Speeches - RBI - Reserve Bank of India
Speeches & Media Interactions
Monetary Policy Statement by Shri Shaktikanta Das, RBI Governor October 09, 2024
Speeches
Jun 08, 2007
Indian Economy: Review, Prospects and Select Issues
Governor Corbo and Friends, I am honoured by the kind invitation of Governor Corbo to visit the esteemed Central Bank of Chile. We, in the Reserve Bank of India, deeply appreciate the gesture. Governor Corbo is respected for his lucid expositions on complex issues in various international fora. While his analysis of monetary policy challenges in Chile is a matter of interest to the central bankers, his understanding of global developments, especially of Emerging Marke
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Governor Corbo and Friends, I am honoured by the kind invitation of Governor Corbo to visit the esteemed Central Bank of Chile. We, in the Reserve Bank of India, deeply appreciate the gesture. Governor Corbo is respected for his lucid expositions on complex issues in various international fora. While his analysis of monetary policy challenges in Chile is a matter of interest to the central bankers, his understanding of global developments, especially of Emerging Marke
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Jun 05, 2007
The Growing Influence of the Emerging World
Mr. Chairman, Governor Redrado, Chairman Ignatiev and distinguished participants,I am honoured by the kind invitation of Governor Redrado to visit Argentina and participate in the Annual Money and Banking Seminar at the Central Bank of Argentina with focus on ‘monetary policy under uncertainty’. I must compliment Governor Martin Redrado for assembling a galaxy of central bank Governors, leading market analysts and globally renowned academics. The assemblage is a tribu
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Mr. Chairman, Governor Redrado, Chairman Ignatiev and distinguished participants,I am honoured by the kind invitation of Governor Redrado to visit Argentina and participate in the Annual Money and Banking Seminar at the Central Bank of Argentina with focus on ‘monetary policy under uncertainty’. I must compliment Governor Martin Redrado for assembling a galaxy of central bank Governors, leading market analysts and globally renowned academics. The assemblage is a tribu
May 29, 2007
Select Aspects of the Indian Economy
Governor Fukui and friends, I am honoured by the kind invitation of Governor Fukui to visit your esteemed bank. We, in the Reserve Bank of India (RBI), deeply appreciate the gesture. Governor Toshihiko Fukui is highly respected in various central banks’ fora for his depth of knowledge, wisdom and very transparent expositions on the economy of Japan and the Bank of Japan’s policies. We look forward to Governor Fukui's acceptance of our invitation to him to visit the Re
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Governor Fukui and friends, I am honoured by the kind invitation of Governor Fukui to visit your esteemed bank. We, in the Reserve Bank of India (RBI), deeply appreciate the gesture. Governor Toshihiko Fukui is highly respected in various central banks’ fora for his depth of knowledge, wisdom and very transparent expositions on the economy of Japan and the Bank of Japan’s policies. We look forward to Governor Fukui's acceptance of our invitation to him to visit the Re
May 28, 2007
India – Perspective for Growth with Stability
Professor Sakakibara, Governor Fukui, Ambassador Singh and the distinguished participants, I am honoured to be invited at the 'Symposium on Current India' organised by the Waseda University Institute for Indian Economic Studies. I am grateful to Professor Sakakibara, a globally distinguished economic statesman, for inviting me to be here. It is also a privilege to share a platform with universally respected Governor Fukui. There are strong complementarities in the eco
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Professor Sakakibara, Governor Fukui, Ambassador Singh and the distinguished participants, I am honoured to be invited at the 'Symposium on Current India' organised by the Waseda University Institute for Indian Economic Studies. I am grateful to Professor Sakakibara, a globally distinguished economic statesman, for inviting me to be here. It is also a privilege to share a platform with universally respected Governor Fukui. There are strong complementarities in the eco
May 17, 2007
The Indian Economy : Review and Prospects
Mr. Latifur Rahman, President–Metropolitan Chamber of Commerce and Industry, Mr. Mahbubur Rahman, President–ICC, Bangladesh, the distinguished members of the trade bodies and dear Friends,I am honoured to be invited to deliver this address today at the Metropolitan Chamber of Commerce and Industry, Dhaka. We, in the Reserve Bank of India (RBI), had the pleasure of receiving recently your delegation. On that occasion, I had accepted the invitation, in principle, to add
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Mr. Latifur Rahman, President–Metropolitan Chamber of Commerce and Industry, Mr. Mahbubur Rahman, President–ICC, Bangladesh, the distinguished members of the trade bodies and dear Friends,I am honoured to be invited to deliver this address today at the Metropolitan Chamber of Commerce and Industry, Dhaka. We, in the Reserve Bank of India (RBI), had the pleasure of receiving recently your delegation. On that occasion, I had accepted the invitation, in principle, to add
May 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
Apr 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
Apr 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
Apr 02, 2007
Monetary Policy Transmission in India
Key to the efficient conduct of monetary policy is the condition that it must exert a systematic influence on the economy in a forward-looking sense. A priori economic theory backed by some empirical evidence has identified the main channels through which monetary policy impacts its final targets, viz., output, employment and inflation. Broadly, the vehicles of monetary transmission can be classified into financial market prices (e.g., interest rates, exchange rates,
