Speeches & Media Interactions

Regional Director for Mumbai Regional Office, Shri Suman Ray; Regional Director for Nagpur Regional Office, Shri Sachin Shende; Chief General Manager, National Bank for Agriculture and Rural Development, Ms. Rashmi Darad; senior officials from Bank of Maharashtra, Convenor Bank, SLBC Maharashtra, senior executives from banks, Lead District Managers (LDMs), Lead District Officers (LDOs) and my colleagues from Reserve Bank of India, present here.

Esteemed delegates from across the world, respected Governor, Deputy Governors and all my colleagues from the Reserve Bank of India, ladies and gentlemen.  A very good afternoon to you all.

Shri Suresh Kumar Singhal, President FTCCI, Shri R Ravi Kumar, Senior Vice President FTCCI Shri K K Maheshwari, Vice President, FTCCI, Mr. Meela Jayadev, Convenor, FTCCI CEO Forum, Chief Executive Officers gathered here today, ladies and gentlemen. A very good evening to you all. 1. I am delighted to speak to you today on a topic that has always been close to my heart—the critical role of MSMEs and the importance of building confidence in lending to this vital sector. Over the years, I have had the opportunity to work closely with MSME units, witnessing both their potential and their struggles. In the early days of my career, as a young officer posted in the bustling Peenya Industrial Area, I saw firsthand the energy and resilience that defined MSMEs, as well as the unique challenges they faced. Later, mid-career, my experience deepened while working in the Mid Corporates Group of SBI, where I further understood how access to timely and adequate credit could transform these businesses. These experiences have made me keenly aware of the importance of bridging the credit

Respected Governor, Reserve Bank of India, Deputy Governor Shri M Rajeshwar Rao, Chairmen, MD CEOs, Whole time directors and distinguished members of the Board of Private Sector Banks, colleagues from RBI, ladies, and gentlemen. A very good morning to all of you.

1. Distinguished panellists - Prof. Randall S. Kroszner, Professor, University of Chicago and Former Governor, Federal Reserve Board; Ms. Emmanuelle Assouan, Director General, Financial Stability and Operations, Banque de France; Ms. Sarah Breeden, Deputy Governor for Financial Stability, Bank of England; Dr. Sajjid Chinoy, Managing Director and Chief Economist India, JP Morgan; esteemed delegates and colleagues from the Reserve Bank. A very good afternoon to all of you.

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

1. Regional Director of RBI for Karnataka, Smt. Sonali Sen Gupta; Chief General Manager, NABARD, Shri KVSSLV Prasada Rao; Chief General Manager, Canara Bank and Convenor, SLBC Karnataka, Shri K.J. Shrikanth; Area Heads of Union Bank of India and Bank of Baroda, senior executives from banks; Lead District Managers (LDMs); District Development Managers (DDMs); LDOs and other officers of RBI, present here. Ellarigu Namaskara and a very good morning to all.

1. Distinguished Guests, Dr R. C. Agrawal, Deputy Director General, Indian Council for Agricultural Research; Dr Sunil Gorantiwar, former Director of Research, Agricultural University , Rahuri; Principal, CAB; senior officials from Financial and Academic Institutions; colleagues from RBI; ladies and gentlemen. A very good morning to all of you.

1. Shri V Anantha Nageswaran, Chief Economic Advisor, Ms. Shereen Bhan, Managing Editor, CNBC TV 18, Ms. Latha Venkatesh, Executive Editor CNBC TV 18, Managing Directors & Chief Executive Officers of Banks and Non-Banking Financial Companies, leaders from the Fintech industry, distinguished guests, ladies, and gentlemen. A very good evening to all of you.

2. I am indeed delighted to be present here amongst you today to speak to you about the evolving banking landscape and the imperative need to build and sustain financial sector resilience if India is to achieve her aspirations of becoming a developed economy by 2047.

