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Official Website of Reserve Bank of India
Speeches & Interviews
Speeches & Media Interactions
Governor’s message on Digital Payments
Governor’s message on Digital Payments
Governor’s message on Digital Payments
Speeches
Apr 11, 2012
Musings on FEDAI, Forex Market and Indian Rupee
1. Dr. T V Nagendra Prasad, Charge d’ Affairs, Embassy of India, Mr. Phillipe Welti, former Ambassador of Switzerland to India & Bhutan, Mr. Beat Siegenthaler, Executive Director, UBS, Ms. Varsha Vasant Purandare, Chairperson, Foreign Exchange Dealers Association of India (FEDAI), Mr. D. G. Patwardhan, Chief Executive Officer, FEDAI, Mr. N. S. Venkatesh, Chairman, The Fixed Income Money Market and Derivatives Association of India (FIMMDA), Mr. C.E.S Azariah, Chief
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
1. Dr. T V Nagendra Prasad, Charge d’ Affairs, Embassy of India, Mr. Phillipe Welti, former Ambassador of Switzerland to India & Bhutan, Mr. Beat Siegenthaler, Executive Director, UBS, Ms. Varsha Vasant Purandare, Chairperson, Foreign Exchange Dealers Association of India (FEDAI), Mr. D. G. Patwardhan, Chief Executive Officer, FEDAI, Mr. N. S. Venkatesh, Chairman, The Fixed Income Money Market and Derivatives Association of India (FIMMDA), Mr. C.E.S Azariah, Chief
Apr 09, 2012
Learning from the Crisis
On behalf of the Reserve Bank, I have great pleasure in welcoming Professor Michael D. Bordo who will shortly be delivering the fourth P. R. Brahmananda Memorial Lecture. Hearty welcome also to Ms. Jann Grace Seale, who has accompanied Prof. Bordo as the Reserve Bank’s guest. I also have pleasure in acknowledging the members of the family of late Prof. Brahmananda - Dr. P.R. Ramaswamy, Shri P.R. Vishwanath, Smt. Gayatri Viswanath and Ms. Kritika Viswanath. We are deli
Dr. D. Subbarao, Governor, Reserve Bank of India
On behalf of the Reserve Bank, I have great pleasure in welcoming Professor Michael D. Bordo who will shortly be delivering the fourth P. R. Brahmananda Memorial Lecture. Hearty welcome also to Ms. Jann Grace Seale, who has accompanied Prof. Bordo as the Reserve Bank’s guest. I also have pleasure in acknowledging the members of the family of late Prof. Brahmananda - Dr. P.R. Ramaswamy, Shri P.R. Vishwanath, Smt. Gayatri Viswanath and Ms. Kritika Viswanath. We are deli
Apr 09, 2012
The Great Depression and the Great Recession: What Have We Learnt?
1. Introduction The Financial Crisis of 2007-2008 and the Great Recession of 2007-2009 are now in the past although the U.S. economy is still recovering but at an abnormally low pace, and Europe is in recession again following the debt crisis of 2010-2011. During the worst of the recent financial crisis/Great Recession many observers made comparisons between that event and the Great Depression. In this lecture I reevaluate the experience of the two events. I raise and
Prof. Michael D. Bordo, Guest Speaker
1. Introduction The Financial Crisis of 2007-2008 and the Great Recession of 2007-2009 are now in the past although the U.S. economy is still recovering but at an abnormally low pace, and Europe is in recession again following the debt crisis of 2010-2011. During the worst of the recent financial crisis/Great Recession many observers made comparisons between that event and the Great Depression. In this lecture I reevaluate the experience of the two events. I raise and
Apr 03, 2012
Systemic risk assessment – The cornerstone for the pursuit of financial stability
1. First of all, let me extend a warm welcome to all of you to this vibrant city called Mumbai. We, in India, often call this city the Maximum City – it is undeniably, like the punch line of the advertisement of a global bank, a city which never sleeps. I hope all of you also take maximum advantage of your stay here in respect of the deliberations during the seminar and of the tremendous opportunities for entertainment that this city offers! 2. The subject of this con
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
1. First of all, let me extend a warm welcome to all of you to this vibrant city called Mumbai. We, in India, often call this city the Maximum City – it is undeniably, like the punch line of the advertisement of a global bank, a city which never sleeps. I hope all of you also take maximum advantage of your stay here in respect of the deliberations during the seminar and of the tremendous opportunities for entertainment that this city offers! 2. The subject of this con
Mar 30, 2012
The Challenge of Globalization Some Reflections from the Reserve Bank Perspective
Thank you for inviting me to address the convocation of IIM, Bangalore. It is an honour to which I attach a lot of value. 2. First of all, heartiest congratulations to all the graduating students. Today marks a milestone in your lives. You will be leaving college with a degree in management, and not just any degree, but a degree from one of the most elite management schools in the country. You should be proud of what you have accomplished. Managing Change 3. As I see
Dr. D. Subbarao, Governor, Reserve Bank of India
Thank you for inviting me to address the convocation of IIM, Bangalore. It is an honour to which I attach a lot of value. 2. First of all, heartiest congratulations to all the graduating students. Today marks a milestone in your lives. You will be leaving college with a degree in management, and not just any degree, but a degree from one of the most elite management schools in the country. You should be proud of what you have accomplished. Managing Change 3. As I see
Mar 29, 2012
M - Banking in India - Regulations and Rationale
Ms Moono Mupotola, Manager, African Development Bank Group, Mr Somak Ghosh, Group President, Development & Sustainable Banking, YES Bank, distinguished guests, participants, members of the print and electronic media, ladies and gentlemen. I am delighted to be present here at the International Banking Summit on "Regulation of Cross-Border Mobile Payments and Regional Financial Integration" and share my thoughts on the subject of mobile phones as a powerful tool for
