Speeches & Media Interactions

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.

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

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.

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

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

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