1. Distinguished guests, ladies, and gentlemen. A very good evening to all of you. 2. It is a great honour to speak to this august gathering on FEDAI’s Annual Day. Through its tireless efforts in clarifying the complexities of inter-bank foreign exchange business and serving as a crucial voice with regulators, FEDAI has played a pivotal role in shaping the rules of foreign exchange business in India. So, when Mr. Sindhwani, Chief Executive invited me to this event, I knew it was an opportunity I could not miss.

1. Distinguished Guests, Deputy Governor Dr Michael D Patra, Deputy Governor Shri M R Rao, Board of Directors of DICGC, colleagues from DICGC and RBI, ladies, and gentlemen. A very good morning to all of you. 2. It is, indeed, an honour to address this distinguished gathering of global deposit insurers. Deposit insurers, as vital pillars of the financial safety-net system, play a crucial role in bolstering public confidence in the banking sector and fostering overall financial stability. My compliments to the organizers of this Conference—the International Association of Deposit Insurers (IADI), which has excelled as a global standard-setter, the Asia Pacific Regional Committee (APRC), and the Deposit Insurance and Credit Guarantee Corporation (DICGC)—for their exemplary efforts in bringing this event to fruition.

Shri Ajay Bhushan Prasad Pandey, Chairperson, National Financial Reporting Authority; Shri M R Rao, Deputy Governor Reserve Bank of India; Executive Directors from Reserve Bank of India; CA Ranjeet Agarwal, President Institute of Chartered Accountants of India; Auditors and Chief Financial Officers from the Banks and All India Financial Institutions; my colleagues from the Reserve Bank of India; Ladies and Gentlemen. Good morning.

Mr. V G Sekhar, Principal, CAB, Convenors of SLBCs, my colleagues from RBI, ladies and gentlemen. A very good afternoon to you all.

1. I am delighted to address you all today, the conveners of all our SLBCs. I understand that you all had a very purposeful engagement over these two days, dwelling upon various strategies and approaches that we plan to adopt in achieving our goal of strengthening credit delivery for an inclusive and sustainable growth. Having been once the Convenor for the SLBC in Telangana in my earlier role as a commercial banker, I can first-hand attest to the immense personal satisfaction it gives to make a difference in people’s lives through the SLBC forum. Indeed, over the years SLBCs have emerged as important instruments of change by catalysing synergies among stakeholders. Through the efforts made under the aegis of SLBCs across 

Deputy Governor Shri Rao, Chairpersons, members of the Board and CEOs of ARCs, my colleagues from RBI and ladies and gentlemen. A very good morning to all of you. 1. I am pleased to address you today at the inaugural conference of the Directors on the Boards of the ARCs organised by the Reserve Bank of India. The theme ‘Governance in ARCs – Towards Effective Resolutions’ holds significant importance to the Reserve Bank. As you may be aware, the RBI has been engaging with its supervised entities regularly over matters of governance and assurance conveying the importance of strong corporate governance as well as the need to remain vigilant to ensure the continued stability of the financial sector. 2. ARCs enjoy a special place in the financial eco system by being the special purpose vehicles set up to help lighten the banking system from the high value NPAs and release the management bandwidth to the lenders for continuing with their normal banking activities. ARCs are also the specialised agencies for maximising recovery and reconstruction efforts. Today’s conference for the Chairpersons, Directors and Chief Executive Officers of ARCs is also a recognition of the important role of ARCs in the banking ecosystem. 3. A perusal of the score card of ARCs during the last two decades1 throws up a mixed bag. There seem to be more missed opportunities and less than optimal performance by ARCs in fulfilling the principal mandates under the SARFAESI Act2. I would therefore like to take this opportunity to highlight certain key aspects, where I believe ARCs can deliver superior outcomes that could be beneficial t