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Ms Moono Mupotola, Manager, African Development Bank Group, Mr Somak Ghosh, Group President, Development & Sustainable Banking, YES Bank, distinguished guests, participants, members of the print and electronic media, ladies and gentlemen. I am delighted to be present here at the International Banking Summit on "Regulation of Cross-Border Mobile Payments and Regional Financial Integration" and share my thoughts on the subject of mobile phones as a powerful tool for
Mar 28, 2012
Towards Vibrant Debt Markets – A 7iFramework
Presentation 1. It is a great pleasure to be here amidst you all for the 9th Annual meeting of the Fixed Income Money Market Derivatives Association (FIMMDA) and the Primary Dealers Association of India (PDAI) in this enchanting and energetic city of Kuala Lumpur. Relations between our two great nations, India and Malaysia, date back to ancient times. Indeed the name Malaysia is believed to have been derived from the Sanskrit root Malayadvipa which means “peninsula of
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Presentation 1. It is a great pleasure to be here amidst you all for the 9th Annual meeting of the Fixed Income Money Market Derivatives Association (FIMMDA) and the Primary Dealers Association of India (PDAI) in this enchanting and energetic city of Kuala Lumpur. Relations between our two great nations, India and Malaysia, date back to ancient times. Indeed the name Malaysia is believed to have been derived from the Sanskrit root Malayadvipa which means “peninsula of
Mar 23, 2012
Uses and Misuses of Statistics
Prof. Umesh Singh, Coordinator, DST Centre for Interdisciplinary Mathematical Sciences, Prof Sengupta, Dean Faculty of Science, Prof Joshi, other distinguished members of faculty of the University, and above all, dear students. I thank you all for inviting me to be in your midst during the 150th birth anniversary celebrations of Mahamana Pandit Madan Mohan Malviya. It is a great honour and privilege for me. Pandit Madan Mohan Malviya 2. You have provided an opportunit
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Prof. Umesh Singh, Coordinator, DST Centre for Interdisciplinary Mathematical Sciences, Prof Sengupta, Dean Faculty of Science, Prof Joshi, other distinguished members of faculty of the University, and above all, dear students. I thank you all for inviting me to be in your midst during the 150th birth anniversary celebrations of Mahamana Pandit Madan Mohan Malviya. It is a great honour and privilege for me. Pandit Madan Mohan Malviya 2. You have provided an opportunit
Mar 20, 2012
Changing Contours of Global Crisis- Impact on Indian Economy
Dr. Devi Singh, Director, IIM Lucknow and Mentor Director, IIM Kashipur; Professor Manoj Anand; other members of the faculty; my fellow bankers and the young and ‘raring to go’ students of Indian Institute of Management, Kashipur. A very good evening to you all. I deem it a privilege to address young and bright students like this. I see in them the willingness to listen, courage to question and the enthusiasm to take on challenges that the future holds for them. In sh
Shri Anand Sinha, Deputy Governor, Reserve Bank of India
Dr. Devi Singh, Director, IIM Lucknow and Mentor Director, IIM Kashipur; Professor Manoj Anand; other members of the faculty; my fellow bankers and the young and ‘raring to go’ students of Indian Institute of Management, Kashipur. A very good evening to you all. I deem it a privilege to address young and bright students like this. I see in them the willingness to listen, courage to question and the enthusiasm to take on challenges that the future holds for them. In sh
Mar 19, 2012
Statistics and the Reserve Bank: Some Reflections
1. Deputy Governors, Dr. Subir Gokarn and Dr. K. C. Chakrabarty; distinguished statisticians and economists from the academia; Regional Director Chandigarh; heads of select departments; Shri A. B. Chakraborty, Officer-in-Charge Department of Statistics and Information Management (DSIM) and friends. I extend a warm welcome to you all to the Annual Conference 2012 of the Department of Statistics and Information Management (DSIM). For the first time, this conference is o
Shri Deepak Mohanty, Executive Director, Reserve Bank of India
1. Deputy Governors, Dr. Subir Gokarn and Dr. K. C. Chakrabarty; distinguished statisticians and economists from the academia; Regional Director Chandigarh; heads of select departments; Shri A. B. Chakraborty, Officer-in-Charge Department of Statistics and Information Management (DSIM) and friends. I extend a warm welcome to you all to the Annual Conference 2012 of the Department of Statistics and Information Management (DSIM). For the first time, this conference is o
Mar 13, 2012
Striking a Balance: Credit Penetration and NPA Management – Role of Information Sharing
Mr. Nair, Chairman, Credit Information Bureau (India) Limited (CIBIL) and CMD, Union Bank of India; Mr. Mallya, CMD, Bank of Baroda; Mr. Siddharth Mehta, President and CEO, TransUnion; Mr. Thukral, MD, CIBIL and other distinguished guests. It is indeed an honour for me to address you all here during the fourth annual Credit Information Conference. 2. Banking is a risky business. Banks, or more generally the credit institutions, in their role as intermediaries take upo
Shri Anand Sinha, Deputy Governor, Reserve Bank of India
Mr. Nair, Chairman, Credit Information Bureau (India) Limited (CIBIL) and CMD, Union Bank of India; Mr. Mallya, CMD, Bank of Baroda; Mr. Siddharth Mehta, President and CEO, TransUnion; Mr. Thukral, MD, CIBIL and other distinguished guests. It is indeed an honour for me to address you all here during the fourth annual Credit Information Conference. 2. Banking is a risky business. Banks, or more generally the credit institutions, in their role as intermediaries take upo
Mar 05, 2012
The Framework for Pre-Empting Systemic Financial Risks
1. For all the like-never-before-and-hopefully-never-after financial, fiscal, economic and social costs of the Global Financial Crisis, the one perverse benefit of it, nevertheless, has been that it has tellingly focussed attention of global law and policy makers and head honchos of finance and banking industry, also like never before, on risk and the risk management imperative as also compelled a cathartic reappraisal of how risk should be defined and measured ! As s