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Key to the efficient conduct of monetary policy is the condition that it must exert a systematic influence on the economy in a forward-looking sense. A priori economic theory backed by some empirical evidence has identified the main channels through which monetary policy impacts its final targets, viz., output, employment and inflation. Broadly, the vehicles of monetary transmission can be classified into financial market prices (e.g., interest rates, exchange rates,
Apr 02, 2007
Role of Monetary Policy in Attaining Growth with Stability: The Indian Experience
Governor Garganas and Friends, I am honoured by the kind and persuasive invitation of Governor Garganas to visit Greece and give an address at the central bank. The ties and understanding between Greece and India can be traced to at least well over two millennia. There are references to Megasthenes as Greek Ambassador in the Chandragupta Maurya's Court of Pataliputra in the 4th century B.C. The Monetary Museum of Reserve Bank of India displays coins, which indicate ac
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Governor Garganas and Friends, I am honoured by the kind and persuasive invitation of Governor Garganas to visit Greece and give an address at the central bank. The ties and understanding between Greece and India can be traced to at least well over two millennia. There are references to Megasthenes as Greek Ambassador in the Chandragupta Maurya's Court of Pataliputra in the 4th century B.C. The Monetary Museum of Reserve Bank of India displays coins, which indicate ac
Mar 30, 2007
Economic Outlook: Some thoughts on Asia and India
Friends, It gives me great pleasure to be here participating in the 18th Annual Forum. The topic for the discussion is very broad, but there are several eminent speakers here who would be focusing on different aspects of this complex and very relevant issue. For my part, I would, in the first part, make a general reference to the Asian economies, specially the common challenges being faced by the policy-makers in the Asian emerging market economies (AEMEs). The second
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Friends, It gives me great pleasure to be here participating in the 18th Annual Forum. The topic for the discussion is very broad, but there are several eminent speakers here who would be focusing on different aspects of this complex and very relevant issue. For my part, I would, in the first part, make a general reference to the Asian economies, specially the common challenges being faced by the policy-makers in the Asian emerging market economies (AEMEs). The second
Mar 19, 2007
Globalisation and Monetary Policy : Some Emerging Issues
Professor Radhakrishna, Professor Eichenbaun, Professor Rebelo, Professor Christiano, Professor Nachane, Dr. Rakesh Mohan and friends,Happy New Year to all of you. For Dr. Rakesh Mohan, it is a holiday issue, as he described. For me, it is a festival issue also, since I am a Telugu. So, my address will be in the form of sharing of the festive mood also. As you may be aware, today is a festival celebrated as New Year by the State of Maharashtra, and is called Gudipadwa
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Professor Radhakrishna, Professor Eichenbaun, Professor Rebelo, Professor Christiano, Professor Nachane, Dr. Rakesh Mohan and friends,Happy New Year to all of you. For Dr. Rakesh Mohan, it is a holiday issue, as he described. For me, it is a festival issue also, since I am a Telugu. So, my address will be in the form of sharing of the festive mood also. As you may be aware, today is a festival celebrated as New Year by the State of Maharashtra, and is called Gudipadwa
Mar 13, 2007
Indian Financial Sector Reforms
Introduction At the outset, I am thankful to the Institute of International Bankers for giving me this opportunity of addressing the Annual Washington Conference 2007.The banking system in India has undergone significant changes during last 15 years. There have been new banks, new instruments, new windows, new opportunities and, along with all this, new challenges. While deregulation has opened up new vistas for banks to augment revenues, it has also entailed greater
Shri V. Leeladhar, Deputy Governor, Reserve Bank of India
Introduction At the outset, I am thankful to the Institute of International Bankers for giving me this opportunity of addressing the Annual Washington Conference 2007.The banking system in India has undergone significant changes during last 15 years. There have been new banks, new instruments, new windows, new opportunities and, along with all this, new challenges. While deregulation has opened up new vistas for banks to augment revenues, it has also entailed greater
Mar 09, 2007
Regulators’ Eyes on Financial Institutions
Regulators need to keep on top of banks, says Dr. Y V ReddyAs we move from a world based on relationships to one based on transactions, can our banks be far behind? Indeed, banking has been transformed, perhaps unrecognisably, and regulators and customers are taking notice.In the 1970s, a visit to the bank meant face-to-face time, assistance with problems, financial advice, and often just a friendly chat with your banker who you knew and trusted. Today, many customers
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Regulators need to keep on top of banks, says Dr. Y V ReddyAs we move from a world based on relationships to one based on transactions, can our banks be far behind? Indeed, banking has been transformed, perhaps unrecognisably, and regulators and customers are taking notice.In the 1970s, a visit to the bank meant face-to-face time, assistance with problems, financial advice, and often just a friendly chat with your banker who you knew and trusted. Today, many customers
Mar 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
Mar 02, 2007
Banking in the Hinterland
Ladies and Gentlemen,It gives me great pleasure to be here this morning to share my thoughts on banking in the hinterland. The theme of my talk today is that there is a huge business opportunity in banks going rural. Rural banking has great potential if banks adopt appropriate approach and suitable strategies - scale up their business levels, achieve capacity utilisation and devise innovative ways to cater to the typical needs of the vast rural sector.I will divide my
