. Mangal Goswami, Executive Director, and the BIS for inviting me to speak in this distinguished forum. In particular, I am grateful to Deputy Governor Sum Sannisith for so graciously writing to me to participate in this 16th SEACEN-BIS High Level Seminar.
The Backdrop
It is widely believed that during the next two decades – if not for longer – the centre of gravity of the global economy will shift eastwards to Asia. The IMF’s Regional Economic Outlook for Asia and the Pacific indicates that this region will contribute about two-thirds of global growth in 2023 itself. India will account for a sixth of world output growth in 2023 and 2024. In terms of market exchange rates, India is the fifth largest economy of the world and the third largest economy on the basis of purchasing power parity. Our assessment is that by 2027, India will be a US$ 5 trillion economy and the third largest in the world even by market exchange rates. A key driver in this transformation is likely to be the window of a demographic dividend that opened up in 2018 and will probably last till the 2040s, going by fertility and mortality rates. Already, we are the most populous country in the world at 1.4 billion and the youngest at an average age of 28 years. The other major catalyst of India’s progress will be the pace and quality of financial sector development, which is the theme of my address today. It is anchored by a few slides.
Michael Debabrata Patra, Deputy Governor, Reserve Bank of India
Good afternoon and Namaskar. Thank you Alfred for those insightful opening remarks. I must mention that Alfred led the IMF’s Article IV India mission for the 2021 consultations. The sheer weight of that experience and deep understanding of Indian conditions is reflected in his views. I would also like to commend Alfred and his co-editors for a comprehensive evaluation of India’s financial system and very valuable recommendations on the way forward in a recent book evocatively titled “India’s Financial System: Building the Foundation for Strong and Sustainable Growth”.
I am glad to see Mr Thomas Helbling from the Asia and Pacific Department of the IMF in this session, and I look forward to hearing from him.
I thank our host and SEACEN EXCO Chair, the National Bank of Cambodia, the SEACEN Centre and Dr. Mangal Goswami, Executive Director, and the BIS for inviting me to speak in this distinguished forum. In particular, I am grateful to Deputy Governor Sum Sannisith for so graciously writing to me to participate in this 16th SEACEN-BIS High Level Seminar.
The Backdrop
It is widely believed that during the next two decades – if not for longer – the centre of gravity of the global economy will shift eastwards to Asia. The IMF’s Regional Economic Outlook for Asia and the Pacific indicates that this region will contribute about two-thirds of global growth in 2023 itself. India will account for a sixth of world output growth in 2023 and 2024. In terms of market exchange rates, India is the fifth largest economy of the world and the third largest economy on the basis of purchasing power parity. Our assessment is that by 2027, India will be a US$ 5 trillion economy and the third largest in the world even by market exchange rates. A key driver in this transformation is likely to be the window of a demographic dividend that opened up in 2018 and will probably last till the 2040s, going by fertility and mortality rates. Already, we are the most populous country in the world at 1.4 billion and the youngest at an average age of 28 years. The other major catalyst of India’s progress will be the pace and quality of financial sector development, which is the theme of my address today. It is anchored by a few slides.
جون 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
اپریل 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
اپریل 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
مارچ 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
جنوری 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
نومبر 30, 2022
Financial Benchmarks in India: A Coming of Age
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
ستمبر 05, 2022
Financial Market Reforms: Approach and Expectations
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
اگست 24, 2022
Corporate Bond Markets in India – Challenges and prospects
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.
اگست 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
ستمبر 05, 2019
20th FIMMDA - PDAI Annual Conference
1. I am happy to be here today amidst you and I must thank FIMMDA and PDAI for this privilege. The annual conference of FIMMDA and PDAI has of late been known as much for the content of the deliberations as for the choice of the venues, and the present one, its twentieth edition, is no exception. These occasions bring together the best minds in the financial market, particularly the fixed income segment, under one roof and provides excellent platform for deliberating
Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India
1. I am happy to be here today amidst you and I must thank FIMMDA and PDAI for this privilege. The annual conference of FIMMDA and PDAI has of late been known as much for the content of the deliberations as for the choice of the venues, and the present one, its twentieth edition, is no exception. These occasions bring together the best minds in the financial market, particularly the fixed income segment, under one roof and provides excellent platform for deliberating
اگست 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
جولائی 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
جون 29, 2019
Development of Viable Capital Markets – The Indian Experience
1. Introduction 1.1 Capital markets play a crucial role in the economic development of a country. They provide financial resources required for the long-term sustainable development of the economy. Development of viable capital markets is therefore considered an important element in the macro-financial policy toolkit, including for objectives such as financial stability and the transmission of monetary policy. 1.2 The Committee on Global Financial System (CGFS), which
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
1. Introduction 1.1 Capital markets play a crucial role in the economic development of a country. They provide financial resources required for the long-term sustainable development of the economy. Development of viable capital markets is therefore considered an important element in the macro-financial policy toolkit, including for objectives such as financial stability and the transmission of monetary policy. 1.2 The Committee on Global Financial System (CGFS), which
جنوری 15, 2018
Understanding and Managing Interest Rate Risk at Banks
Let me at the outset wish all of you a happy and healthy New Year. Thank you to Fixed Income Money Markets and Derivatives Association (FIIMDA) and its organizing team for inviting me to deliver this keynote address at its Annual Meet. I will speak today about understanding and managing better the interest rate risk at Indian banks. I will start, however, by looking elsewhere and historically, often a very good place to start. In the period after the Global Financial
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
Let me at the outset wish all of you a happy and healthy New Year. Thank you to Fixed Income Money Markets and Derivatives Association (FIIMDA) and its organizing team for inviting me to deliver this keynote address at its Annual Meet. I will speak today about understanding and managing better the interest rate risk at Indian banks. I will start, however, by looking elsewhere and historically, often a very good place to start. In the period after the Global Financial
ستمبر 27, 2016
Challenges in Developing the Bond Market in BRICS
I. Introduction I notice that the Seminar is on developing bond markets in BRICS. Though bond markets include both the government securities market and the corporate bonds market, I would dwell upon only on corporate debt market. The reason is simple. The government securities market in the BRICS countries have attained a definite positions, whereas the corporate bonds market are at nascent stage. 2. For example, India’s Government securities market - by whatever crit
Shri R. Gandhi, Deputy Governor, Reserve Bank of India