Shri V.K. Sharma, Executive Director, Reserve Bank of India
1. For all the like-never-before-and-hopefully-never-after financial, fiscal, economic and social costs of the Global Financial Crisis, the one perverse benefit of it, nevertheless, has been that it has tellingly focussed attention of global law and policy makers and head honchos of finance and banking industry, also like never before, on risk and the risk management imperative as also compelled a cathartic reappraisal of how risk should be defined and measured ! As s
Mar 03, 2012
Outward Indian FDI – Recent Trends & Emerging Issues
1. In recent years, emerging market economies (EMEs) are increasingly becoming a source of foreign investment for rest of the world. It is not only a sign of their increasing participation in the global economy but also of their increasing competence. More importantly, a growing impetus for change today is coming from developing countries and economies in transition, where a number of private as well as state-owned enterprises are increasingly undertaking outward expa
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
1. In recent years, emerging market economies (EMEs) are increasingly becoming a source of foreign investment for rest of the world. It is not only a sign of their increasing participation in the global economy but also of their increasing competence. More importantly, a growing impetus for change today is coming from developing countries and economies in transition, where a number of private as well as state-owned enterprises are increasingly undertaking outward expa
Mar 03, 2012
Implications of Basel III for Capital, Liquidity and Profitability of Banks
It is heartening that the National Institute of Bank Management (NIBM), Pune is organizing a two-day National Conference on ‘Emerging Macro Environment, Regulatory Changes and Bank Competitiveness’, today and tomorrow. I am indeed grateful to the NIBM for giving me this privilege to talk to you today on a topic - Implications of Basel III for Capital, Liquidity and Profitability of Banks - which is contemporaneous, not only in the financial circles, but also in the la
Shri B. Mahapatra, Executive Director, Reserve Bank of India
It is heartening that the National Institute of Bank Management (NIBM), Pune is organizing a two-day National Conference on ‘Emerging Macro Environment, Regulatory Changes and Bank Competitiveness’, today and tomorrow. I am indeed grateful to the NIBM for giving me this privilege to talk to you today on a topic - Implications of Basel III for Capital, Liquidity and Profitability of Banks - which is contemporaneous, not only in the financial circles, but also in the la
Feb 27, 2012
BCSBI, Customer Service and Consumer Protection-Issues and Challenges
Shri A.C.Mahajan, Chairman BCSBI, Shri M.M. Chitale, Shri H.N.Sinor, Shri C. Krishnan, members of the Governing Council of BCSBI, Shri N Raja CEO, BCSBI, delegates to the Conference, Ladies and Gentlemen, it gives me great pleasure to be in your midst today and share with you some of my thoughts concerning quality of customer care and service in our banking industry. 1. The BCSBI has been in existence for six years now and has done a commendable job in this short span
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Shri A.C.Mahajan, Chairman BCSBI, Shri M.M. Chitale, Shri H.N.Sinor, Shri C. Krishnan, members of the Governing Council of BCSBI, Shri N Raja CEO, BCSBI, delegates to the Conference, Ladies and Gentlemen, it gives me great pleasure to be in your midst today and share with you some of my thoughts concerning quality of customer care and service in our banking industry. 1. The BCSBI has been in existence for six years now and has done a commendable job in this short span
Feb 27, 2012
Agriculture Agenda for Odisha – Issues & Challenges
1. It is a matter of great pleasure to participate in this very important Agriculture Conclave organized by the Reserve Bank of India with active support from the Odisha University of Agriculture & Technology (OUAT), the National Bank for Agriculture & Rural Development (NABARD) and the Government of Odisha. As you would be aware, both the Reserve Bank of India, Bhubaneswar Office and the OUAT are celebrating their Golden Jubilee year – fifty years of commitme
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
1. It is a matter of great pleasure to participate in this very important Agriculture Conclave organized by the Reserve Bank of India with active support from the Odisha University of Agriculture & Technology (OUAT), the National Bank for Agriculture & Rural Development (NABARD) and the Government of Odisha. As you would be aware, both the Reserve Bank of India, Bhubaneswar Office and the OUAT are celebrating their Golden Jubilee year – fifty years of commitme
Feb 17, 2012
Indian Banking Sector: Towards the Next Orbit
Dr. Pritam Singh, Director General, International Management Institute, Dr. Ahindra Chakrabarti, Programme Director, participants from Reserve Bank of India and the commercial banks. It gives me great pleasure to be before you today as you embark on this journey of learning here at IMI and later across Paris, Berlin and Milan to imbibe the culture of these countries and the best practices. The Advanced Management Programme is the ninth in the series and includes study
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Dr. Pritam Singh, Director General, International Management Institute, Dr. Ahindra Chakrabarti, Programme Director, participants from Reserve Bank of India and the commercial banks. It gives me great pleasure to be before you today as you embark on this journey of learning here at IMI and later across Paris, Berlin and Milan to imbibe the culture of these countries and the best practices. The Advanced Management Programme is the ninth in the series and includes study
Feb 17, 2012
Governance deficit and financial crisis