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
Ladies and Gentlemen,It gives me great pleasure to be here this morning to share my thoughts on banking in the hinterland. The theme of my talk today is that there is a huge business opportunity in banks going rural. Rural banking has great potential if banks adopt appropriate approach and suitable strategies - scale up their business levels, achieve capacity utilisation and devise innovative ways to cater to the typical needs of the vast rural sector.I will divide my
Feb 27, 2007
What RBI means to the Common Person
Friends,I am happy to be in Karamchedu Village again. Many distinguished personalities in various fields; freedom fighters; shipping magnates; scientists; poets, ministers and medical doctors have hailed from this single village. Shri Yarlagadda Ranganayakulu garu, who was an engineer by training, is one such fine personality. We met accidentally a little over thirty years ago in Hyderabad. We became friends and we attempted to do some socially useful work on several
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Friends,I am happy to be in Karamchedu Village again. Many distinguished personalities in various fields; freedom fighters; shipping magnates; scientists; poets, ministers and medical doctors have hailed from this single village. Shri Yarlagadda Ranganayakulu garu, who was an engineer by training, is one such fine personality. We met accidentally a little over thirty years ago in Hyderabad. We became friends and we attempted to do some socially useful work on several
Feb 13, 2007
Current Challenges to Monetary Policy Making in India
Dr. Kannan, members of the Actuarial Society of India and distinguished delegates.I am deeply honoured to be invited to address the 9th Global Conference of Actuaries today. Strong winds of change are sweeping across the Indian financial landscape. We therefore have to adapt ourselves appropriately to update our understanding of these changes. All stakeholders are involved in this silent transformation. As actuaries, your stake is significant since you will shape the
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Dr. Kannan, members of the Actuarial Society of India and distinguished delegates.I am deeply honoured to be invited to address the 9th Global Conference of Actuaries today. Strong winds of change are sweeping across the Indian financial landscape. We therefore have to adapt ourselves appropriately to update our understanding of these changes. All stakeholders are involved in this silent transformation. As actuaries, your stake is significant since you will shape the
Jan 19, 2007
Overseas Investments by Indian companies - Evolution of Policy and Trends
Ladies and gentlemen, it is a pleasure to be invited to deliver the key note address at this international conference which is really topical and contextual for the present times and I thank the Bombay Chambers of Commerce for giving me this opportunity. I particularly appreciate the organizers for keeping the focus on host country perspective in regard to overseas expansion by Indian companies and the participants will have the benefit of listening and interacting wi
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Ladies and gentlemen, it is a pleasure to be invited to deliver the key note address at this international conference which is really topical and contextual for the present times and I thank the Bombay Chambers of Commerce for giving me this opportunity. I particularly appreciate the organizers for keeping the focus on host country perspective in regard to overseas expansion by Indian companies and the participants will have the benefit of listening and interacting wi
Dec 19, 2006
Dynamics of Balance of Payments in India
Vice-Chancellor Professor Siddiqi, Prof. J. Satyanarayana, Dr. J. Rameshwar Rao, Prof. Purushotham Rao, Prof. Ali Khan, faculty members and distinguished friends, I am honoured by the kind invitation of the Vice-Chancellor to me to be the Chief Guest and to deliver the first Diamond Jubilee lecture of the Department of Commerce, Osmania University. I specifically owe a deep debt of gratitude to Osmania University and I have also been proud to acknowledge it. In August
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Vice-Chancellor Professor Siddiqi, Prof. J. Satyanarayana, Dr. J. Rameshwar Rao, Prof. Purushotham Rao, Prof. Ali Khan, faculty members and distinguished friends, I am honoured by the kind invitation of the Vice-Chancellor to me to be the Chief Guest and to deliver the first Diamond Jubilee lecture of the Department of Commerce, Osmania University. I specifically owe a deep debt of gratitude to Osmania University and I have also been proud to acknowledge it. In August
Dec 18, 2006
Rural Banking: Review and Prospects
Rural Banking: Review and Prospects Dr. Kotaiah, Mrs. Nandita Ray, Mr. C. S. Reddy, Prof. Mahendra Dev and Distinguished guests, I am grateful to the organisers for giving me an opportunity to deliver the first Smarajit Ray memorial lecture. Mr. Ray, about a couple of years younger to me in age and a valued colleague in the civil service, had been one of my close friends for almost four decades. He was a self-effacing person with courage of conviction in servicing the
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Rural Banking: Review and Prospects Dr. Kotaiah, Mrs. Nandita Ray, Mr. C. S. Reddy, Prof. Mahendra Dev and Distinguished guests, I am grateful to the organisers for giving me an opportunity to deliver the first Smarajit Ray memorial lecture. Mr. Ray, about a couple of years younger to me in age and a valued colleague in the civil service, had been one of my close friends for almost four decades. He was a self-effacing person with courage of conviction in servicing the
Dec 08, 2006
Urban Cooperative Banks – Evolution of the banks, current issues in Corporate Governance and challenges in their Regulation and Supervision