I. Introduction I notice that the Seminar is on developing bond markets in BRICS. Though bond markets include both the government securities market and the corporate bonds market, I would dwell upon only on corporate debt market. The reason is simple. The government securities market in the BRICS countries have attained a definite positions, whereas the corporate bonds market are at nascent stage. 2. For example, India’s Government securities market - by whatever crit
اگست 26, 2016
Strengthening Our Debt Markets
Thank you for inviting me to speak to FEDAI. In the last few weeks, in successive speeches, I have outlined the RBI’s approach to inflation, distressed debt, financial inclusion, and banking sector reform. I want to speak today about debt markets and associated derivatives; why we need them to be deep and liquid, why, in addition to central and state governments, we need riskier firms and projects to be able to access the bond markets for funds, why we need to encoura
Dr. Raghuram G. Rajan, Governor, Reserve Bank of India
Thank you for inviting me to speak to FEDAI. In the last few weeks, in successive speeches, I have outlined the RBI’s approach to inflation, distressed debt, financial inclusion, and banking sector reform. I want to speak today about debt markets and associated derivatives; why we need them to be deep and liquid, why, in addition to central and state governments, we need riskier firms and projects to be able to access the bond markets for funds, why we need to encoura
اپریل 19, 2016
Indian Debt Market 2020 : The Underpinnings & the Path Ahead
Shri N. S. Venkatesh, Executive Director, IDBI Bank & Chairman, FIMMDA, Shri B. Prasanna, Chairman PDAI, senior colleagues from the banking fraternity, delegates from India & UK, ladies and gentlemen. It is my pleasure to be part of the Annual FIMMDA-PDAI Conference being held in one of the leading financial centres of the world. London is home of one of the world’s oldest central banks and epitomizes the intellectual churning that has happened internationally
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Shri N. S. Venkatesh, Executive Director, IDBI Bank & Chairman, FIMMDA, Shri B. Prasanna, Chairman PDAI, senior colleagues from the banking fraternity, delegates from India & UK, ladies and gentlemen. It is my pleasure to be part of the Annual FIMMDA-PDAI Conference being held in one of the leading financial centres of the world. London is home of one of the world’s oldest central banks and epitomizes the intellectual churning that has happened internationally
نومبر 06, 2015
Corporate Bond Markets in India: A Framework for Further Action
Speaking at this event - in this panel - leaves me with a sense of déjà vu. The fact that I spoke about the same issue at the same forum three years back in 2012 – and many other fora earlier – reflects the deep-rooted, inertial nature of underlying factors. At least for more than 10 years now development of corporate bond markets in India has been the focus of all stakeholders but the arduous pursuit of the ‘holy grail’ has not delivered desired results. In the proce
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Speaking at this event - in this panel - leaves me with a sense of déjà vu. The fact that I spoke about the same issue at the same forum three years back in 2012 – and many other fora earlier – reflects the deep-rooted, inertial nature of underlying factors. At least for more than 10 years now development of corporate bond markets in India has been the focus of all stakeholders but the arduous pursuit of the ‘holy grail’ has not delivered desired results. In the proce
اگست 25, 2015
Financial Market Regulation in India – Looking Back, Looking Ahead
Mr. Jiri Rusnok, Former Prime Minister & Member of the Board of the Czech National Bank; Dr. M. Venkatachalam, Charge d’Affairs Indian Embassy, Prague; Mr. N. S. Venkatesh, Chairman FIMMDA; Mr. Pradeep Madhav, PDAI; distinguished panelists and all the delegates. It gives me great pleasure to be delivering the keynote address for the FIMMDA – PDAI Annual Conference in this culturally rich, historically vibrant, naturally blessed city of Prague which still maintains
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Mr. Jiri Rusnok, Former Prime Minister & Member of the Board of the Czech National Bank; Dr. M. Venkatachalam, Charge d’Affairs Indian Embassy, Prague; Mr. N. S. Venkatesh, Chairman FIMMDA; Mr. Pradeep Madhav, PDAI; distinguished panelists and all the delegates. It gives me great pleasure to be delivering the keynote address for the FIMMDA – PDAI Annual Conference in this culturally rich, historically vibrant, naturally blessed city of Prague which still maintains
اگست 12, 2015
Financing for Infrastructure: Current Issues & Emerging Challenges
Smt. Arundhati Bhattacharya, Chairman, State Bank of India Group, Shri V G Kannan, Managing Director, State Bank of India, Shri Praveen Gupta, MD & CEO SBICAP, Shri Abhay Chaudhari, President & COO, SBICAP, Shri Supratim Sarkar, Executive Vice President, SBICAP, esteemed guest speakers, colleagues and friends from SBI & SBICAP and participants. It gives me immense pleasure to deliver the keynote address in this wonderful setting where the annual conclave o
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Smt. Arundhati Bhattacharya, Chairman, State Bank of India Group, Shri V G Kannan, Managing Director, State Bank of India, Shri Praveen Gupta, MD & CEO SBICAP, Shri Abhay Chaudhari, President & COO, SBICAP, Shri Supratim Sarkar, Executive Vice President, SBICAP, esteemed guest speakers, colleagues and friends from SBI & SBICAP and participants. It gives me immense pleasure to deliver the keynote address in this wonderful setting where the annual conclave o
اپریل 06, 2015
Musings of a Departing Forex Market Regulator
Mr. Gupta, Chairman, FEDAI, Mr. Vohra, Mr. Banerjee, Vice- Chairmen, Mr. Patwardhan, CEO, my banker friends, colleagues from the RBI, ladies and gentlemen, 1. It gives me great pleasure to be here with you this morning. The Foreign Exchange Dealers’ Association of India has been choosing exciting overseas locations for its annual conventions these days, and this beautiful city, with its long history and increasing pre-eminence in European and international affairs is
Shri G Padmanabhan, Executive Director, Reserve Bank of India
Mr. Gupta, Chairman, FEDAI, Mr. Vohra, Mr. Banerjee, Vice- Chairmen, Mr. Patwardhan, CEO, my banker friends, colleagues from the RBI, ladies and gentlemen, 1. It gives me great pleasure to be here with you this morning. The Foreign Exchange Dealers’ Association of India has been choosing exciting overseas locations for its annual conventions these days, and this beautiful city, with its long history and increasing pre-eminence in European and international affairs is
مارچ 23, 2015
Corporate Debt Market: What needs to be done - A Reaffirmation
Good morning ladies and gentlemen! 2. I would like to thank CARE Ratings for taking this initiative of holding this Summit on the corporate debt market. As I can see, the seminar is quite exhaustive in content and we will be having some excellent speakers representing various segments of the industry and hence it will be very interesting to hear their views. As a regulator, we in the Reserve Bank do have our own approach to the development of any market, but to hear t
Shri R. Gandhi, Deputy Governor, Reserve Bank of India
Good morning ladies and gentlemen! 2. I would like to thank CARE Ratings for taking this initiative of holding this Summit on the corporate debt market. As I can see, the seminar is quite exhaustive in content and we will be having some excellent speakers representing various segments of the industry and hence it will be very interesting to hear their views. As a regulator, we in the Reserve Bank do have our own approach to the development of any market, but to hear t
جنوری 29, 2015
Derivatives Dynamics: Looking Back & Looking Ahead
Prof. Sesha R. Iyer, Prof. Suresh G Lalwani, Prof. Ranjit Pattanaik and learned panellists & invitees. I am happy to be here today on the occasion of the Finance Conclave 2015 on ‘Indian Derivatives Markets – Striking a Balance between Risk Protection and Liquidity’ organized by the SP Jain Institute of Management & Research and share some of my thoughts on the dynamics of derivatives in the Indian context. 2. ‘Derivatives’ have for quite some time been a tote
