It is my pleasure to be here at the FIMMDA-PDAI annual conference. This year (2024-25) is particularly special for the Reserve Bank. The RBI has entered its 90th year on April 1, 2024. I, therefore, thought it appropriate to dwell upon the journey of the Reserve Bank, especially in the context of its role in developing the financial markets in India in the recent period. I also propose to share some of my thoughts on the way forward.

Good Evening,

It is indeed a pleasure to be here amidst this distinguished gathering. The theme of the summit, ‘Rise of the Indian Spring’, is both contextual and inspiring, reflecting not just the rising trajectory and profile of the Indian economy, but also the sentiments prevailing within the country and across the world.

Hon’ble Prime Minister, Hon’ble Governor of Maharashtra, Hon’ble Finance Minister, Hon’ble Chief Minister of Maharashtra, Hon’ble Union Ministers of State for Finance, Hon’ble Deputy Chief Ministers of Maharashtra, Distinguished invitees, Media representatives, and My colleagues from the Reserve Bank, past and present.

I am honoured to be invited to Nomura’s 40th Central Bankers Seminar. The discussions here assume topical relevance in the context of the tectonic shifts underway in the global economy that present new challenges for the conduct of central banking. Besides divergent growth pathways and the varying speeds and magnitudes of disinflation, regime shifts impart their own layers of uncertainty.

Mr. Yoshiki Takeuchi, Deputy Secretary General, OECD, Ms. Mairead McGuiness, European Commissioner for Financial Services, Ms. Magda Bianco, Chair of OECD INFE and G20 GPFI, Mr. Connor Graham, youth representative from Enactus, assembled regulators from across the world, ladies and gentlemen. A very warm good morning to all of you.  It gives me immense pleasure to speak to you today on a highly relevant topic - safe banking

We are holding this conference of the Reserve Bank of India Ombudsmen on a very important day, namely, the World Consumer Day. This event underscores our unwavering dedication to the well-being of the consumer in the financial sector. As custodians of the financial system – whether as a regulator or regulated entities such as banks, NBFCs or other financial institutions – our success hinges not only on promoting the resilience of the system, but also significantly on the value we bring to the lives of our citizens, who form the core of the financial ecosystem. Protection of consumer interest is one of the core guiding principles of the Reserve Bank’s policies and actions. I take it that similar is the case with the regulated entities of the Reserve Bank also.

It gives me immense pleasure to be here to celebrate the Digital Payments Awareness Week organised by the Reserve Bank of India. Over the years, we have not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world, be they large value, retail or fast payments. This has been made possible by nurturing diverse payment systems in the country, namely, the bill payments, merchant payments, vendor payments, transit payments, or recurring payments.

Dr. P.G. Sankaran, Vice Chancellor, CUSAT; Dr. Jagathy Raj, Director, School of Management Studies; faculty members, students, ladies, and gentlemen, At the outset, let me thank Dr. Jagathy Raj for inviting to deliver this memorial lecture in the memory of Dr. M.V. Pylee. I cherish this gesture from my alma mater to deliver this talk and it is indeed an honour and privilege to do so. Padma Bhushan Dr. M. V. Pylee was a distinguished figure in the field of management and administration who enriched the field of management education in not only Kerala but across the country with his scholarly work. He made significant contributions to the society through his thought leadership and academic endeavour and with his enduring legacy. Dr. Pylee's leadership as a Management Guru and as the Director of the School of Management Studies, CUSAT, contributed significantly to the development of management education in Kerala. His vision and guidance helped establish several institutions as centers of excellence in management studies. Unfortunately, I did not have an opportunity to directly interact with Dr. Pylee as he demitted office of Director before I joined SMS, but I have benefitted from his ideals and vision, having completed my MBA from SMS in the year 1982.