1. It is always a pleasure to return to one's home state, that too if the state is God's own country. Thank you for inviting me to address this august gathering of the cream of professionals and management experts of the state under the common banner of Kerala Management Association. I was however slightly apprehensive of what I should talk at a gathering like this. This apprehension started bordering worry when I saw the list of illustrious speakers who have addresse
Shri G Padmanabhan, Executive Director, Reserve Bank of India
1. It is always a pleasure to return to one's home state, that too if the state is God's own country. Thank you for inviting me to address this august gathering of the cream of professionals and management experts of the state under the common banner of Kerala Management Association. I was however slightly apprehensive of what I should talk at a gathering like this. This apprehension started bordering worry when I saw the list of illustrious speakers who have addresse
Feb 17, 2012
Moving towards technology led excellence in banking
Shri Sambamurthy, Director IDRBT, Executive Directors of banks, members of faculty from IDRBT, ladies and gentlemen. It gives me immense pleasure to be delivering the keynote address in today’s workshop ‘Beyond Core Banking’ and I thank IDRBT for giving me the opportunity. 2. In today’s technologically advanced environment, Core Banking Solution (CBS), does not remain an edge anymore, but has become the basic prerequisite for any bank. Building on this, banks need to
Shri Anand Sinha, Deputy Governor, Reserve Bank of India
Shri Sambamurthy, Director IDRBT, Executive Directors of banks, members of faculty from IDRBT, ladies and gentlemen. It gives me immense pleasure to be delivering the keynote address in today’s workshop ‘Beyond Core Banking’ and I thank IDRBT for giving me the opportunity. 2. In today’s technologically advanced environment, Core Banking Solution (CBS), does not remain an edge anymore, but has become the basic prerequisite for any bank. Building on this, banks need to
Feb 13, 2012
The Reserve Bank of India: Pulling every lever#
India’s central bank is one of its best institutions. It is also complicit in a government-borrowing binge One of the perks of being governor of the Reserve Bank of India (RBI) is the use of a colonial bungalow on Carmichael Road, a posh street that weaves along a ridge in south Mumbai. On one side live some of India’s richest industrialists, modern-day pharaohs with flashy architectural tastes. On the other, a stone’s throw down a cliff, is a small slum—a monument to
India’s central bank is one of its best institutions. It is also complicit in a government-borrowing binge One of the perks of being governor of the Reserve Bank of India (RBI) is the use of a colonial bungalow on Carmichael Road, a posh street that weaves along a ridge in south Mumbai. On one side live some of India’s richest industrialists, modern-day pharaohs with flashy architectural tastes. On the other, a stone’s throw down a cliff, is a small slum—a monument to
Feb 07, 2012
Understanding Psychology for Responsible Financial Behaviour*
1. I thank the organizers of the Golden Jubilee celebrations of the Maharshi Dayanand College of Arts, Science & Commerce, Mumbai for inviting me to deliver the inaugural address at this important seminar. The Interdisciplinary Seminar on Psychonomics: Understanding the Psychology behind Financial Behaviour is indeed a very topical subject and especially when the world is realizing the significance of the import of human psychology in the economic behaviour of the
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
1. I thank the organizers of the Golden Jubilee celebrations of the Maharshi Dayanand College of Arts, Science & Commerce, Mumbai for inviting me to deliver the inaugural address at this important seminar. The Interdisciplinary Seminar on Psychonomics: Understanding the Psychology behind Financial Behaviour is indeed a very topical subject and especially when the world is realizing the significance of the import of human psychology in the economic behaviour of the
Feb 06, 2012
Empowering MSMEs for Financial Inclusion and Growth- Role of Banks and Industry Associations1
Shri G. N. Bajpai, Former Chairman, SEBI & Chairman, Indian SME Knowledge Forum, Shri M. Narendra, Chairman & Managing Director, Indian Overseas Bank, Shri N. Shankar, CMD, ECGC, Shri A. Krishna Kumar, MD, SBI, Shri R. K. Dubey, ED, CBI, Dr K. Ramakrishnan, CEO, Indian Banks’ Association, Shri K V Srinivasan, CEO, Reliance Commercial Finance Ltd, Shri Chandrakant Salunkhe, President, SME Chamber of India, SME Entrepreneurs, other distinguished guests, members
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Shri G. N. Bajpai, Former Chairman, SEBI & Chairman, Indian SME Knowledge Forum, Shri M. Narendra, Chairman & Managing Director, Indian Overseas Bank, Shri N. Shankar, CMD, ECGC, Shri A. Krishna Kumar, MD, SBI, Shri R. K. Dubey, ED, CBI, Dr K. Ramakrishnan, CEO, Indian Banks’ Association, Shri K V Srinivasan, CEO, Reliance Commercial Finance Ltd, Shri Chandrakant Salunkhe, President, SME Chamber of India, SME Entrepreneurs, other distinguished guests, members
Feb 02, 2012
New Trilemma in Central Banking
We have had one and half days of intellectually stimulating discussions on a range of critical central banking issues revolving around the New Trilemma that has been defined by this Conference. While we may not have clear solutions, expectations from central banks are very high. The deliberations in this Conference, I believe, make some contributions in guiding policy and spurring further research. Given the time constraint, I have to be quite selective in summing up.
Shri Deepak Mohanty, Executive Director, Reserve Bank of India
We have had one and half days of intellectually stimulating discussions on a range of critical central banking issues revolving around the New Trilemma that has been defined by this Conference. While we may not have clear solutions, expectations from central banks are very high. The deliberations in this Conference, I believe, make some contributions in guiding policy and spurring further research. Given the time constraint, I have to be quite selective in summing up.