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Prof. Sesha R. Iyer, Prof. Suresh G Lalwani, Prof. Ranjit Pattanaik and learned panellists & invitees. I am happy to be here today on the occasion of the Finance Conclave 2015 on ‘Indian Derivatives Markets – Striking a Balance between Risk Protection and Liquidity’ organized by the SP Jain Institute of Management & Research and share some of my thoughts on the dynamics of derivatives in the Indian context. 2. ‘Derivatives’ have for quite some time been a tote
ستمبر 03, 2014
Finance, Credit and Markets
The role of the financial system is to intermediate between lenders and borrowers and provide avenues for saving and help investors find their financing needs. The financial markets impact growth by channeling saving to firms and improving the allocation of capital. Moreover, efficient financial markets and institutions tend to lower search and transactions costs in the economy. 2. As the industrialized nations’ economies grew in the eighteenth, nineteenth and twentie
Shri R. Gandhi, Deputy Governor, Reserve Bank of India
The role of the financial system is to intermediate between lenders and borrowers and provide avenues for saving and help investors find their financing needs. The financial markets impact growth by channeling saving to firms and improving the allocation of capital. Moreover, efficient financial markets and institutions tend to lower search and transactions costs in the economy. 2. As the industrialized nations’ economies grew in the eighteenth, nineteenth and twentie
اپریل 02, 2014
Regulation of Indian Debt & Derivatives Markets: Some perspectives on post-crisis paradigm
Shri. N. S. Venkatesh, Chairman, Fixed Income Money Market Derivatives Association (FIMMDA), Shri B. Prasanna, Chairman, Primary Dealers Association of India (PDAI), Sri. C.E.S. Azariah, outgoing Chief Executive Officer and Shri Prasad, incoming CEO of the FIMMDA, distinguished speakers and panellists and delegates to the conference. It gives me immense pleasure to be amidst you all for the 15th annual meeting of the FIMMDA and the PDAI in this beautiful, historic cit
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Shri. N. S. Venkatesh, Chairman, Fixed Income Money Market Derivatives Association (FIMMDA), Shri B. Prasanna, Chairman, Primary Dealers Association of India (PDAI), Sri. C.E.S. Azariah, outgoing Chief Executive Officer and Shri Prasad, incoming CEO of the FIMMDA, distinguished speakers and panellists and delegates to the conference. It gives me immense pleasure to be amidst you all for the 15th annual meeting of the FIMMDA and the PDAI in this beautiful, historic cit
مارچ 11, 2014
Regulation of Indian Debt & Derivatives Markets : Some thoughts on post - crisis paradigm
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
جولائی 12, 2013
Internationalisation and Integration of Asian Capital Markets: Expanded Role for Asian Currencies, including the Renminbi
I am indeed indebted to the organizers, Lee Kuan Yew School of Public Policy, National University of Singapore for providing me this opportunity to share my thoughts on an issue, which has the potential to alter the global financial landscape in the years to come. 2. Global financial crisis and its aftermath have renewed the debates pertaining to functioning of international monetary system (IMS) and the need for multi-currency system. Is there a viable alternative fo
Shri G Padmanabhan, Executive Director, Reserve Bank of India
I am indeed indebted to the organizers, Lee Kuan Yew School of Public Policy, National University of Singapore for providing me this opportunity to share my thoughts on an issue, which has the potential to alter the global financial landscape in the years to come. 2. Global financial crisis and its aftermath have renewed the debates pertaining to functioning of international monetary system (IMS) and the need for multi-currency system. Is there a viable alternative fo
مئی 08, 2013
Indian Financial Markets: Fuelling the Growth of the Indian Economy
1. Dr. Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance, Mr. S. Gopalakrishnan, President, Confederation of Indian Industry (CII), Mr. Jignesh Shah, Chairman, CII National Committee on Financial Markets, Mr. Chandrajit Banerjee, Director General, CII, distinguished delegates. Let me start by complimenting CII for selecting Indian Financial Markets: Fuelling the Growth of the Indian Economy as the theme of the session. It is now well known
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
1. Dr. Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance, Mr. S. Gopalakrishnan, President, Confederation of Indian Industry (CII), Mr. Jignesh Shah, Chairman, CII National Committee on Financial Markets, Mr. Chandrajit Banerjee, Director General, CII, distinguished delegates. Let me start by complimenting CII for selecting Indian Financial Markets: Fuelling the Growth of the Indian Economy as the theme of the session. It is now well known
فروری 27, 2013
Role of Financial Market Infrastructure in Financial System Stability & Implications for Central Bank
Shri G Padmanabhan, Executive Director, Reserve Bank of India
فروری 15, 2013
International Seminar on Principles of Financial Market Infrastructures and Innovations in Retail Payments
Distinguished speakers, participants, other guests, ladies and gentlemen. It is a pleasure to be amidst you and speak to you all as we conclude this International Seminar on “Principles of Financial Market Infrastructures and Innovations in Retail Payments” organized by the Reserve Bank. 2. The theme of the seminar, which was chosen after considerable deliberations, is quite apt, given the markets around us. As you know, the term FMI refers to systemically important p
Shri G Padmanabhan, Executive Director, Reserve Bank of India
Distinguished speakers, participants, other guests, ladies and gentlemen. It is a pleasure to be amidst you and speak to you all as we conclude this International Seminar on “Principles of Financial Market Infrastructures and Innovations in Retail Payments” organized by the Reserve Bank. 2. The theme of the seminar, which was chosen after considerable deliberations, is quite apt, given the markets around us. As you know, the term FMI refers to systemically important p
فروری 14, 2013
Principles of Financial Market Infrastructure & Innovations in Retail Payment Systems: Some Perspectives
It is a pleasure to be here in New Delhi to inaugurate this International Seminar on Principles of Financial Market Infrastructure (PFMI) and Innovations in Retail Payment Systems in the midst of the guest speakers and distinguished participants from around the world. The spring season in New Delhi is very pleasant and its beauty is all pervasive. I am sure the participants will enjoy the beauty of New Delhi and there would be a lot of takeaways from the seminar. I un
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
It is a pleasure to be here in New Delhi to inaugurate this International Seminar on Principles of Financial Market Infrastructure (PFMI) and Innovations in Retail Payment Systems in the midst of the guest speakers and distinguished participants from around the world. The spring season in New Delhi is very pleasant and its beauty is all pervasive. I am sure the participants will enjoy the beauty of New Delhi and there would be a lot of takeaways from the seminar. I un
فروری 04, 2013
Regulation of G-Sec & Interest Rate Derivatives Market : Recent Developments & Emerging Issues
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
دسمبر 17, 2012
Money Market and Monetary Operations in India
I thank Mr. G. Mahalingam for the opportunity to share my thoughts in this distinguished panel on money market. This forum which brings together the Reserve Bank and practitioners in the financial market, is important not only from the perspective of market development but also for fostering a better understanding of monetary operations. Money market is at the heart of monetary operations. Over the last decade, there has been substantial development in the Indian mone
Shri Deepak Mohanty, Executive Director, Reserve Bank of India
I thank Mr. G. Mahalingam for the opportunity to share my thoughts in this distinguished panel on money market. This forum which brings together the Reserve Bank and practitioners in the financial market, is important not only from the perspective of market development but also for fostering a better understanding of monetary operations. Money market is at the heart of monetary operations. Over the last decade, there has been substantial development in the Indian mone