URBAN COOPERATIVE BANKS - Evolution of the banks, current issues in Corporate Governance and challenges in their Regulation and Supervision Ladies and Gentlemen, I am happy and honoured to be here today to deliver the "Late Shri. R. N. Godbole memorial lecture" this year. My thanks to the Shivaji University, Kolhapur for extending me the invitation to deliver this lecture I have chosen to speak today on Urban Cooperative Banks - a key sector in the Indian Banking scen
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
URBAN COOPERATIVE BANKS - Evolution of the banks, current issues in Corporate Governance and challenges in their Regulation and Supervision Ladies and Gentlemen, I am happy and honoured to be here today to deliver the "Late Shri. R. N. Godbole memorial lecture" this year. My thanks to the Shivaji University, Kolhapur for extending me the invitation to deliver this lecture I have chosen to speak today on Urban Cooperative Banks - a key sector in the Indian Banking scen
Nov 21, 2006
Central Banks and Risk Management: Pursuing Financial Stability
I have chosen to speak on "Financial Stability" for a number of reasons. Although financial stability has always been of concern to central banks, it is a relatively new concept in terms of the widespread attention being given to it in recent years. I thought it would be useful to discuss why it has become so important to central banks. Achieving this understanding would also help in explaining some of the behaviour of central banks. I will also try to explain why it
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I have chosen to speak on "Financial Stability" for a number of reasons. Although financial stability has always been of concern to central banks, it is a relatively new concept in terms of the widespread attention being given to it in recent years. I thought it would be useful to discuss why it has become so important to central banks. Achieving this understanding would also help in explaining some of the behaviour of central banks. I will also try to explain why it
Nov 17, 2006
Monetary and Financial Policy Responses to Global Imbalances
DEPARTMENT OF ECONOMIC ANALYSIS AND POLICY I would like to compliment Bank Indonesia for arranging this conference on the theme "Monetary and Financial Policy Responses to Global Imbalances" at the Annual International Seminar 2006. This is an issue that has been among the top concerns of central bankers in the last few years: so the opportunity to have this discussion at this opportune time is very welcome for all of us. The issue of large global imbalances has been
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
DEPARTMENT OF ECONOMIC ANALYSIS AND POLICY I would like to compliment Bank Indonesia for arranging this conference on the theme "Monetary and Financial Policy Responses to Global Imbalances" at the Annual International Seminar 2006. This is an issue that has been among the top concerns of central bankers in the last few years: so the opportunity to have this discussion at this opportune time is very welcome for all of us. The issue of large global imbalances has been
Nov 16, 2006
Economic Reforms in India: Where are We and Where do We Go?
We have now had a decade and a half of economic reforms. It is perhaps appropriate at this point to stand back and take stock of what we have done as we venture further. Today I shall, therefore, make an effort to (a) review what has been done; (b) evaluate where we are; and (c) suggest where we need to go. Let me give you the backdrop as to what motivated me to choose this topic. I recently came across, The Tipping Point: How Little Things Make a Big Difference, by M
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
We have now had a decade and a half of economic reforms. It is perhaps appropriate at this point to stand back and take stock of what we have done as we venture further. Today I shall, therefore, make an effort to (a) review what has been done; (b) evaluate where we are; and (c) suggest where we need to go. Let me give you the backdrop as to what motivated me to choose this topic. I recently came across, The Tipping Point: How Little Things Make a Big Difference, by M
Nov 08, 2006
Inclusive Growth : Role of Financial Education
I thank the Indian Banks Association and hosts Andhra Bank for inviting me for this Conference. I am aware you have had illustrious speakers and expert sessions on various issues reverberating in policy conundrums of 'financial inclusion' and financially inclusive growth. Why I term these as conundrums is for the reason that on the one hand, everyone accepts that a broad based access to formal financial services is a sine qua non for the aspiration of growth in GDP an
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
I thank the Indian Banks Association and hosts Andhra Bank for inviting me for this Conference. I am aware you have had illustrious speakers and expert sessions on various issues reverberating in policy conundrums of 'financial inclusion' and financially inclusive growth. Why I term these as conundrums is for the reason that on the one hand, everyone accepts that a broad based access to formal financial services is a sine qua non for the aspiration of growth in GDP an
Nov 07, 2006
State of the Indian Economy
It is my great pleasure to be here at the 2nd Annual Indian Securities Infrastructure & Operations Forum 2006. The recent growth momentum of the Indian economy is leading to renewed interest in India’s growth prospects. As the mid-year review of the annual policy is just over I thought instead of giving just a run-down of the current state of the Indian economy let me put the current trends into a broader perspective - both with respect to the longer term trend an
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
It is my great pleasure to be here at the 2nd Annual Indian Securities Infrastructure & Operations Forum 2006. The recent growth momentum of the Indian economy is leading to renewed interest in India’s growth prospects. As the mid-year review of the annual policy is just over I thought instead of giving just a run-down of the current state of the Indian economy let me put the current trends into a broader perspective - both with respect to the longer term trend an