Feb 01, 2012
International Research Conference and its Relevance
Members of the central banking fraternity, participants from the financial, academic and media communities, other distinguished guests: on behalf of the Reserve Bank of India, let me welcome you all to this Second International Research Conference. Genesis of the Conference The Reserve Bank of India’s First International Research Conference was held in 2010. In that year, The Reserve Bank, which commenced operations on April 1, 1935, entered its 75th year. A series of
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
Members of the central banking fraternity, participants from the financial, academic and media communities, other distinguished guests: on behalf of the Reserve Bank of India, let me welcome you all to this Second International Research Conference. Genesis of the Conference The Reserve Bank of India’s First International Research Conference was held in 2010. In that year, The Reserve Bank, which commenced operations on April 1, 1935, entered its 75th year. A series of
Feb 01, 2012
Price Stability, Financial Stability and Sovereign Debt Sustainability Policy Challenges from the New Trilemma
I have great pleasure in welcoming you all to the Reserve Bank’s Second International Research Conference (SIRC). 2. We held our first international conference two years ago, in February 2010, as a flagship event of our Platinum Jubilee celebrations. Many of you who had attended that conference complimented us for its quality and urged us to repeat it. As much as we were flattered by those compliments, I also suspect that the urging for a repeat was at least partly mo
Dr. D. Subbarao, Governor, Reserve Bank of India
I have great pleasure in welcoming you all to the Reserve Bank’s Second International Research Conference (SIRC). 2. We held our first international conference two years ago, in February 2010, as a flagship event of our Platinum Jubilee celebrations. Many of you who had attended that conference complimented us for its quality and urged us to repeat it. As much as we were flattered by those compliments, I also suspect that the urging for a repeat was at least partly mo
Jan 31, 2012
Indian Banking- Journey into the Future*
Shri M D Mallya, Chairman, Indian Banks’ Association and Shri M Narendra, Chairman, Indian Overseas Bank, the joint organizers of this mega event of the Indian banking industry and other delegates. A very good evening! It is an honour for me to be here today to deliver the valedictory address of this Conference which has come to signify an annual confluence of banking minds for serious deliberations. These conferences give us all an opportunity to reflect on the lates
Shri Anand Sinha, Deputy Governor, Reserve Bank of India
Shri M D Mallya, Chairman, Indian Banks’ Association and Shri M Narendra, Chairman, Indian Overseas Bank, the joint organizers of this mega event of the Indian banking industry and other delegates. A very good evening! It is an honour for me to be here today to deliver the valedictory address of this Conference which has come to signify an annual confluence of banking minds for serious deliberations. These conferences give us all an opportunity to reflect on the lates
Jan 30, 2012
Global Capital Flows and the Indian Economy: Opportunities and Challenges
I thank the Indian Institute of Technology, Kanpur and Shri Suyash Baderiya for this opportunity to interact with such a talented gathering of young minds. As you know, capital flows have played a major role in the process of globalization. While these flows bring several benefits, they pose certain risks. How in India we have handled this issue to enhance the sustainability of our external sector, is the topic of my deliberation today. Capital flows pose a puzzle bot
Shri Deepak Mohanty, Executive Director, Reserve Bank of India
I thank the Indian Institute of Technology, Kanpur and Shri Suyash Baderiya for this opportunity to interact with such a talented gathering of young minds. As you know, capital flows have played a major role in the process of globalization. While these flows bring several benefits, they pose certain risks. How in India we have handled this issue to enhance the sustainability of our external sector, is the topic of my deliberation today. Capital flows pose a puzzle bot
Jan 27, 2012
“Towards Vibrant Debt Markets” - A presentation by Shri H.R. Khan, Deputy Governor, Reserve Bank of India, at the 13th Annual Conference of FIIMDA – PDAI at Kuala Lumpur, Malaysia on January 27, 2012
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Jan 21, 2012
The Global Financial Crisis : New Awakening
Shri Shirish Choudhary, Honorary Secretary, Chetana Trust, Dr. Ashok Choudhury, Trustee Member, Smt. Madhumita Patil, Chief Executive Officer, Dr. M. V. Deshpande, Director, Chetana’s Institute of Management & Research (CMIR), other eminent dignitaries on the dias, guests, and distinguished faculty members, graduating students, relieved parents and family members: It is a great pleasure for me to deliver the convocation address today for the batch of 2011 at
Shri B. Mahapatra, Executive Director, Reserve Bank of India
Shri Shirish Choudhary, Honorary Secretary, Chetana Trust, Dr. Ashok Choudhury, Trustee Member, Smt. Madhumita Patil, Chief Executive Officer, Dr. M. V. Deshpande, Director, Chetana’s Institute of Management & Research (CMIR), other eminent dignitaries on the dias, guests, and distinguished faculty members, graduating students, relieved parents and family members: It is a great pleasure for me to deliver the convocation address today for the batch of 2011 at
Jan 16, 2012
Crisis Preparedness in Interconnected Markets - Prevention is Better than Cure
Mrs. Usha Thorat, Director, CAFRAL, learned faculty members of Toronto Centre, Canada, Chief Executives and Executive Directors of banks, Principal, Jawaharlal Nehru Institute of Development Banking, Hyderabad, participants, distinguished ladies and gentlemen. 1. Over the last five years, a word became very popular around the world. It dominated discourses amongst policy makers. It consumed innumerable hours of prime time on television. It spanned across meetings in o
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mrs. Usha Thorat, Director, CAFRAL, learned faculty members of Toronto Centre, Canada, Chief Executives and Executive Directors of banks, Principal, Jawaharlal Nehru Institute of Development Banking, Hyderabad, participants, distinguished ladies and gentlemen. 1. Over the last five years, a word became very popular around the world. It dominated discourses amongst policy makers. It consumed innumerable hours of prime time on television. It spanned across meetings in o
Jan 16, 2012
Infrastructure Financing in India – Progress & Prospects
