Speeches - RBI - Reserve Bank of India
Speeches
Nov 12, 2021
Launch of RBI-Retail Direct Scheme and Reserve Bank- Integrated Ombudsman Scheme by the Hon’ble Prime Minister on November 12, 2021 - Welcome Address by Shri Shaktikanta Das, Governor, Reserve Bank of India
A very warm good morning and Namaskar. 1. On behalf of the Central Board of the Reserve Bank of India, I have the privilege of welcoming the Hon’ble Prime Minister to this event to launch two major initiatives of the Reserve Bank. Sir, your participation in this event is a source of great motivation for all of us in the RBI. I would also like to welcome the Hon’ble Finance Minister to this event and thank her for her continuing support. We are also honoured by the est
Shri Shaktikanta Das, Governor, Reserve Bank of India
A very warm good morning and Namaskar. 1. On behalf of the Central Board of the Reserve Bank of India, I have the privilege of welcoming the Hon’ble Prime Minister to this event to launch two major initiatives of the Reserve Bank. Sir, your participation in this event is a source of great motivation for all of us in the RBI. I would also like to welcome the Hon’ble Finance Minister to this event and thank her for her continuing support. We are also honoured by the est
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Oct 25, 2021
Role of Audit in the Modern Financial System
It gives me great pleasure to be here at the National Academy of Audit and Accounts (NAAA), Shimla today to address the probationers and other officers of the Indian Audit and Accounts Service (IAAS). For the probationers, this is a time when they are embarking upon a journey in the service of the nation as the principal flag bearers of accountability and transparency in public finance and governance. 2. Civil Services play a pivotal role in the overall progress of a
Shri Shaktikanta Das, Governor, Reserve Bank of India
It gives me great pleasure to be here at the National Academy of Audit and Accounts (NAAA), Shimla today to address the probationers and other officers of the Indian Audit and Accounts Service (IAAS). For the probationers, this is a time when they are embarking upon a journey in the service of the nation as the principal flag bearers of accountability and transparency in public finance and governance. 2. Civil Services play a pivotal role in the overall progress of a
Aug 31, 2018
State Government Market Borrowings – Issues and Prospects
Shri Chandra Shekhar Ghosh, President, Bengal Chamber of Commerce, Shri T. Bandopadhyay, ladies and gentlemen. I am thankful to the Bengal Chamber of Commerce and Industry for providing me the opportunity to be present here and speak on the subject of ‘State Government Borrowing’. In the federal system of governance that we have in our country, both the Central and the State Governments are responsible for the development of the nation. To discharge the responsibility
Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India
Shri Chandra Shekhar Ghosh, President, Bengal Chamber of Commerce, Shri T. Bandopadhyay, ladies and gentlemen. I am thankful to the Bengal Chamber of Commerce and Industry for providing me the opportunity to be present here and speak on the subject of ‘State Government Borrowing’. In the federal system of governance that we have in our country, both the Central and the State Governments are responsible for the development of the nation. To discharge the responsibility
Sep 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
Aug 12, 2014
Public Debt Management: Reflections on Strategy & Structure
I am thankful to the Centre for Public Policy, Indian Institute of Management, Bangalore and Prof. Charan Singh in particular for inviting me to this conference. As suggested by the organizers, I would like to share some thoughts on the strategy and structure of public debt management in India with the experts and enthusiasts gathered here. 2. Globally it is a well-recognised fact that countries need efficient and effective public debt management as public debt portfo
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
I am thankful to the Centre for Public Policy, Indian Institute of Management, Bangalore and Prof. Charan Singh in particular for inviting me to this conference. As suggested by the organizers, I would like to share some thoughts on the strategy and structure of public debt management in India with the experts and enthusiasts gathered here. 2. Globally it is a well-recognised fact that countries need efficient and effective public debt management as public debt portfo
Jan 20, 2014
Recent Global Developments: Implications for Debt Management in Emerging Markets and Developing Countries
A very good morning to all. A warm welcome to Governor, Central Bank of Afghanistan, Deputy Governors of Bhutan and Nepal, officials from Government of India, executives of SAARC Secretariat and member countries and my colleagues from the Reserve Bank of India to the beautiful city of Jaipur. My special welcome to chairpersons and speakers for having accepted our invitation to share their expertise/knowledge on different areas of debt management with all of us. 2. A l
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
