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Speeches
டிச. 29, 2009
Current Macroeconomic Developments in India
The Indian economy continues to be one of the fastest growing economies in the world, and the recovery from the slowdown in growth witnessed in the aftermath of the global crisis has been sharper than what was generally anticipated for the second quarter of 2009-10. The slowdown in growth from the average of 8.8 per cent during 2003-08 to 5.8 per cent in the second half of 2008-09 had necessitated clear prioritization of policy focus on management of recovery, which w
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
The Indian economy continues to be one of the fastest growing economies in the world, and the recovery from the slowdown in growth witnessed in the aftermath of the global crisis has been sharper than what was generally anticipated for the second quarter of 2009-10. The slowdown in growth from the average of 8.8 per cent during 2003-08 to 5.8 per cent in the second half of 2008-09 had necessitated clear prioritization of policy focus on management of recovery, which w
டிச. 09, 2009
Financial Inclusion : Challenges and Opportunities
Being in Kolkata, this city of joy, is always a heart warming experience. Being here in the pre-Christmas season is a particular delight, and for me personally, a nostalgic memory. My special thanks to the Bankers’ Club for inviting me to speak here this evening. I recall our meeting at this Club last year when we were in the thick of the deepest financial crisis of our time, and all of us were anxious and uncertain about the immediate future. I believe the worst is b
Dr. D. Subbarao, Governor, Reserve Bank of India
Being in Kolkata, this city of joy, is always a heart warming experience. Being here in the pre-Christmas season is a particular delight, and for me personally, a nostalgic memory. My special thanks to the Bankers’ Club for inviting me to speak here this evening. I recall our meeting at this Club last year when we were in the thick of the deepest financial crisis of our time, and all of us were anxious and uncertain about the immediate future. I believe the worst is b
டிச. 04, 2009
Mobile Commerce, Mobile Banking - The Emerging Paradigm
1. Introduction 1.1 It is indeed a privilege for me to be here at the "India Telecom 2009" event being organised by the Department of Telecom, Government of India, in collaboration with FICCI. I thank Mr. J.S. Deepak, Joint Secretary, Department of Telecom for extending me an invitation and providing me an opportunity to share my thoughts on Mobile Commerce or M-Commerce. M-Commerce is an area which is rapidly changing the way people conduct their financial transactio
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
1. Introduction 1.1 It is indeed a privilege for me to be here at the "India Telecom 2009" event being organised by the Department of Telecom, Government of India, in collaboration with FICCI. I thank Mr. J.S. Deepak, Joint Secretary, Department of Telecom for extending me an invitation and providing me an opportunity to share my thoughts on Mobile Commerce or M-Commerce. M-Commerce is an area which is rapidly changing the way people conduct their financial transactio
நவ. 30, 2009
Furthering Financial Inclusion through Financial Literacy and Credit Counselling
I am happy to be here this morning and feel privileged to launch the Federal Ashwas Trust for running the Financial Literacy and Credit Counselling Centres (FLCC) of Federal Bank. At the outset, let me warmly congratulate my old friend and colleague Shri M. Venugopalan, MD and CEO, Federal Bank, and his team for bringing the FLCC of Federal Bank to fruition. Even though Kerala has the highest literacy rate amongst all States in the country, I am sure that centres such
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
I am happy to be here this morning and feel privileged to launch the Federal Ashwas Trust for running the Financial Literacy and Credit Counselling Centres (FLCC) of Federal Bank. At the outset, let me warmly congratulate my old friend and colleague Shri M. Venugopalan, MD and CEO, Federal Bank, and his team for bringing the FLCC of Federal Bank to fruition. Even though Kerala has the highest literacy rate amongst all States in the country, I am sure that centres such
நவ. 27, 2009
Emerging blueprint for prudential regulation - Assessment and challenges
1. It is a pleasure to participate in the Confluence 2009 at one of the premier management institutes of the world. It has largely been the symbiotic relationship between the academia and financial sector that has spurred the revolution in finance over the past few decades. Starting from 1973, when the Black Scholes option formula moved almost immediately from paper to practice (the seminal paper was published in the same year, followed by the opening of the world’s f
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
1. It is a pleasure to participate in the Confluence 2009 at one of the premier management institutes of the world. It has largely been the symbiotic relationship between the academia and financial sector that has spurred the revolution in finance over the past few decades. Starting from 1973, when the Black Scholes option formula moved almost immediately from paper to practice (the seminal paper was published in the same year, followed by the opening of the world’s f
நவ. 26, 2009
GenNext Banking : Issues and Perspectives
Introduction At the outset, let me thank the Indian Merchant’s Chamber for inviting me to chair this session on GenNext Banking of the 4th International Banking and Finance Conference 2009. I congratulate the organizers on having chosen such topical and germane topics as “Banking – Crisis and Beyond”, “Credit Instruments- Beyond Vanilla Lending” for the earlier sessions. I particularly congratulate the organizers for selecting the topic “GenNext Banking” for this sess
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Introduction At the outset, let me thank the Indian Merchant’s Chamber for inviting me to chair this session on GenNext Banking of the 4th International Banking and Finance Conference 2009. I congratulate the organizers on having chosen such topical and germane topics as “Banking – Crisis and Beyond”, “Credit Instruments- Beyond Vanilla Lending” for the earlier sessions. I particularly congratulate the organizers for selecting the topic “GenNext Banking” for this sess