Nov 04, 2006
Financial Inclusion for Sustainable Development : Role of IT and Intermediaries
My topic today is financial inclusion for sustainable development and how IT and community based organisations including NGOs can be leveraged for expanding banking outreach so as to meet the needs of the underserved population. Financial inclusion has become a buzzword internationally – even in developed financial markets there are concerns about those excluded from the banking system especially migrant workers. The barriers to access to formal banking system have be
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
My topic today is financial inclusion for sustainable development and how IT and community based organisations including NGOs can be leveraged for expanding banking outreach so as to meet the needs of the underserved population. Financial inclusion has become a buzzword internationally – even in developed financial markets there are concerns about those excluded from the banking system especially migrant workers. The barriers to access to formal banking system have be
Nov 03, 2006
Economic Growth, Financial Deepening and Financial Inclusion
I. Introduction I would like to thank the Indian Banks Association and the Andhra Bank for inviting me to this Conference, which has become an annual feature of the calendar for bankers and financial sector professionals. In view of the theme of the conference, viz., 'Inclusive Growth – A New Challenge', I thought it would be appropriate to place financial inclusion within the broad context of economic growth. There is yet another motivation for choosing the theme. Wh
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I. Introduction I would like to thank the Indian Banks Association and the Andhra Bank for inviting me to this Conference, which has become an annual feature of the calendar for bankers and financial sector professionals. In view of the theme of the conference, viz., 'Inclusive Growth – A New Challenge', I thought it would be appropriate to place financial inclusion within the broad context of economic growth. There is yet another motivation for choosing the theme. Wh
Oct 23, 2006
Payment and Settlement Systems : Select issues
Director Shri Sharma, Mr. Hollandars, Mr. O’Connor, Mr. Shigang, Ms. Christova, Mr. Beau and distinguished participants and Ladies and Gentlemen, It is my pleasure to be with you this evening to deliver the valedictory address at the Regional Payment and Settlement Systems Workshop organised jointly by the Reserve Bank of India (RBI) and the Bank for International Settlements (BIS). Participants from the central banks of 16 countries from Africa and Asia have attended
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Director Shri Sharma, Mr. Hollandars, Mr. O’Connor, Mr. Shigang, Ms. Christova, Mr. Beau and distinguished participants and Ladies and Gentlemen, It is my pleasure to be with you this evening to deliver the valedictory address at the Regional Payment and Settlement Systems Workshop organised jointly by the Reserve Bank of India (RBI) and the Bank for International Settlements (BIS). Participants from the central banks of 16 countries from Africa and Asia have attended
Oct 13, 2006
Risks Associated with Macroeconomic Adjustments: Global Perspective
I. Growth Trends I am happy to observe the continued healthy expansion of world GDP and that the International Monetary Fund (IMF) is projecting only a marginal slowdown from 5.1 per cent in 2006 to 4.9 per cent in 2007. It is important to note, however, that some other forecasters are not so sanguine. The global economy has maintained its pace of growth in the first half of 2006. Although growth rates recorded in most of the advanced as well as emerging economies hav
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I. Growth Trends I am happy to observe the continued healthy expansion of world GDP and that the International Monetary Fund (IMF) is projecting only a marginal slowdown from 5.1 per cent in 2006 to 4.9 per cent in 2007. It is important to note, however, that some other forecasters are not so sanguine. The global economy has maintained its pace of growth in the first half of 2006. Although growth rates recorded in most of the advanced as well as emerging economies hav
Oct 09, 2006
Banking and Financial Sector Reforms : Status and Prospects*
Respected Prime Minister Sir, Shri Vineet Jain, Honourable Shri Chidambaram, Dr. Rangarajan, Shri Ahluwalia, leaders of industry and finance, and friends, I am thankful to the organisers for according me the privilege of participating in this panel discussion. My comments are divided into three parts - personal, present status, and prospects for Banking and Financial Sector Reforms. On the personal front, I have worked closely with all the distinguished panelists here
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Respected Prime Minister Sir, Shri Vineet Jain, Honourable Shri Chidambaram, Dr. Rangarajan, Shri Ahluwalia, leaders of industry and finance, and friends, I am thankful to the organisers for according me the privilege of participating in this panel discussion. My comments are divided into three parts - personal, present status, and prospects for Banking and Financial Sector Reforms. On the personal front, I have worked closely with all the distinguished panelists here
Sep 29, 2006
Globalisation, Money and Finance – Uncertainties and Dilemmas*
Globalisation, Money and Finance – Uncertainties and Dilemmas* Dear friends, I am honoured to be invited to deliver the valedictory address at the 2006 FICCI-IBA Conference. I would like to begin by complimenting the hosts for their choice of the theme: "Global Banking: Paradigm Shift". Many distinguished speakers have participated already in the deliberations and hence I will attempt a broader overview of globalisation issues at the current juncture. My address is on