نومبر 12, 2012
The Financial Innovations That Never Were
1. I deem it an honour and privilege to be addressing this very distinguished and august audience. Right at the outset, I would like to impress upon this very learned and discerning audience that responsible Financial Innovation is not an end in itself, but instead, a means to an end of sub-serving the real sector and in that sense it is consistent with, and a natural fit to, public policy purpose of “financial sector-real sector balance”. As this distinguished audien
Shri V.K. Sharma, Executive Director, Reserve Bank of India
1. I deem it an honour and privilege to be addressing this very distinguished and august audience. Right at the outset, I would like to impress upon this very learned and discerning audience that responsible Financial Innovation is not an end in itself, but instead, a means to an end of sub-serving the real sector and in that sense it is consistent with, and a natural fit to, public policy purpose of “financial sector-real sector balance”. As this distinguished audien
اکتوبر 15, 2012
Corporate Debt Market: Developments, Issues & Challenges
It is an honour to address the distinguished participants of the 9th Annual Conference on Capital Markets (CAPAM 2012) on an issue which is attracting a lot of attention of the policy-makers and market participants – the corporate debt market. Deeper and broader financial markets are desirable for public policy objectives as they play a critical role in improving the efficiency of capital allocation within the economy. Capital market comprising equity and debt market
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
It is an honour to address the distinguished participants of the 9th Annual Conference on Capital Markets (CAPAM 2012) on an issue which is attracting a lot of attention of the policy-makers and market participants – the corporate debt market. Deeper and broader financial markets are desirable for public policy objectives as they play a critical role in improving the efficiency of capital allocation within the economy. Capital market comprising equity and debt market
مارچ 28, 2012
Towards Vibrant Debt Markets – A 7iFramework
Presentation 1. It is a great pleasure to be here amidst you all for the 9th Annual meeting of the Fixed Income Money Market Derivatives Association (FIMMDA) and the Primary Dealers Association of India (PDAI) in this enchanting and energetic city of Kuala Lumpur. Relations between our two great nations, India and Malaysia, date back to ancient times. Indeed the name Malaysia is believed to have been derived from the Sanskrit root Malayadvipa which means “peninsula of
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Presentation 1. It is a great pleasure to be here amidst you all for the 9th Annual meeting of the Fixed Income Money Market Derivatives Association (FIMMDA) and the Primary Dealers Association of India (PDAI) in this enchanting and energetic city of Kuala Lumpur. Relations between our two great nations, India and Malaysia, date back to ancient times. Indeed the name Malaysia is believed to have been derived from the Sanskrit root Malayadvipa which means “peninsula of
جنوری 27, 2012
“Towards Vibrant Debt Markets” - A presentation by Shri H.R. Khan, Deputy Governor, Reserve Bank of India, at the 13th Annual Conference of FIIMDA – PDAI at Kuala Lumpur, Malaysia on January 27, 2012
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
جنوری 16, 2012
Crisis Preparedness in Interconnected Markets - Prevention is Better than Cure
Mrs. Usha Thorat, Director, CAFRAL, learned faculty members of Toronto Centre, Canada, Chief Executives and Executive Directors of banks, Principal, Jawaharlal Nehru Institute of Development Banking, Hyderabad, participants, distinguished ladies and gentlemen. 1. Over the last five years, a word became very popular around the world. It dominated discourses amongst policy makers. It consumed innumerable hours of prime time on television. It spanned across meetings in o
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mrs. Usha Thorat, Director, CAFRAL, learned faculty members of Toronto Centre, Canada, Chief Executives and Executive Directors of banks, Principal, Jawaharlal Nehru Institute of Development Banking, Hyderabad, participants, distinguished ladies and gentlemen. 1. Over the last five years, a word became very popular around the world. It dominated discourses amongst policy makers. It consumed innumerable hours of prime time on television. It spanned across meetings in o
جنوری 06, 2012
Financial Market Volatility and the Risk Management Imperative
1. First of all, I would wish to thank Bangalore Chamber of Industry and Commerce for giving me this honour and privilege to address this very distinguished and august audience. I must congratulate and compliment Bangalore Chamber of Industry and Commerce (BCIC) on conceiving, and organizing, this contextually, and topically, most appropriate and relevant Interactive Session on Forex Risk Management. What with the cataclysmic and apocalyptic events like the US downgra
Shri V.K. Sharma, Executive Director, Reserve Bank of India
1. First of all, I would wish to thank Bangalore Chamber of Industry and Commerce for giving me this honour and privilege to address this very distinguished and august audience. I must congratulate and compliment Bangalore Chamber of Industry and Commerce (BCIC) on conceiving, and organizing, this contextually, and topically, most appropriate and relevant Interactive Session on Forex Risk Management. What with the cataclysmic and apocalyptic events like the US downgra
اکتوبر 19, 2011
Identifying Systemic Risk in Global Markets – Lessons learned from the crisis
In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In other words, it is not so much high volatility, which is the ‘effect’, that should be a cause for concern as persistent and excessively low volatility, which is the ‘cause’, and was the hallmark of the pre-crisis period. In p
Shri V.K. Sharma, Executive Director, Reserve Bank of India
In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In other words, it is not so much high volatility, which is the ‘effect’, that should be a cause for concern as persistent and excessively low volatility, which is the ‘cause’, and was the hallmark of the pre-crisis period. In p
اگست 13, 2011
Forex market development-Issues and Challenges -Thoughts of a returning forex market regulator
Friends, 1. I am delighted to be in your midst after a long gap of a decade. The occasion brings back reminiscences of late 1990s and the early years of this century when the forex market in India was quite different from what exists today. A nascent market that it was, needed a lot of hand-holding from RBI. The Rupee was always moving down a one-way street and every bout of volatility ( plenty those days, for example, the South East Asian crisis, Nuclear sanctions, K
Shri G Padmanabhan, Executive Director, Reserve Bank of India
Friends, 1. I am delighted to be in your midst after a long gap of a decade. The occasion brings back reminiscences of late 1990s and the early years of this century when the forex market in India was quite different from what exists today. A nascent market that it was, needed a lot of hand-holding from RBI. The Rupee was always moving down a one-way street and every bout of volatility ( plenty those days, for example, the South East Asian crisis, Nuclear sanctions, K
جولائی 07, 2011
Mutual Funds and Market Development in India
Mutual Funds and Market Development in India* I. Introduction Financial sector development can be viewed as a process that enhances four critical attributes of the financial system: efficiency, stability, transparency and inclusion. The emergence of intermediation mechanisms and products that help improve on one or more of these without causing others to weaken are, therefore, a meaningful indicator of financial development. From this perspective, Mutual Funds play an
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
Mutual Funds and Market Development in India* I. Introduction Financial sector development can be viewed as a process that enhances four critical attributes of the financial system: efficiency, stability, transparency and inclusion. The emergence of intermediation mechanisms and products that help improve on one or more of these without causing others to weaken are, therefore, a meaningful indicator of financial development. From this perspective, Mutual Funds play an