Deputy Governor Shri Rao, Heads of Assurance functions from Urban Cooperative Banks, and my colleagues from the Reserve Bank of India. A very good morning to all of you. The Reserve Bank of India has been engaging with its supervised entities regularly over matters of governance and effectiveness of assurance functions. We have had a series of engagements with the Boards of Directors of both commercial and cooperative Banks conveying the importance of strong corporate governance and remaining vigilant to ensure the continuing stability of the financial sector. We have also been meeting the heads of assurance functions, recognising the key role these functions play in ensuring the safety and soundness of the banks and promoting regulatory compliance. Today’s conference is an extension of our efforts to engage with assurance functionaries. Assurance functions namely, the risk management, internal audit and compliance functions play a very crucial role, as guardians ensuring the bank operates safely, ethically and within regulatory and legal boundaries. Assurance functionaries, by becoming effective gatekeepers, can give the required comfort to all stakeholders that the bank is on the right track, its systems are strong, its operations are reliable, and its risks are managed effectively. As conscience keepers of the bank, they are intended to detect and prevent any deviations or build-up of any potential risks, safeguard the reputation of the bank and help uphold the trust of its customers and other stakeholders. In the ever-changing landscape of banking, new risks constantly emerge. While traditional risks like credit, market, and liquidity risks remain signifi

Deputy Governor Shri Rao, Heads of Assurance functions from Non-Banking Financial Companies, and my colleagues from the Reserve Bank of India.  A very good morning to all of you. The Reserve Bank of India has been engaging with its supervised entities regularly over matters of governance and assurance functions, conveying the importance of strong organisational governance and remaining vigilant to ensure the continued stability of the financial sector.  Assurance functions namely, the risk management, compliance and internal audit, play a very crucial role, as guardians ensuring the regulated entity operates soundly, safely, ethically and within regulatory and legal boundaries.  Today’s conference for the heads of assurance functions is an extension of our efforts, recognising the critical role these functions play in ensuring the robustness and resilience of the financial entity itself as well as the overall financial system. The role played by NBFCs in Indian financial sector has been rapidly growing and their share in the credit portfolio has significantly gone up, more so in the last three years.  Just a decade ago, in 2013, the total credit extended by NBFCs represented approximately one-sixth of the magnitude of bank credit. However, this proportion has increased to one-fourth[1], indicating a notable acceleration in credit delivery by NBFCs compared to banks.  Indeed, NBFCs have emerged as a preferred option for numerous underserved sectors, particularly small businesses and households, due to their ability to provide more feet on street and customer friendly credit solutions. Moreover, NBFCs have embraced technology in a big way to further expedite and streamline their reach and 

Smt. Divyadarshini IAS, Managing Director, Tamil Nadu Corporation for Development of Women; Shri Shankar Narayan, CGM, NABARD, Chennai; Shri Vasimalai, Executive Director, Dhan foundation; Convenors of SLBC, Tamil Nadu and Puducherry; Smt. Uma Sankar, Regional Director, RBI, Chennai; senior bankers; Financial Literacy Counsellors; Associates and Coordinators of Centre for Financial Literacy; Financial Literacy Community Resource Persons; ladies and gentleman, I am happy to inaugurate the Conclave on Financial Literacy at Madurai today.

1. Madurai holds an important place in the history of Tamil Nadu. The city is famous for its rich heritage, and promotion of Tamil language through “Sangams”, thereby, the city is fondly referred as “sangam valartha nagaram”.

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

Speech by Shri Swaminathan J, Deputy Governor at the Conference of Governance in Urban Co-operative Banks for UCBs in Andhra Pradesh, Karnataka, Kerala and Telangana held in Hyderabad on January 24, 2024

MDs and CEOs of Regulated Entities, Heads of Customer Service, Principal Nodal Officers, Executive Director, Shri Neeraj Nigam, Reserve Bank Ombudsmen, senior colleagues from the Reserve Bank and most importantly the key audience of our conference today, the Internal Ombudsman from Regulated Entities. A very good morning to all of you.