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Globalisation, Money and Finance – Uncertainties and Dilemmas* Dear friends, I am honoured to be invited to deliver the valedictory address at the 2006 FICCI-IBA Conference. I would like to begin by complimenting the hosts for their choice of the theme: "Global Banking: Paradigm Shift". Many distinguished speakers have participated already in the deliberations and hence I will attempt a broader overview of globalisation issues at the current juncture. My address is on
Sep 29, 2006
Reserve Bank of India Archives: Some Reflections and the Way
It is a real pleasure to be here today on the occasion of the Silver Jubilee Inaugural Function of the Reserve Bank of India Archives (RBIA), earlier known as the Central Records and Documentation Centre (CRDC). The Reserve Bank of India established its Central Archives on August 24, 1981 with twin objectives to serve as (i) repository of non-current permanent records and (ii) the Central Archives of the Reserve Bank of India for research purposes. I am pleased to inf
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
It is a real pleasure to be here today on the occasion of the Silver Jubilee Inaugural Function of the Reserve Bank of India Archives (RBIA), earlier known as the Central Records and Documentation Centre (CRDC). The Reserve Bank of India established its Central Archives on August 24, 1981 with twin objectives to serve as (i) repository of non-current permanent records and (ii) the Central Archives of the Reserve Bank of India for research purposes. I am pleased to inf
Sep 27, 2006
Changing Paradigms in Risk Management
The world of finance has always had an intuitive understanding of risk. The risks that emerge from the increased variety and complexities of banking business, as well as from the various new drivers of growth has pushed the contours of risk management in banks much beyond what would probably have existed in the more traditional forms of banking activity of accepting deposits and lending in relatively stable environments. Internationally, the last two decades or so hav
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
The world of finance has always had an intuitive understanding of risk. The risks that emerge from the increased variety and complexities of banking business, as well as from the various new drivers of growth has pushed the contours of risk management in banks much beyond what would probably have existed in the more traditional forms of banking activity of accepting deposits and lending in relatively stable environments. Internationally, the last two decades or so hav
Sep 26, 2006
Demystifying Basel II*
Friends, it gives me great pleasure to share my thoughts on some of the elements of Basel II implementation in India with this august gathering. I firmly believe that periodical sharing of thoughts and views by us on issues of topical relevance with bankers - both domestic and foreign; eminent bank regulators and supervisors from abroad; and above all - the users of the banking system, is fundamental for promoting greater transparency and understanding of the intent a
Shri V. Leeladhar, Deputy Governor, Reserve Bank of India
Friends, it gives me great pleasure to share my thoughts on some of the elements of Basel II implementation in India with this august gathering. I firmly believe that periodical sharing of thoughts and views by us on issues of topical relevance with bankers - both domestic and foreign; eminent bank regulators and supervisors from abroad; and above all - the users of the banking system, is fundamental for promoting greater transparency and understanding of the intent a
Sep 21, 2006
IT for Business Excellence
Ladies and Gentlemen, It gives me great pleasure to be present here to share a few thoughts on one of the important drivers of banking business in the world. Information Technology or IT has made substantial inroads into the financial sector, it has in fact transformed the way banking operations are conducted. The benefits brought about by IT in handling large processing volumes, in providing for quick, safe transaction processing, economies of scale and in expanding
Shri V. Leeladhar, Deputy Governor, Reserve Bank of India
Ladies and Gentlemen, It gives me great pleasure to be present here to share a few thoughts on one of the important drivers of banking business in the world. Information Technology or IT has made substantial inroads into the financial sector, it has in fact transformed the way banking operations are conducted. The benefits brought about by IT in handling large processing volumes, in providing for quick, safe transaction processing, economies of scale and in expanding
Sep 21, 2006
The Role of Financial Education: The Indian Case
Distinguished Ladies and Gentlemen, I am thankful to Shri Swarup for inviting me to this august gathering. The Conference represents an important step by the Pension Fund Regulatory and Development Authority (PFRDA) to distil from the experiences of other countries in its quest for enhancing the levels of financial education in our country. The collaboration with Organisation for Economic Co-operation and Development (OECD) which has been playing a pivotal role in thi
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Distinguished Ladies and Gentlemen, I am thankful to Shri Swarup for inviting me to this august gathering. The Conference represents an important step by the Pension Fund Regulatory and Development Authority (PFRDA) to distil from the experiences of other countries in its quest for enhancing the levels of financial education in our country. The collaboration with Organisation for Economic Co-operation and Development (OECD) which has been playing a pivotal role in thi
Sep 19, 2006
Foreign Exchange Reserves: New Realities and Options
Distinguished Friends, I am thankful to the organisers for inviting me to participate in the 2006 Program of Seminars on the Theme 'The World in Asia, Asia in the World'. The theme for this session has tantalising words: problems, plenty, challenges, opportunities, accumulation, large, foreign, windfall and reserves. It may be a little hard to match the sense of these words in an address by central bankers. So, I intend taking a slightly broader view of the subject an