A very good morning to all. A warm welcome to Governor, Central Bank of Afghanistan, Deputy Governors of Bhutan and Nepal, officials from Government of India, executives of SAARC Secretariat and member countries and my colleagues from the Reserve Bank of India to the beautiful city of Jaipur. My special welcome to chairpersons and speakers for having accepted our invitation to share their expertise/knowledge on different areas of debt management with all of us. 2. A l
Jan 10, 2013
Promoting Retail Investor Participation in Government Bonds
I am extremely happy to be invited for this important conference on capital markets organized by the ASSOCHAM, I am particularly pleased as the focus of the conference is on Investors who alongwith Issuers, Instruments, Intermediaries, (market) Infrastructure, Incentives & Innovation constitute, what I call, the 7’ I critical pillars of a robust and resilient debt market. Given the low level of participation of retail investors in equity and more so in debt market
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
I am extremely happy to be invited for this important conference on capital markets organized by the ASSOCHAM, I am particularly pleased as the focus of the conference is on Investors who alongwith Issuers, Instruments, Intermediaries, (market) Infrastructure, Incentives & Innovation constitute, what I call, the 7’ I critical pillars of a robust and resilient debt market. Given the low level of participation of retail investors in equity and more so in debt market
Sep 20, 2012
Role of State in Developing Debt Markets
Presentation Mr. Robert Sheehy, Mr. Coskun Cangoz, Mr Jin Myung Kim, Mr Otavio Ladeira de Medeiros, Mr. Thordur Jonasson and distinguished participants. It is a great pleasure to be in the city of Doha and share my thoughts with such a distinguished gathering in the Conference jointly organized by the Qatar Central Bank and the International Monetary Fund. I am particularly thankful to Mr Abdulla Bin Saud Al-Thani, Governor, Qatar Central Bank and Mr. Ananthakrishnan
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Presentation Mr. Robert Sheehy, Mr. Coskun Cangoz, Mr Jin Myung Kim, Mr Otavio Ladeira de Medeiros, Mr. Thordur Jonasson and distinguished participants. It is a great pleasure to be in the city of Doha and share my thoughts with such a distinguished gathering in the Conference jointly organized by the Qatar Central Bank and the International Monetary Fund. I am particularly thankful to Mr Abdulla Bin Saud Al-Thani, Governor, Qatar Central Bank and Mr. Ananthakrishnan
Jul 28, 2010
Over-the-counter derivative markets in India issues and perspectives - Article by Smt Shyamala Gopinath, Deputy Governor, RBI, Published in July 2010 Issue of Financial Stability Review, Banque de France.
The present article tries to put in perspective the boundary conditions, imposed by the macroeconomic constraints, which have guided the evolution of over-the-counter (OTC) markets in India and underlines the point that the process of transiting from a predominantly OTC based model to an exchange-traded model needs to follow a calibrated path. Through this transition period, the overall regulatory approach towards OTC derivative markets is as important as addressing t
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
The present article tries to put in perspective the boundary conditions, imposed by the macroeconomic constraints, which have guided the evolution of over-the-counter (OTC) markets in India and underlines the point that the process of transiting from a predominantly OTC based model to an exchange-traded model needs to follow a calibrated path. Through this transition period, the overall regulatory approach towards OTC derivative markets is as important as addressing t
Jun 29, 2009
Sub-national Fiscal Reforms and Debt Management - Indian Experience
It gives me great pleasure to be here amongst you and address the World Bank Sub-national Fiscal Reform and Debt Management Forum. There is more than one reason on my part to accept this invitation, but more importantly, to share with you the turnaround story at the sub-national level in India. The relevance of fiscal reforms and creation of fiscal space even at the sub-national level can hardly be over-emphasised in the context of the on-going slowdown the world over
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
It gives me great pleasure to be here amongst you and address the World Bank Sub-national Fiscal Reform and Debt Management Forum. There is more than one reason on my part to accept this invitation, but more importantly, to share with you the turnaround story at the sub-national level in India. The relevance of fiscal reforms and creation of fiscal space even at the sub-national level can hardly be over-emphasised in the context of the on-going slowdown the world over
Sep 24, 2007
The Reserve Bank and the State Governments: Partners in Progress
Respected Dr. Rangarajan, Dr. Raja Chelliah, Dr. Srivastava, Professor Kumar and friends, I am thankful to Dr. Srivastava for affording me the opportunity to participate in the annual day celebrations of the Madras School of Economics. It is an honour and privilege to be associated with the activities in a distinguished gathering such as this one.I was born in a village in Kadapa (then Cuddapah) district but went to High School in Chennai (then Madras), studying in Te