Distinguished members of faculty and students. 1. IIT, Kharagpur is one of the very few educational institutes of India which has a strong linkage to our struggle for Independence and our vision for the future India. The Institute started its illustrious journey from Hijli Detention Camp where some of our freedom fighters were kept captive and had to make the supreme sacrifice for the freedom of our country. As Pandit Nehru, in his first convocation address in 1956, s
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
Distinguished members of faculty and students. 1. IIT, Kharagpur is one of the very few educational institutes of India which has a strong linkage to our struggle for Independence and our vision for the future India. The Institute started its illustrious journey from Hijli Detention Camp where some of our freedom fighters were kept captive and had to make the supreme sacrifice for the freedom of our country. As Pandit Nehru, in his first convocation address in 1956, s
Jan 11, 2012
Financial Inclusion and Urban Cooperative Banks
Shri Shashikant Bugde, Chairman, Shri Krishnakumar Goyal, Vice-Chairman, Dr. Mukund Abhyankar and other Directors of the Cosmos Bank, Shri Sudhir Thakre, Secretary, Rural Development, Govt. of Maharashtra, all the aspiring women entrepreneurs present here this evening and ladies and gentlemen. I am delighted to be here this evening amongst all of you on the occasion of the launch of the Cosmos Bank’s Financial Inclusion Programme. I would like to thank the Cosmos Bank
Shri Anand Sinha, Deputy Governor, Reserve Bank of India
Shri Shashikant Bugde, Chairman, Shri Krishnakumar Goyal, Vice-Chairman, Dr. Mukund Abhyankar and other Directors of the Cosmos Bank, Shri Sudhir Thakre, Secretary, Rural Development, Govt. of Maharashtra, all the aspiring women entrepreneurs present here this evening and ladies and gentlemen. I am delighted to be here this evening amongst all of you on the occasion of the launch of the Cosmos Bank’s Financial Inclusion Programme. I would like to thank the Cosmos Bank
Jan 09, 2012
Banking Sector – Maintaining Resilience to Risk and Shock and the role of the Accounting Profession
1. Shri Amarjit Chopra, past president, ICAI, Shri G. Ramaswamy, present president, ICAI, Shri Reddy and other council members, distinguished Guests and Delegates, ladies and gentlemen. It gives me great pleasure to address this august gathering of accounting professionals from around the world. I must, at the very outset, laud the initiative of The Institute of Chartered Accountants of India (ICAI) in organising this conference for accountants to dwell on issues of t
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
1. Shri Amarjit Chopra, past president, ICAI, Shri G. Ramaswamy, present president, ICAI, Shri Reddy and other council members, distinguished Guests and Delegates, ladies and gentlemen. It gives me great pleasure to address this august gathering of accounting professionals from around the world. I must, at the very outset, laud the initiative of The Institute of Chartered Accountants of India (ICAI) in organising this conference for accountants to dwell on issues of t
Jan 09, 2012
Evolving Customer friendly Payment Systems in India – a continuing agenda
Mr Jaganathan, distinguished guests, officers and staff of TMB and ladies and gentlemen. It is my pleasure to be amongst you on this occasion of the launch of mobile banking service by TMB. TMB which has a history of 90 years of banking has come a long way from 4 branches in 1947 to 258 branches as on date. 2. I am pleased to note that TMB has been in the forefront in embracing modern technology providing value added services to its three million customers. The Bank h
Shri G Padmanabhan, Executive Director, Reserve Bank of India
Mr Jaganathan, distinguished guests, officers and staff of TMB and ladies and gentlemen. It is my pleasure to be amongst you on this occasion of the launch of mobile banking service by TMB. TMB which has a history of 90 years of banking has come a long way from 4 branches in 1947 to 258 branches as on date. 2. I am pleased to note that TMB has been in the forefront in embracing modern technology providing value added services to its three million customers. The Bank h
Jan 09, 2012
The Shrinking Money and RBI’s Monetary Policy
1. When I received the invitation to speak in a seminar having the theme titled “The Shrinking Money: Combating Debt Crises and Inflation”, I took some time trying to understand what exactly “shrinking money” could mean? In the global context, shrinking money could possibly be related to advanced countries’ fiscal excesses which have been fully accommodated by their respective central banks in conducting monetary policies. In other words, despite inflationary risks in
Shri Harun R Khan, Deputy Governor, Reserve Bank of India
1. When I received the invitation to speak in a seminar having the theme titled “The Shrinking Money: Combating Debt Crises and Inflation”, I took some time trying to understand what exactly “shrinking money” could mean? In the global context, shrinking money could possibly be related to advanced countries’ fiscal excesses which have been fully accommodated by their respective central banks in conducting monetary policies. In other words, despite inflationary risks in
Jan 06, 2012
Reflections on Leaders and Leadership1
Thank you very much for the opportunity to speak at this National Convention on Leadership. As it happens, I have never thought explicitly or systematically about leadership as a subject. But ever since I got an invitation to speak at this conference from Shri Harsh Neotia about two months ago, I’ve been trying to think through the subject in a structured manner. My mind would refuse to focus though, and my thoughts would travel repeatedly, often unconsciously, to Mah
Dr. D. Subbarao, Governor, Reserve Bank of India
Thank you very much for the opportunity to speak at this National Convention on Leadership. As it happens, I have never thought explicitly or systematically about leadership as a subject. But ever since I got an invitation to speak at this conference from Shri Harsh Neotia about two months ago, I’ve been trying to think through the subject in a structured manner. My mind would refuse to focus though, and my thoughts would travel repeatedly, often unconsciously, to Mah
Jan 06, 2012
Financial Market Volatility and the Risk Management Imperative
1. First of all, I would wish to thank Bangalore Chamber of Industry and Commerce for giving me this honour and privilege to address this very distinguished and august audience. I must congratulate and compliment Bangalore Chamber of Industry and Commerce (BCIC) on conceiving, and organizing, this contextually, and topically, most appropriate and relevant Interactive Session on Forex Risk Management. What with the cataclysmic and apocalyptic events like the US downgra