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Distinguished Friends, I am thankful to the organisers for inviting me to participate in the 2006 Program of Seminars on the Theme 'The World in Asia, Asia in the World'. The theme for this session has tantalising words: problems, plenty, challenges, opportunities, accumulation, large, foreign, windfall and reserves. It may be a little hard to match the sense of these words in an address by central bankers. So, I intend taking a slightly broader view of the subject an
Sep 18, 2006
Asian Perspective on Growth: Outlook for India
Distinguished friends, I am delighted to be here at the G30's International Banking Seminar hosted by the Monetary Authority of Singapore. Indeed, it is an honour and privilege to be amidst the global Gurus of financial world. I divide my humble presentation into five parts: namely the contours of Indian economy; the major challenges facing the Indian economy; the impact of global imbalances on India; some not easily quantifiable strengths of India and; India's growin
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Distinguished friends, I am delighted to be here at the G30's International Banking Seminar hosted by the Monetary Authority of Singapore. Indeed, it is an honour and privilege to be amidst the global Gurus of financial world. I divide my humble presentation into five parts: namely the contours of Indian economy; the major challenges facing the Indian economy; the impact of global imbalances on India; some not easily quantifiable strengths of India and; India's growin
Sep 07, 2006
Credit Counselling : An Indian Perspective
Mr. Chairman, distinguished guests and friends, I am thankful to Mr. Balachandran for providing this opportunity to be with this eminent gathering assembled for a noble cause. Bank of India has been among the banks known to be a pioneer in several areas of commercial banking. In this context, the initiative by the bank to establish credit counselling centers on a pilot basis highlights the pro-active role being played by our banks. In fact, a major reason for my agree
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Mr. Chairman, distinguished guests and friends, I am thankful to Mr. Balachandran for providing this opportunity to be with this eminent gathering assembled for a noble cause. Bank of India has been among the banks known to be a pioneer in several areas of commercial banking. In this context, the initiative by the bank to establish credit counselling centers on a pilot basis highlights the pro-active role being played by our banks. In fact, a major reason for my agree
Sep 05, 2006
Use of technology in the financial sector: Significance of concerted efforts*
Shri Arvind Sharma, Director, IDRBT, members of the Governing Council of the IDRBT, fellow bankers and distinguished guests, It gives me immense pleasure to be here with friends from the banking fraternity. In fact, being here is part of my annual pilgrimage to the Institute for Development and Research in Banking Technology (IDRBT). At the outset, I would like to compliment the Governing Council, faculty and staff of the IDRBT for continuing with their mission with d
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Shri Arvind Sharma, Director, IDRBT, members of the Governing Council of the IDRBT, fellow bankers and distinguished guests, It gives me immense pleasure to be here with friends from the banking fraternity. In fact, being here is part of my annual pilgrimage to the Institute for Development and Research in Banking Technology (IDRBT). At the outset, I would like to compliment the Governing Council, faculty and staff of the IDRBT for continuing with their mission with d
Aug 24, 2006
New Economic Geography and Monetary Policy in a Flattening World*
Let me first thank Tom Hoenig and his colleagues for inviting me again to this symposium. It is always a treat to be here in more ways than one: to partake of the rich feast of insightful and interesting papers, illuminating commentaries and discussions, accompanied by the warm hospitality of the Kansas City Fed in this incomparable setting in the shadow of the majestic Tetons. It is difficult to provide an overview of this rather disparate set of sessions reflecting
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
Let me first thank Tom Hoenig and his colleagues for inviting me again to this symposium. It is always a treat to be here in more ways than one: to partake of the rich feast of insightful and interesting papers, illuminating commentaries and discussions, accompanied by the warm hospitality of the Kansas City Fed in this incomparable setting in the shadow of the majestic Tetons. It is difficult to provide an overview of this rather disparate set of sessions reflecting
Jul 24, 2006
Avian Influenza Pandemic: Preparedness within the Financial Sector*
I would like to welcome all of you to India for the IMF Seminar on "Preparedness within the Financial Sector for an Avian Influenza Pandemic", which has been a source of concern not only for health experts but also for policy makers in Governments and Central Banks alike. It is important to undertake activities that are preventive in nature, so that the probability of an undesirable event is minimised. The Fund’s efforts to bring countries that are vulnerable to the p
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I would like to welcome all of you to India for the IMF Seminar on "Preparedness within the Financial Sector for an Avian Influenza Pandemic", which has been a source of concern not only for health experts but also for policy makers in Governments and Central Banks alike. It is important to undertake activities that are preventive in nature, so that the probability of an undesirable event is minimised. The Fund’s efforts to bring countries that are vulnerable to the p
Jul 01, 2006
Banks and Service to the Common Person