مئی 09, 2011
Regulatory Perspectives on Derivatives Markets in India
Introduction It is a pleasure for me to be speaking at this conference organized by the International Options Market Association. The presence and role of derivatives in India, both OTC and Exchange traded, has been increasing steadily over the years. These instruments are an important component of the overall financial sector strategy and the broad regulatory objective is to ensure that they are used to their potential in ways that are consistent with both financial
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
Introduction It is a pleasure for me to be speaking at this conference organized by the International Options Market Association. The presence and role of derivatives in India, both OTC and Exchange traded, has been increasing steadily over the years. These instruments are an important component of the overall financial sector strategy and the broad regulatory objective is to ensure that they are used to their potential in ways that are consistent with both financial
اپریل 17, 2011
Statement by Mr. Duvvuri Subbarao, Governor, Reserve Bank of India at IMFC, Washington
Leader of the Indian Delegation to the International Monetary and Financial Committee Washington D.C., April 16, 2011 Mr. Chairman, 1. There have been significant developments in the global economy since we met in the fall of 2010. The IMF too has moved on several fronts under its mandate which has strengthened its position in a changing world. There are several key questions confronting us today: Is the recovery assured in the face of still turbulent financial condit
Dr. D. Subbarao, Governor, Reserve Bank of India
Leader of the Indian Delegation to the International Monetary and Financial Committee Washington D.C., April 16, 2011 Mr. Chairman, 1. There have been significant developments in the global economy since we met in the fall of 2010. The IMF too has moved on several fronts under its mandate which has strengthened its position in a changing world. There are several key questions confronting us today: Is the recovery assured in the face of still turbulent financial condit
اکتوبر 10, 2008
Global Financial Crisis and Key Risks: Impact on India and Asia (Updated on October 27, 2008)
The turmoil in the international financial markets of advanced economies, that started around mid-2007, has exacerbated substantially since August 2008. The financial market crisis has led to the collapse of major financial institutions and is now beginning to impact the real economy in the advanced economies. As this crisis is unfolding, credit markets appear to be drying up in the developed world. With the substantive increase in financial globalisation, how much wi
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
The turmoil in the international financial markets of advanced economies, that started around mid-2007, has exacerbated substantially since August 2008. The financial market crisis has led to the collapse of major financial institutions and is now beginning to impact the real economy in the advanced economies. As this crisis is unfolding, credit markets appear to be drying up in the developed world. With the substantive increase in financial globalisation, how much wi
اگست 04, 2008
The Indian Banking Industry – A Retrospect of Select Aspects
Dear Friends, It is my pleasure to be here on the occasion of the birth centenary celebrations of late Shri M. Ct. M. Chidambaram Chettyar. I am thankful to the organisers for affording me this opportunity to share some of my thoughts with this august audience. As you all know, Shri Chettyar was the visionary founder of the Indian Overseas Bank. He established the bank in the pre-independence era in the February 1937, when the banking industry in the country was indee
Shri V. Leeladhar, Deputy Governor, Reserve Bank of India
Dear Friends, It is my pleasure to be here on the occasion of the birth centenary celebrations of late Shri M. Ct. M. Chidambaram Chettyar. I am thankful to the organisers for affording me this opportunity to share some of my thoughts with this august audience. As you all know, Shri Chettyar was the visionary founder of the Indian Overseas Bank. He established the bank in the pre-independence era in the February 1937, when the banking industry in the country was indee
اپریل 17, 2008
Consolidation in the Indian Financial Sector
Dear Friends, It is my pleasure to be here with you this morning on the occasion of International Banking & Finance Conference 2008 of the Indian Merchants’ Chamber. I am grateful to the organisers for having afforded me this valuable opportunity to address this august audience and share some of my thoughts on the subject of consolidation in the Indian financial sector. The Chamber has indeed come a long way since its establishment in the pre-independence days in
Shri V. Leeladhar, Deputy Governor, Reserve Bank of India
Dear Friends, It is my pleasure to be here with you this morning on the occasion of International Banking & Finance Conference 2008 of the Indian Merchants’ Chamber. I am grateful to the organisers for having afforded me this valuable opportunity to address this august audience and share some of my thoughts on the subject of consolidation in the Indian financial sector. The Chamber has indeed come a long way since its establishment in the pre-independence days in
مارچ 31, 2008
The Indian Economy and the Reserve Bank of India: Random Thoughts
Shri Johny Joseph, Shri Kale and friends,I am grateful to the organisers for bestowing on me the honour of delivering the prestigious Yeshwantrao Chavan Memorial Lecture 2007-08. I must compliment the Indian Institute of Public Administration (IIPA), Maharashtra Branch, for organising the Memorial Lecture. By accepting this invitation, I am also acknowledging a debt of gratitude to IIPA. I am a Life Member of IIPA. While doing research for Ph.D in 1960s, I extensively
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Shri Johny Joseph, Shri Kale and friends,I am grateful to the organisers for bestowing on me the honour of delivering the prestigious Yeshwantrao Chavan Memorial Lecture 2007-08. I must compliment the Indian Institute of Public Administration (IIPA), Maharashtra Branch, for organising the Memorial Lecture. By accepting this invitation, I am also acknowledging a debt of gratitude to IIPA. I am a Life Member of IIPA. While doing research for Ph.D in 1960s, I extensively
جنوری 21, 2008
Development through Planning, Markets or De-centralisation
Prof. Bhole, Seminar Convenor, Prof. Juzer Vasi, Meenakshi Gupta, Prof. Ramnathan, other distinguished invitees, Prof Narayanan, participants of the seminar, ladies and gentlemen, It gives me great pleasure to inaugurate the seminar on, 'Development through Planning, Markets or De-centralisation' during the Golden Jubilee of IIT. The subject of the present seminar is extremely important at the present stage of Indian economic development. This three-day seminar I am s
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Prof. Bhole, Seminar Convenor, Prof. Juzer Vasi, Meenakshi Gupta, Prof. Ramnathan, other distinguished invitees, Prof Narayanan, participants of the seminar, ladies and gentlemen, It gives me great pleasure to inaugurate the seminar on, 'Development through Planning, Markets or De-centralisation' during the Golden Jubilee of IIT. The subject of the present seminar is extremely important at the present stage of Indian economic development. This three-day seminar I am s
نومبر 07, 2007
Developing Debt Markets in India: Review and Prospects
Governor Julio Velarde and fellow Governors, I am thankful to Governor Amando for giving me this opportunity to participate in the meeting of Central Bank Governors of Asia, Latin America and the Caribbean. I am conscious of the fact that the conditions prevalent in our economies are varied, and yet the sharing of country experiences provides us valuable insights into the effectiveness of public policy as w