Shri V.K. Sharma, Executive Director, Reserve Bank of India
1. First of all, I would wish to thank Bangalore Chamber of Industry and Commerce for giving me this honour and privilege to address this very distinguished and august audience. I must congratulate and compliment Bangalore Chamber of Industry and Commerce (BCIC) on conceiving, and organizing, this contextually, and topically, most appropriate and relevant Interactive Session on Forex Risk Management. What with the cataclysmic and apocalyptic events like the US downgra
Dec 26, 2011
Legislative Reforms- Strengthening Banking Sector
Justice (Retd.) Shri B.N. Srikrishna, Chairman, Financial Sector Legislative Reforms Commission (FSLRC), Shri Swarup and Shri Malegam (members of FSLRC), Shri Yogesh Agarwal, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), Shri Mudholkar and Shri Chikermane, and other delegates. It is an honour and privilege for me to address you today, on some of the key issues with regard to “Reforms in the Banking Sector” and I thank Financial Planning Standard
Shri Anand Sinha, Deputy Governor, Reserve Bank of India
Justice (Retd.) Shri B.N. Srikrishna, Chairman, Financial Sector Legislative Reforms Commission (FSLRC), Shri Swarup and Shri Malegam (members of FSLRC), Shri Yogesh Agarwal, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), Shri Mudholkar and Shri Chikermane, and other delegates. It is an honour and privilege for me to address you today, on some of the key issues with regard to “Reforms in the Banking Sector” and I thank Financial Planning Standard
Dec 26, 2011
Financial Reporting in the context of Financial Stability: A Regulator’s view on Some Accounting Issues
1. Dr. Ashraf Nabhan Al Nabhani, Dean, College of Banking and Financial Studies, Mr. Kishore Rabi, Chairman, ICAI Muscat Chapter and other delegates. It gives me great pleasure to address this august gathering organised by the Muscat Chapter of the Institute of Chartered Accountants of India (ICAI). I am given to understand that the Muscat Chapter, the 19th overseas chapter of the ICAI is amongst the most active chapters of the ICAI and has been engaging in capacity b
Shri Anand Sinha, Deputy Governor, Reserve Bank of India
1. Dr. Ashraf Nabhan Al Nabhani, Dean, College of Banking and Financial Studies, Mr. Kishore Rabi, Chairman, ICAI Muscat Chapter and other delegates. It gives me great pleasure to address this august gathering organised by the Muscat Chapter of the Institute of Chartered Accountants of India (ICAI). I am given to understand that the Muscat Chapter, the 19th overseas chapter of the ICAI is amongst the most active chapters of the ICAI and has been engaging in capacity b
Dec 26, 2011
Short Term Cooperative Credit Structure and Financial Inclusion
Shri Charan Das Mahant, Hon’ble Minister of State for Agriculture & Food Processing, Government of India, Shri Gouri Shanker Bisen, Hon’ble Minister for Co-operation, Government of Madhya Pradesh, Shri Chandra Sekhar Sahu, Hon’ble Minister for Agriculture, Government of Chhattisgarh, Dr. Chandra Pal Singh Yadav, President, National Cooperative Union of India, distinguished invitees and guests, ladies and gentlemen. I indeed deem it an honour and a privilege
Shri V.K. Sharma, Executive Director, Reserve Bank of India
Shri Charan Das Mahant, Hon’ble Minister of State for Agriculture & Food Processing, Government of India, Shri Gouri Shanker Bisen, Hon’ble Minister for Co-operation, Government of Madhya Pradesh, Shri Chandra Sekhar Sahu, Hon’ble Minister for Agriculture, Government of Chhattisgarh, Dr. Chandra Pal Singh Yadav, President, National Cooperative Union of India, distinguished invitees and guests, ladies and gentlemen. I indeed deem it an honour and a privilege
Dec 23, 2011
Economic and Financial Developments in Andaman and Nicobar Islands
I thank the Andaman Chamber of Commerce and Industry for inviting me to address this distinguished gathering. This picturesque Union Territory (UT) of Andaman & Nicobar Islands (ANI) in the Bay of Bengal covers 0.25 per cent of the national geographical area but accounts for only a fractional share of 0.03 per cent of national population. This explains why ANI has the lowest population density of 46 per square kilometre as against 382 at the all-India level. The h
Shri Deepak Mohanty, Executive Director, Reserve Bank of India
I thank the Andaman Chamber of Commerce and Industry for inviting me to address this distinguished gathering. This picturesque Union Territory (UT) of Andaman & Nicobar Islands (ANI) in the Bay of Bengal covers 0.25 per cent of the national geographical area but accounts for only a fractional share of 0.03 per cent of national population. This explains why ANI has the lowest population density of 46 per square kilometre as against 382 at the all-India level. The h
Dec 20, 2011
Empowering MSMEs for Financial Inclusion and Growth - Issues and Strategies1
Shri M. V. Tanksale, Chairman and Managing Director, Central Bank of India (CBI), Smt V. R. Iyer, Executive Director, Central Bank of India, Shri Chadrakant Salunkhe , President SME Chamber of India, Shri A. Ramesh Kumar, MD & CEO – Asia Pragati Capfin Pvt Ltd, SME entrepreneurs, staff members of CBI, distinguished guests, members of the print and electronic media, ladies and gentlemen. It is my pleasure to be here at this Conclave on the eve of the conclusion of
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Shri M. V. Tanksale, Chairman and Managing Director, Central Bank of India (CBI), Smt V. R. Iyer, Executive Director, Central Bank of India, Shri Chadrakant Salunkhe , President SME Chamber of India, Shri A. Ramesh Kumar, MD & CEO – Asia Pragati Capfin Pvt Ltd, SME entrepreneurs, staff members of CBI, distinguished guests, members of the print and electronic media, ladies and gentlemen. It is my pleasure to be here at this Conclave on the eve of the conclusion of
Dec 16, 2011
Challenges to the Accounting Profession Some Reflections
Thank you for inviting me to speak at this conference of the Western India Regional Council of the Institute of Chartered Accountants of India (ICAI). 2. When I got invited to speak at this conference, at first I was a bit surprised. I wondered why you might be wasting valuable conference time listening to the Reserve Bank when there is not much in common between the Reserve Bank and the accounting profession, except possibly the fact that we both lose sleep when numb
Dr. D. Subbarao, Governor, Reserve Bank of India
Thank you for inviting me to speak at this conference of the Western India Regional Council of the Institute of Chartered Accountants of India (ICAI). 2. When I got invited to speak at this conference, at first I was a bit surprised. I wondered why you might be wasting valuable conference time listening to the Reserve Bank when there is not much in common between the Reserve Bank and the accounting profession, except possibly the fact that we both lose sleep when numb