Chairperson of the Board Smt. Udeshi, Chairman of the IBA Shri Shetty, Deputy Governor Smt. Usha Thorat, distinguished bankers and friends, It gives me immense pleasure and satisfaction to be here to release the 'Code of Bank’s Commitment to Customers'. The Code signifies the first formal collaborative effort by the Reserve Bank of India, the banks and the newly set up Banking Codes and Standards Board of India (BCSBI) to provide a framework for a minimum standard of
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Chairperson of the Board Smt. Udeshi, Chairman of the IBA Shri Shetty, Deputy Governor Smt. Usha Thorat, distinguished bankers and friends, It gives me immense pleasure and satisfaction to be here to release the 'Code of Bank’s Commitment to Customers'. The Code signifies the first formal collaborative effort by the Reserve Bank of India, the banks and the newly set up Banking Codes and Standards Board of India (BCSBI) to provide a framework for a minimum standard of
Jun 30, 2006
Comments of Dr. Y.V.Reddy, Governor, RBI as a panelist at the Annual General Meeting of the BIS
Financial Sector Competition and Monetary Policy : Comments* Mr. Chairman, Professor Mario Monti, Co-panellists and fellow Governors, I am honoured by the invitation to participate in the Annual General Meeting Panel in this historic and beautiful location. When I got the enquiry on my willingness to be a panelist on "The Relevance of Competition and Monetary Policy for Financial Stability" for the Per Jacobsson Foundation lecture this year, I initially felt that the
Dr. Y. V. Reddy, Governor, Reserve Bank of India
Financial Sector Competition and Monetary Policy : Comments* Mr. Chairman, Professor Mario Monti, Co-panellists and fellow Governors, I am honoured by the invitation to participate in the Annual General Meeting Panel in this historic and beautiful location. When I got the enquiry on my willingness to be a panelist on "The Relevance of Competition and Monetary Policy for Financial Stability" for the Per Jacobsson Foundation lecture this year, I initially felt that the
Jun 28, 2006
Comments of Dr.Y.V.Reddy, Governor, RBI
On the Sources of Central Banker’s Influence over the Economy: Comments Chairman Mario Bleijer, Professor Stephen G. Cecchetti, Professor William H. Buiter, Dr Guillermo A. Calvo and fellow Governors, It is my pleasure to join the symposium and as desired by you, Mr. Chairman, offer initial informal comments on Professor Cecchetti’s paper on ‘Sources of Central Banker’s Influence over the Economy’. Professor Cecchetti first succinctly brings out the convergence of dev
Dr. Y. V. Reddy, Governor, Reserve Bank of India
On the Sources of Central Banker’s Influence over the Economy: Comments Chairman Mario Bleijer, Professor Stephen G. Cecchetti, Professor William H. Buiter, Dr Guillermo A. Calvo and fellow Governors, It is my pleasure to join the symposium and as desired by you, Mr. Chairman, offer initial informal comments on Professor Cecchetti’s paper on ‘Sources of Central Banker’s Influence over the Economy’. Professor Cecchetti first succinctly brings out the convergence of dev
Jun 06, 2006
Asia's Urban Century: Emerging Trends
I. Urbanisation: A Recent Phenomenon Widespread all pervading urbanisation is a truly twentieth century phenomenon. Although cities have always existed, even cities such as Memphis, Babylon, Thebes, Athens, Sparta, Mohen-ja-daro and Anuradhapura existed in antiquity, there is little evidence of widespread urbanisation in the early years of civilization. Rome was perhaps the first settlement to reach 1 million people in BC; only in 1800 did London become the second cit
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I. Urbanisation: A Recent Phenomenon Widespread all pervading urbanisation is a truly twentieth century phenomenon. Although cities have always existed, even cities such as Memphis, Babylon, Thebes, Athens, Sparta, Mohen-ja-daro and Anuradhapura existed in antiquity, there is little evidence of widespread urbanisation in the early years of civilization. Rome was perhaps the first settlement to reach 1 million people in BC; only in 1800 did London become the second cit
Jun 03, 2006
Financial Sector Reforms and Monetary Policy: The Indian Experience
I. Introduction Since the initiation of reforms in the early 1990s, the Indian economy has achieved high growth in an environment of macroeconomic and financial stability. The period has been marked by broad based economic reform that has touched every segment of the economy. These reforms were designed essentially to promote greater efficiency in the economy through promotion of greater competition. The story of Indian reforms is by now well-documented (e.g., Ahluwal
Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India
I. Introduction Since the initiation of reforms in the early 1990s, the Indian economy has achieved high growth in an environment of macroeconomic and financial stability. The period has been marked by broad based economic reform that has touched every segment of the economy. These reforms were designed essentially to promote greater efficiency in the economy through promotion of greater competition. The story of Indian reforms is by now well-documented (e.g., Ahluwal
May 30, 2006
Treating Bank Customers Fairly- Regulatory Initiatives *
It gives me great pleasure to participate in this Congress organised by the Financial Planning Standards Board India. Today, there is much more awareness of the need to protect consumers' rights and ensure fair practices in financial services. Countries are designating specific regulators or self regulatory watch dogs for overseeing whether there is mis-selling and whether fair and transparent practices are being observed by financial intermediaries. While specific gr
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
It gives me great pleasure to participate in this Congress organised by the Financial Planning Standards Board India. Today, there is much more awareness of the need to protect consumers' rights and ensure fair practices in financial services. Countries are designating specific regulators or self regulatory watch dogs for overseeing whether there is mis-selling and whether fair and transparent practices are being observed by financial intermediaries. While specific gr
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