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Governor Julio Velarde and fellow Governors, I am thankful to Governor Amando for giving me this opportunity to participate in the meeting of Central Bank Governors of Asia, Latin America and the Caribbean. I am conscious of the fact that the conditions prevalent in our economies are varied, and yet the sharing of country experiences provides us valuable insights into the effectiveness of public policy as w
اکتوبر 24, 2007
Indian Derivatives Market - A Regulatory and Contextual Perspective
Let me first thank Euromoney for inviting me for this seminar on Indian derivatives market. The esoteric world of derivatives has come into sharp focus in recent times precisely on account of their complexity and recent events have triggered a debate on their impact on the financial system stability. My discussion today will be confined to the regulatory framework in India in regard to forex, debt and credit derivative markets and the regulatory imperatives arising in
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Let me first thank Euromoney for inviting me for this seminar on Indian derivatives market. The esoteric world of derivatives has come into sharp focus in recent times precisely on account of their complexity and recent events have triggered a debate on their impact on the financial system stability. My discussion today will be confined to the regulatory framework in India in regard to forex, debt and credit derivative markets and the regulatory imperatives arising in
ستمبر 20, 2007
Recent Financial Market Developments And Implications For Monetary Policy
Shri Bhatt, Mr Horiguchi, Ladies and Gentlemen, I am honoured to be invited to deliver the valedictory address at the Asia Regional Economic Forum. The relationship between India and the Institute of International Finance (IIF) goes back a long way to the early 1990s. Therefore, it is only befitting that the IIF has chosen to inaugurate the Asia Regional Economic Forum in Mumbai as an opportunity for the informal exchange of
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Shri Bhatt, Mr Horiguchi, Ladies and Gentlemen, I am honoured to be invited to deliver the valedictory address at the Asia Regional Economic Forum. The relationship between India and the Institute of International Finance (IIF) goes back a long way to the early 1990s. Therefore, it is only befitting that the IIF has chosen to inaugurate the Asia Regional Economic Forum in Mumbai as an opportunity for the informal exchange of
جون 20, 2007
Risk Management in an Open Market Economy
Peter L. Bernstein in his celebrated book Against the Gods writes, 'The revolutionary idea that defines the boundary between modern times and the past is the mastery of risk: the notion that the future is more than a whim of the Gods and that men and women are not passive before nature. Until human beings discovered a way across that boundary, the future was a mirror of the past or the murky domain of oracles and soothsayers who held monopoly over knowledge of anticip
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Peter L. Bernstein in his celebrated book Against the Gods writes, 'The revolutionary idea that defines the boundary between modern times and the past is the mastery of risk: the notion that the future is more than a whim of the Gods and that men and women are not passive before nature. Until human beings discovered a way across that boundary, the future was a mirror of the past or the murky domain of oracles and soothsayers who held monopoly over knowledge of anticip
مئی 16, 2007
Development of Financial Markets in India
I am delighted to have the opportunity of speaking on the issue of development of financial markets along with Mr. Christian Noyer, Governor of the Banque de France. He has displayed a deep commitment to the development of financial markets over the years and we heard a very thoughtful speech from him on this subject at the Reserve Bank just two days ago. His approach to financial markets is marked by a great degree of pragmatism: as we develop financial m
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I am delighted to have the opportunity of speaking on the issue of development of financial markets along with Mr. Christian Noyer, Governor of the Banque de France. He has displayed a deep commitment to the development of financial markets over the years and we heard a very thoughtful speech from him on this subject at the Reserve Bank just two days ago. His approach to financial markets is marked by a great degree of pragmatism: as we develop financial m
اپریل 14, 2007
The Global Economy and Financial Markets
Mr. Chairman, 1. The continued expansion in world GDP in 2006, with growth crossing the 5 percent mark, points to the emergence of a new phase - one that is more diversified with most regions posting higher growth than in the previous year. It is heartening to note that the new robust phase is driven by emerging market economies with China and India continuing to contribute substantially to the global growth momentum. Growth rate in the Euro area accelerated and the r
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Mr. Chairman, 1. The continued expansion in world GDP in 2006, with growth crossing the 5 percent mark, points to the emergence of a new phase - one that is more diversified with most regions posting higher growth than in the previous year. It is heartening to note that the new robust phase is driven by emerging market economies with China and India continuing to contribute substantially to the global growth momentum. Growth rate in the Euro area accelerated and the r
اپریل 09, 2007
Special features of Financial Sector Reforms in India
Ms. Nitaya Pibulratanagit, Asst. Governor Bank of Thailand, Mr. Appiah Chairman Forex Association of India, Mr. Lamba Secretary Forex Association of India, delegates from India and Asia/Middle East, ladies and gentlemen. It is a pleasure to inaugurate the 18th annual conference of the Forex Association of India which is affiliated to ACI in this historical city of Bangkok. I understand FIMMDA had held a similar conference in Bangkok in 2003 which was inaugurated by my
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Ms. Nitaya Pibulratanagit, Asst. Governor Bank of Thailand, Mr. Appiah Chairman Forex Association of India, Mr. Lamba Secretary Forex Association of India, delegates from India and Asia/Middle East, ladies and gentlemen. It is a pleasure to inaugurate the 18th annual conference of the Forex Association of India which is affiliated to ACI in this historical city of Bangkok. I understand FIMMDA had held a similar conference in Bangkok in 2003 which was inaugurated by my
مارچ 06, 2007
Development of Local Currency Bond Markets : The Indian Experience
Development of Local Currency Bond Markets : The Indian Experience Shyamala Gopinath 1 It gives me great pleasure to participate in the Workshop on "Debt, Finance and Emerging Issues in Financial Integration", being organized by the Financing for Development Office, United Nations in collaboration with the Commonwealth Business Council and Commonwealth Secretariat. In my presentation, I would like to highlight the Indian experience with regard to the development of de
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Development of Local Currency Bond Markets : The Indian Experience Shyamala Gopinath 1 It gives me great pleasure to participate in the Workshop on "Debt, Finance and Emerging Issues in Financial Integration", being organized by the Financing for Development Office, United Nations in collaboration with the Commonwealth Business Council and Commonwealth Secretariat. In my presentation, I would like to highlight the Indian experience with regard to the development of de
اگست 20, 2004
Development of Forex Markets in India : Review and Prospects
I am delighted to be in Colombo today to address the 15th National Forex Assembly. India and Sri Lanka have had very close and friendly neighbourly relations especially culturally, for centuries - indeed millennia. On behalf of Reserve Bank of India, I bring greetings to you all and express appreciation of the warm hospitality of the host country. RBI has always actively participated in the meetings of national Forex Assembly at Governor or Deputy Governor level. I am
Smt. K.J. Udeshi, Deputy Governor, Reserve Bank of India
I am delighted to be in Colombo today to address the 15th National Forex Assembly. India and Sri Lanka have had very close and friendly neighbourly relations especially culturally, for centuries - indeed millennia. On behalf of Reserve Bank of India, I bring greetings to you all and express appreciation of the warm hospitality of the host country. RBI has always actively participated in the meetings of national Forex Assembly at Governor or Deputy Governor level. I am