Dec 14, 2011
Ten Commandments for a Successful Banking Career1
Ms Chanda Kochhar, MD and CEO, ICICI Bank, Shri T. V. Mohandas Pai, Chairman, Manipal Global Education Services, Dr K. Ramnarayan, Vice Chancellor, Manipal University, Shri Rajiv Sabharwal, Executive Director, ICICI Bank, other distinguished guests, ladies and gentlemen, and my young friends. 2. It is indeed a pleasure to be here in your midst today. Young people infuse energy and vigour into any gathering but bright, young bankers like you also make it a learning exp
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Ms Chanda Kochhar, MD and CEO, ICICI Bank, Shri T. V. Mohandas Pai, Chairman, Manipal Global Education Services, Dr K. Ramnarayan, Vice Chancellor, Manipal University, Shri Rajiv Sabharwal, Executive Director, ICICI Bank, other distinguished guests, ladies and gentlemen, and my young friends. 2. It is indeed a pleasure to be here in your midst today. Young people infuse energy and vigour into any gathering but bright, young bankers like you also make it a learning exp
Dec 13, 2011
Food Inflation: This Time it's Different*
1. I would like to thank Prof. Parchure for inviting me to deliver this year’s Kale Memorial Lecture. The lecture has been instituted to honour Rao Saheb R. R. Kale, who was instrumental in setting up this great institution, the Gokhale Institute of Economics and Politics. Despite his professional achievements as a lawyer, he was apparently a rather modest and humble person. Given his financial contribution to the establishment of the institution, it would have seemed
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
1. I would like to thank Prof. Parchure for inviting me to deliver this year’s Kale Memorial Lecture. The lecture has been instituted to honour Rao Saheb R. R. Kale, who was instrumental in setting up this great institution, the Gokhale Institute of Economics and Politics. Despite his professional achievements as a lawyer, he was apparently a rather modest and humble person. Given his financial contribution to the establishment of the institution, it would have seemed
Dec 13, 2011
Gross Financial Flows, Global Imbalances, and Crises
1. Introduction I am much honored to stand here at the Reserve Bank of India as the twelfth L. K. Jha Memorial Lecturer. Shri Lakshmi Kant Jha was a diplomat, administrator, counselor to government, and central bank governor, among other notable achievements. His writing spanned the most important economic and social issues of the day, as debated both within India and throughout the broader world. My eleven predecessors at this podium form an exceptional group of econ
Prof. Maurice Obstfeld, Guest Speaker
1. Introduction I am much honored to stand here at the Reserve Bank of India as the twelfth L. K. Jha Memorial Lecturer. Shri Lakshmi Kant Jha was a diplomat, administrator, counselor to government, and central bank governor, among other notable achievements. His writing spanned the most important economic and social issues of the day, as debated both within India and throughout the broader world. My eleven predecessors at this podium form an exceptional group of econ
Dec 13, 2011
Gross Financial Flows, Global Imbalances, and Crises
Good evening. On behalf of the Reserve Bank of India, I have great pleasure in welcoming Prof. Maurice Obstfeld, who will shortly be delivering the L.K. Jha Memorial Lecture. Warm welcome also to Mrs. Jeniffer Obstfeld. I also have pleasure in acknowledging the presence here of members of the family of late Dr. L.K. Jha - Smt. Dipika Maharaj Singh, Smt. Sharika Glover and Master Kiran Glover. Your presence here means a lot to us. Thank you very much. Of course, a warm
Dr. D. Subbarao, Governor, Reserve Bank of India
Good evening. On behalf of the Reserve Bank of India, I have great pleasure in welcoming Prof. Maurice Obstfeld, who will shortly be delivering the L.K. Jha Memorial Lecture. Warm welcome also to Mrs. Jeniffer Obstfeld. I also have pleasure in acknowledging the presence here of members of the family of late Dr. L.K. Jha - Smt. Dipika Maharaj Singh, Smt. Sharika Glover and Master Kiran Glover. Your presence here means a lot to us. Thank you very much. Of course, a warm
Dec 07, 2011
Microenterprise Development : Path to Creating MNCs of Tomorrow
Mr. Pramit Jhaveri, CEO, Citi Bank, India, Dr Isher Judge Ahluwalia, Chairperson, ICRIER, Mr Haresh Shah, Chairman of Confederation for the promotion of Khadi and Village Industries, Mr Anami Roy, ex-DGP( Maharashtra) and Chairman Vandana Foundation, Ms Radhika Haribhakti, Chairperson, Swadhaar Fin Access, distinguished guests and winners, ladies and gentlemen. I am extremely happy to be here for the annual Citi Micro Entrepreneur Awards Ceremony. First of all, I woul
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mr. Pramit Jhaveri, CEO, Citi Bank, India, Dr Isher Judge Ahluwalia, Chairperson, ICRIER, Mr Haresh Shah, Chairman of Confederation for the promotion of Khadi and Village Industries, Mr Anami Roy, ex-DGP( Maharashtra) and Chairman Vandana Foundation, Ms Radhika Haribhakti, Chairperson, Swadhaar Fin Access, distinguished guests and winners, ladies and gentlemen. I am extremely happy to be here for the annual Citi Micro Entrepreneur Awards Ceremony. First of all, I woul
Dec 03, 2011
An assessment of recent macroeconomic developments
Introduction Thank you for inviting me to share my thoughts at the Annual CII CFO Summit. In recent weeks, the macroeconomic environment has become particularly turbulent. Global conditions have contributed to a significant rebalancing of portfolios as a result of rapidly changing risk perceptions and appetites. This has led to increased instability and volatility in financial markets, particularly currency markets. On the domestic front, growth is decelerating while
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
Introduction Thank you for inviting me to share my thoughts at the Annual CII CFO Summit. In recent weeks, the macroeconomic environment has become particularly turbulent. Global conditions have contributed to a significant rebalancing of portfolios as a result of rapidly changing risk perceptions and appetites. This has led to increased instability and volatility in financial markets, particularly currency markets. On the domestic front, growth is decelerating while
Dec 03, 2011
Video - Address by Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India at CFO Summit 2011 organised by CII, December 03, 2011 at Mumbai
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
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