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Respected Dr. Rangarajan, Dr. Raja Chelliah, Dr. Srivastava, Professor Kumar and friends, I am thankful to Dr. Srivastava for affording me the opportunity to participate in the annual day celebrations of the Madras School of Economics. It is an honour and privilege to be associated with the activities in a distinguished gathering such as this one.I was born in a village in Kadapa (then Cuddapah) district but went to High School in Chennai (then Madras), studying in Te
Aug 13, 2005
Recent Developments in Forex, Money and G-Sec Markets: Account and Outlook
I. Introduction It gives me immense pleasure to address this distinguished gathering of forex professionals from all over the country. Coming to these visually beautiful surroundings, it is easy to get oblivious to the fact that this state is a large contributor of ‘invisibles’ for our balance of payments. Both tourism earnings and private remittances have had a significant impact on Kerala’s economy and the state has benefited substantially as a result of liberalisat
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
I. Introduction It gives me immense pleasure to address this distinguished gathering of forex professionals from all over the country. Coming to these visually beautiful surroundings, it is easy to get oblivious to the fact that this state is a large contributor of ‘invisibles’ for our balance of payments. Both tourism earnings and private remittances have had a significant impact on Kerala’s economy and the state has benefited substantially as a result of liberalisat
Sep 30, 2004
Fiscal Challenges of Population Ageing: The Asian Experience
I. Introduction One of the most critical demographic events in the world today is population ageing i.e., the process by which the share of older individuals in the total population starts becoming larger. The ageing phenomenon, which has been initially experienced by developed countries, is now steadily approaching the developing world. Projections show that over the next five decades, world median age will continue to increase, resulting in enhanced old age dependen
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I. Introduction One of the most critical demographic events in the world today is population ageing i.e., the process by which the share of older individuals in the total population starts becoming larger. The ageing phenomenon, which has been initially experienced by developed countries, is now steadily approaching the developing world. Projections show that over the next five decades, world median age will continue to increase, resulting in enhanced old age dependen
Oct 18, 2002
Development of Bond Market in India
IntroductionBond markets link issuers, i.e., governments, state owned institutions, local bodies and corporates having financing needs, with investors having investible surplus. An efficient bond market is one where the requirements of both issuers and investors are met effectively at a price (interest rates) determined competitively, and where price adjustment to new information is seamless. For this purpose, the basic pre-requisites are: stable macro-economic enviro
Shri Mohammad Tahir, Executive Director, Reserve Bank of India
IntroductionBond markets link issuers, i.e., governments, state owned institutions, local bodies and corporates having financing needs, with investors having investible surplus. An efficient bond market is one where the requirements of both issuers and investors are met effectively at a price (interest rates) determined competitively, and where price adjustment to new information is seamless. For this purpose, the basic pre-requisites are: stable macro-economic enviro
Sep 03, 2002
Managing Public Debt - Issues and Challenges
I thank the ASSOCHAM for inviting me at the Valedictory session of the Seminar on Managing Public Debt.During the course of Seminar, various aspects of Managing Public Debt have been discussed. Many suggestions have been made by the speakers. I am sure these suggestions will be sent to Government for consideration.Practically, all aspects of Debt Management have been discussed in the Seminar. I would, therefore, be supplementing to what has already been said.Role of R
Shri Mohammad Tahir, Executive Director, Reserve Bank of India
I thank the ASSOCHAM for inviting me at the Valedictory session of the Seminar on Managing Public Debt.During the course of Seminar, various aspects of Managing Public Debt have been discussed. Many suggestions have been made by the speakers. I am sure these suggestions will be sent to Government for consideration.Practically, all aspects of Debt Management have been discussed in the Seminar. I would, therefore, be supplementing to what has already been said.Role of R
Apr 03, 2002
Economic Reforms and Evolving Role of RBI as Banker to the Governments