اگست 14, 2004
Debt Markets in India - Issues and Prospects
I am very happy to be amongst you today to deliver the keynote address at the 3 rd Annual Citibank - Fitch Debt Markets Conference. I understand that the response to the previous Citibank-Fitch debt markets conferences has been very encouraging, which has motivated the organisers to convert this into an annual event. This kind of interaction among investors and issuers provides an opportunity for mutual discussions in the interest of fostering further market developme
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I am very happy to be amongst you today to deliver the keynote address at the 3 rd Annual Citibank - Fitch Debt Markets Conference. I understand that the response to the previous Citibank-Fitch debt markets conferences has been very encouraging, which has motivated the organisers to convert this into an annual event. This kind of interaction among investors and issuers provides an opportunity for mutual discussions in the interest of fostering further market developme
مارچ 26, 2004
A Decade of Reforms in Government Securities Market in India and the Road Ahead*
Click below to download the presentation Text Download the presentation
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Click below to download the presentation Text Download the presentation
مارچ 20, 2004
A Decade of Reforms in Government Securities Market in India and the Road Ahead*
I. INTRODUCTIONIt gives me great pleasure to deliver this keynote address at the Annual Conference of FIMMDA jointly organised by the Fixed Income Money Market Dealers Association of India (FIMMDA) and Primary Dealers Association of India (PDAI). Many of you would recall that the FIMMDA-PDAI conference held in Bangkok in 2002 was addressed by Governor, Dr. Y. V. Reddy when he was Deputy Governor. My address today is like a footnote to the comprehensive address given b
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I. INTRODUCTIONIt gives me great pleasure to deliver this keynote address at the Annual Conference of FIMMDA jointly organised by the Fixed Income Money Market Dealers Association of India (FIMMDA) and Primary Dealers Association of India (PDAI). Many of you would recall that the FIMMDA-PDAI conference held in Bangkok in 2002 was addressed by Governor, Dr. Y. V. Reddy when he was Deputy Governor. My address today is like a footnote to the comprehensive address given b
ستمبر 21, 2003
The Global Economy and Financial Markets
Statement by Dr. Y.V. Reddy, Governor, Reserve Bank of India and Leader of the Indian Delegation to the International Monetary and Financial Committee(Dubai, Sunday, September 21, 2003)Mr. Chairman,The Global Economy and Financial MarketsOutlook, Risks and Policy Responses1. There have been several welcome developments in the global environment since we met in last April. To our relief, several uncertainties relating to Iraq war, impact of SARS and volatility in oil p
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Statement by Dr. Y.V. Reddy, Governor, Reserve Bank of India and Leader of the Indian Delegation to the International Monetary and Financial Committee(Dubai, Sunday, September 21, 2003)Mr. Chairman,The Global Economy and Financial MarketsOutlook, Risks and Policy Responses1. There have been several welcome developments in the global environment since we met in last April. To our relief, several uncertainties relating to Iraq war, impact of SARS and volatility in oil p
مئی 06, 2003
Developing Corporate Debt Market in India
Presentation (Powerpoint) by Shri Rakesh Mohan at the 3rd Invest India Debt Market Round Table on May 6, 2003
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Presentation (Powerpoint) by Shri Rakesh Mohan at the 3rd Invest India Debt Market Round Table on May 6, 2003
فروری 01, 2003
Bonds & Derivatives - The Road Ahead
Ladies & Gentlemen,At the outset, let me express my gratitude to FIMMDA and PDAI for giving me an opportunity to give valedictory address to this prestigious annual conference. The role of FIMMDA/PDAI has become increasingly important in the development of the fixed income market in India. FIMMDA has played a pivotal role in the documentation of repos, CPs & CDs, finalizing the daily / annual valuation methodology for fixed income securities / derivatives. RBI
Shri Mohammad Tahir, Executive Director, Reserve Bank of India
Ladies & Gentlemen,At the outset, let me express my gratitude to FIMMDA and PDAI for giving me an opportunity to give valedictory address to this prestigious annual conference. The role of FIMMDA/PDAI has become increasingly important in the development of the fixed income market in India. FIMMDA has played a pivotal role in the documentation of repos, CPs & CDs, finalizing the daily / annual valuation methodology for fixed income securities / derivatives. RBI
اپریل 24, 2001
Developments in Monetary Policy and Financial Markets
I am thankful to the organisers for their perseverance in getting me to Chennai. I am using this opportunity to share with you some explanations on the Monetary and Credit Policy for 2001-02 announced last week. This is the fifth Annual Policy of Reserve Bank of India (RBI) that I have been associated with, and soon after every one of the fine statements, I had publicly articulated some explanations. The purpose has generally been to highlight elements of continuity,
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
I am thankful to the organisers for their perseverance in getting me to Chennai. I am using this opportunity to share with you some explanations on the Monetary and Credit Policy for 2001-02 announced last week. This is the fifth Annual Policy of Reserve Bank of India (RBI) that I have been associated with, and soon after every one of the fine statements, I had publicly articulated some explanations. The purpose has generally been to highlight elements of continuity,
جون 13, 2000
Changing Role of RBI: Agenda for Attention
Mr. Chairman and friends, I am grateful to the organisers of the Madon Memorial Lecture for inviting me to deliver this Lecture. That the contributions of Shri B.F. Madon are of lasting value is evident from the fact that although, over seventy years have elapsed since he passed away, lectures in his memory are organised, and the response is still overwhelming. There are several reasons why I feel especially elated at my association with this lecture series. First, Ma
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
Mr. Chairman and friends, I am grateful to the organisers of the Madon Memorial Lecture for inviting me to deliver this Lecture. That the contributions of Shri B.F. Madon are of lasting value is evident from the fact that although, over seventy years have elapsed since he passed away, lectures in his memory are organised, and the response is still overwhelming. There are several reasons why I feel especially elated at my association with this lecture series. First, Ma
نومبر 05, 1997
Indian Financial Markets : New Initiatives
Indian Financial Markets : New Initiatives by Dr. Y.V. Reddy Deputy Governor Reserve Bank of India, Mumbai at Indian Institute of Foreign Trade at Delhi on November 5, 1997 Indian Financial Markets: New Initiatives It gives me great pleasure to be in this institute today. I have many friends here since I had the privilege of being the Director General of this esteemed institution in 1995. However, the main reason for my being here today is the insistence of my dear an
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
Indian Financial Markets : New Initiatives by Dr. Y.V. Reddy Deputy Governor Reserve Bank of India, Mumbai at Indian Institute of Foreign Trade at Delhi on November 5, 1997 Indian Financial Markets: New Initiatives It gives me great pleasure to be in this institute today. I have many friends here since I had the privilege of being the Director General of this esteemed institution in 1995. However, the main reason for my being here today is the insistence of my dear an
اکتوبر 09, 1997
The Future of India's Debt Market 1997
I am happy to be amongst you this morning. This Conference gives me an opportunity to sharpen my thoughts, and gain insights from the deliberations. The subject has gained importance over the years, and in particular, more recently after the Monetary and Credit Policy of April 1997. In fact, there is a sudden spurt in Conferences on this subject, as for example, the SBICAP Debt Market Seminar held last month. Also, there was a pretty elaborate coverage of this subject
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
I am happy to be amongst you this morning. This Conference gives me an opportunity to sharpen my thoughts, and gain insights from the deliberations. The subject has gained importance over the years, and in particular, more recently after the Monetary and Credit Policy of April 1997. In fact, there is a sudden spurt in Conferences on this subject, as for example, the SBICAP Debt Market Seminar held last month. Also, there was a pretty elaborate coverage of this subject
اگست 30, 1997
SBICAP Debt Market Seminar 1997
Activating Debt Markets in India 1. I have great pleasure in being with you this morning. I would like to congratulate the SBICAP for organising the seminar on `Activating Debt Markets in India'. This subject has assumed greater significance in the context of the ongoing financial sector reforms and the efforts to widen and deepen the financial system. Role and Significance 2. Debt market, otherwise called the Fixed Income Securities Market, apart from being a source
Dr. C. Rangarajan, Governor, Reserve Bank of India
Activating Debt Markets in India 1. I have great pleasure in being with you this morning. I would like to congratulate the SBICAP for organising the seminar on `Activating Debt Markets in India'. This subject has assumed greater significance in the context of the ongoing financial sector reforms and the efforts to widen and deepen the financial system. Role and Significance 2. Debt market, otherwise called the Fixed Income Securities Market, apart from being a source
اگست 02, 1997
Gold Banking in India
Gold Banking in India Mr Chairman and Friends, I am thankful to the World Gold Council for inviting me to participate in this Conference. It is unusual for the organisers to seek the same speaker and even more unusual for the speaker to accept such an invitation within a span of nine months. That happens in academic circles. It is of course, routine in Toast Masters Club, of which I was a member decades ago. But, this is a gathering of hard headed finance and business
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Gold Banking in India Mr Chairman and Friends, I am thankful to the World Gold Council for inviting me to participate in this Conference. It is unusual for the organisers to seek the same speaker and even more unusual for the speaker to accept such an invitation within a span of nine months. That happens in academic circles. It is of course, routine in Toast Masters Club, of which I was a member decades ago. But, this is a gathering of hard headed finance and business
اگست 02, 1997
Development of Gold Market in India
Speech of Smt. Usha Thorat, Chief General Manager, Department of External Investments and Operations, Reserve Bank of India at the World Gold Council, New Delhi, on Saturday, August 2, 1997. Development of Gold Market in India In the last year's conference organised by the World Gold Council as also this year's, a number of issues have been raised which would lead to the conclusion that gold could play a very significant role with a more open policy on gold, rationali
Smt. Usha Thorat, Chief General Manager, Department of External Investments and Operations, Reserve Bank of India
Speech of Smt. Usha Thorat, Chief General Manager, Department of External Investments and Operations, Reserve Bank of India at the World Gold Council, New Delhi, on Saturday, August 2, 1997. Development of Gold Market in India In the last year's conference organised by the World Gold Council as also this year's, a number of issues have been raised which would lead to the conclusion that gold could play a very significant role with a more open policy on gold, rationali
مئی 27, 1997
Second Annual Indian Stock Exchanges Summit, 1997
Inaugural Address by C. Rangarajan Governor, Reserve Bank of India at the Second Annual Indian Stock Exchanges Summit, 1997 Mumbai on May 27, 1997 I take great pleasure to be with you this morning on the occasion of the Second Annual Stock Exchange Summit. As the Central bank of the country, the Reserve Bank is intimately concerned with the developments on the stock exchange because, first, in the evolving financial sector, stock marke ts are part of the closely integ
Dr. C. Rangarajan, Governor, Reserve Bank of India
Inaugural Address by C. Rangarajan Governor, Reserve Bank of India at the Second Annual Indian Stock Exchanges Summit, 1997 Mumbai on May 27, 1997 I take great pleasure to be with you this morning on the occasion of the Second Annual Stock Exchange Summit. As the Central bank of the country, the Reserve Bank is intimately concerned with the developments on the stock exchange because, first, in the evolving financial sector, stock marke ts are part of the closely integ
دسمبر 05, 1996
The Fourth L.K. Jha Memorial Lecture
The Fourth L.K. Jha Memorial Lecture by William J. McDonough, President, Federal Reserve Bank of New York, Mumbai, India, on December 5, 1996 Strengthening the Financial Marketplace Mr. Governor, distinguished guests and ladies and gentlemen, I am honored to appear before you today to deliver the fourth L.K. Jha Memorial Lecture. It is a great pleasure for me to be visiting your country for the first time. I thank you for your warm and generous welcome. In my remarks
William J. McDonough, President, Federal Reserve Bank of New York
The Fourth L.K. Jha Memorial Lecture by William J. McDonough, President, Federal Reserve Bank of New York, Mumbai, India, on December 5, 1996 Strengthening the Financial Marketplace Mr. Governor, distinguished guests and ladies and gentlemen, I am honored to appear before you today to deliver the fourth L.K. Jha Memorial Lecture. It is a great pleasure for me to be visiting your country for the first time. I thank you for your warm and generous welcome. In my remarks
نومبر 28, 1996
Gold in the Indian Economic System
Y.V.ReddyI am delighted to be with you this morning and I thank the organisers for the opportunity given to me to address this conference At the outset, let me extend warm welcome to you and a special welcome to participants from foreign countries. I hope you will enjoy the pleasant weather and warm hospitality as much as you would enjoy the stimulating deliberations here. Much of the retail market for gold in our country is in jewellery shops and I trust that you wil
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
Y.V.ReddyI am delighted to be with you this morning and I thank the organisers for the opportunity given to me to address this conference At the outset, let me extend warm welcome to you and a special welcome to participants from foreign countries. I hope you will enjoy the pleasant weather and warm hospitality as much as you would enjoy the stimulating deliberations here. Much of the retail market for gold in our country is in jewellery shops and I trust that you wil
فروری 20, 1995
Capital Market Innovations: Challenges and Opportunities
I. Introduction II. The Process of Financial Innovation III. The Benefits of Capital Market Innovation IV. Challenges Facing Monetary Authorities V. The Relevance for India It is a great honour to be invited to deliver the third L.K. Jha Memorial Lecture – especially to follow in such distinguished footsteps as those of Robin Leigh-Pemberton, former Governor of the Bank of England, and Jacob Frenkel, Governor of the Bank of Israel. Having served under both gentlemen a
Andrew Crockett, General Manager, Bank for International Settlements
I. Introduction II. The Process of Financial Innovation III. The Benefits of Capital Market Innovation IV. Challenges Facing Monetary Authorities V. The Relevance for India It is a great honour to be invited to deliver the third L.K. Jha Memorial Lecture – especially to follow in such distinguished footsteps as those of Robin Leigh-Pemberton, former Governor of the Bank of England, and Jacob Frenkel, Governor of the Bank of Israel. Having served under both gentlemen a
بھارت موبائل ایپلی کیشن کے ریزرو بینک کو انسٹال کریں اور تازہ ترین خبروں تک فوری رسائی حاصل کریں!
صفحے پر آخری اپ ڈیٹ: جون 27, 2024