Mr. Chairman, Mrs. Usha Sahajpal and friends, I am thankful to the organizers for inviting me to the Silver Jubilee Year of founding of Accounts Organisation and I recognize it as a reflection of the close cooperation and understanding that have evolved between Reserve Bank of India (RBI) as a banker to Government of India and its Accounts organisation. The title of the address refers to being banker to governments simply because RBI is a banker not only to the Centra
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
Mr. Chairman, Mrs. Usha Sahajpal and friends, I am thankful to the organizers for inviting me to the Silver Jubilee Year of founding of Accounts Organisation and I recognize it as a reflection of the close cooperation and understanding that have evolved between Reserve Bank of India (RBI) as a banker to Government of India and its Accounts organisation. The title of the address refers to being banker to governments simply because RBI is a banker not only to the Centra
Mar 11, 2002
Developing Bond Markets in Emerging Economies : Issues and Indian Experience
Governor Dr. Tarisa Watanagase, Dean, Yoshitomi, Dr. Nachiket Mor, Mr. Joshi & friends, It gives me great pleasure to deliver the keynote address at the Asian Bond Conference organised jointly by the Thai Bond Dealing Centre (Thai BDC), Fixed Income Money Market Dealers Association of India (FIMMDA) and Primary Dealers Association of India (PDAI). It is a matter of significance that some of the major self-regulatory organisations (SROs) in the debt markets of Asia
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
Governor Dr. Tarisa Watanagase, Dean, Yoshitomi, Dr. Nachiket Mor, Mr. Joshi & friends, It gives me great pleasure to deliver the keynote address at the Asian Bond Conference organised jointly by the Thai Bond Dealing Centre (Thai BDC), Fixed Income Money Market Dealers Association of India (FIMMDA) and Primary Dealers Association of India (PDAI). It is a matter of significance that some of the major self-regulatory organisations (SROs) in the debt markets of Asia
Sep 22, 2001
Primary Dealers, Debt Markets and State Finances : Challenges and Responses
Mr. Joshi and friends, I am happy to be amidst you in the third of the annual Seminars organised by the Primary Dealers’ Association of India (PDAI). I wish to place on record the valuable contribution of the PDAI not only in regard to Government Securities market, but also in the consultative process in policy making in important areas in financial markets. My presence here today is a reinforcement of our collaborative efforts to enhance efficiency and assure soundne
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
Mr. Joshi and friends, I am happy to be amidst you in the third of the annual Seminars organised by the Primary Dealers’ Association of India (PDAI). I wish to place on record the valuable contribution of the PDAI not only in regard to Government Securities market, but also in the consultative process in policy making in important areas in financial markets. My presence here today is a reinforcement of our collaborative efforts to enhance efficiency and assure soundne
Nov 16, 2000
Government Budgets, Banking and Auditors: What is New?
Mr. Chairman and friends,I am thankful to the organisers for persuading me to address this gathering since the event has provoked me to think deeper on a subject of mutual interest. In fact, having agreed to give a talk, the search for an appropriate subject commenced. It has to be futuristic as demanded by the organisers. It ought to be of general interest and at the same time relevant to a gathering of Chartered Accountants. Of course it can not but be an area of co
Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India
Mr. Chairman and friends,I am thankful to the organisers for persuading me to address this gathering since the event has provoked me to think deeper on a subject of mutual interest. In fact, having agreed to give a talk, the search for an appropriate subject commenced. It has to be futuristic as demanded by the organisers. It ought to be of general interest and at the same time relevant to a gathering of Chartered Accountants. Of course it can not but be an area of co
Jul 29, 2000
Current Developments in Money and Government Securities Market
It gives me great pleasure in being with you, today, to share some thoughts relating to money and government securities market where the Reserve Bank of India has a pivotal role to play not only as the debt manager to the Government but also as the monetary authority of the country. I am indeed thankful to Shri M.R.Ramesh for giving me this opportunity to participate in this Seminar. As all of you are aware, in order that the Central Bank conducts the monetary policy
Shri P. R. Gopala Rao, Executive Director, Reserve Bank of India
It gives me great pleasure in being with you, today, to share some thoughts relating to money and government securities market where the Reserve Bank of India has a pivotal role to play not only as the debt manager to the Government but also as the monetary authority of the country. I am indeed thankful to Shri M.R.Ramesh for giving me this opportunity to participate in this Seminar. As all of you are aware, in order that the Central Bank conducts the monetary policy
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