நவ. 25, 2009
Should Banking Be Made Boring? - An Indian Perspective
I. Introduction First of all, my grateful thanks to the Indian Merchants’ Chamber and the Institute of Chartered Accountants of India for inviting me to be the Chief Guest at this year’s International Finance and Banking Conference. The theme of this conference, “Banking - Crisis and Beyond” is relevant and timely. The global financial system has been engulfed in possibly the deepest crisis of our time shaking our world view of the financial sector to its roots. As at
Dr. D. Subbarao, Governor, Reserve Bank of India
I. Introduction First of all, my grateful thanks to the Indian Merchants’ Chamber and the Institute of Chartered Accountants of India for inviting me to be the Chief Guest at this year’s International Finance and Banking Conference. The theme of this conference, “Banking - Crisis and Beyond” is relevant and timely. The global financial system has been engulfed in possibly the deepest crisis of our time shaking our world view of the financial sector to its roots. As at
நவ. 12, 2009
Global Financial Crisis and Monetary Policy Response in India
I thank ICRIER and InWEnt for giving me this opportunity to speak to you this morning. In my talk, I will try to address the following set of questions: How and why was India impacted by the global financial crisis? How did monetary policy respond to the crisis? What was the impact of the policy on the Reserve Bank’s balance sheet? How did monetary transmission work? I will conclude by highlighting the challenges of exit from monetary easing. The subprime crisis that
Shri Deepak Mohanty, Executive Director, Reserve Bank of India
I thank ICRIER and InWEnt for giving me this opportunity to speak to you this morning. In my talk, I will try to address the following set of questions: How and why was India impacted by the global financial crisis? How did monetary policy respond to the crisis? What was the impact of the policy on the Reserve Bank’s balance sheet? How did monetary transmission work? I will conclude by highlighting the challenges of exit from monetary easing. The subprime crisis that
நவ. 10, 2009
Financial Crisis and Beyond
Let me first take this opportunity to welcome Deputy Governor Dr. Delun and all members of the Chinese delegation to India. 2. I am very pleased to be present here today to inaugurate the third India China Finance Conference, 2009. The impact of the crisis on countries like India and China has reinforced the global heterogeneity in terms of the structure of financial systems. Both India and China are actively involved in bringing this heterogeneity to the table during
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Let me first take this opportunity to welcome Deputy Governor Dr. Delun and all members of the Chinese delegation to India. 2. I am very pleased to be present here today to inaugurate the third India China Finance Conference, 2009. The impact of the crisis on countries like India and China has reinforced the global heterogeneity in terms of the structure of financial systems. Both India and China are actively involved in bringing this heterogeneity to the table during
நவ. 03, 2009
Philosophy and practice of financial sector regulation – Space for unorthodoxy
It is a privilege to be invited to share my thoughts at this conference. The contribution of FSA in setting the terms of the debate in the aftermath of the crisis has been very significant and crucial. The clarity, conviction and clinical sharpness of arguments one encounters while reading the Turner review ask of us a very fundamental question – how could the world not have expected this crisis? How could the policy regimes world over, barring a few exceptions, faile
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
It is a privilege to be invited to share my thoughts at this conference. The contribution of FSA in setting the terms of the debate in the aftermath of the crisis has been very significant and crucial. The clarity, conviction and clinical sharpness of arguments one encounters while reading the Turner review ask of us a very fundamental question – how could the world not have expected this crisis? How could the policy regimes world over, barring a few exceptions, faile
அக். 30, 2009
Changing Dynamics of Legal Risks in Financial Sector - Shyamala Gopinath, Deputy Governor
It gives me great pleasure to be amidst you all today to inaugurate this Symposium. 1. At the outset, I may say that this Symposium on “Changing Dynamics of Legal Risks in Financial Sector” could not have been organized at a more appropriate time than now. The recent global financial crisis has brought to light various risks. It has to a great extent blurred the distinction between operational risks and legal risks. As they say, each crisis opens up opportunities for
Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
It gives me great pleasure to be amidst you all today to inaugurate this Symposium. 1. At the outset, I may say that this Symposium on “Changing Dynamics of Legal Risks in Financial Sector” could not have been organized at a more appropriate time than now. The recent global financial crisis has brought to light various risks. It has to a great extent blurred the distinction between operational risks and legal risks. As they say, each crisis opens up opportunities for
அக். 16, 2009
Learning from Crises
Ladies and Gentlemen, The late John Kenneth Galbraith, Harvard Economics Professor Emeritus, attributed the longevity of his book The Great Crash 1929 – published in 1955 and never since out of print – to the tendency of history to threaten a repeat. "Each time it has been about to pass from bookstores," he wrote in a later foreword, "another speculative episode – another bubble or the ensuing misfortune – has stirred interest in the history of this, the great modern
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
Ladies and Gentlemen, The late John Kenneth Galbraith, Harvard Economics Professor Emeritus, attributed the longevity of his book The Great Crash 1929 – published in 1955 and never since out of print – to the tendency of history to threaten a repeat. "Each time it has been about to pass from bookstores," he wrote in a later foreword, "another speculative episode – another bubble or the ensuing misfortune – has stirred interest in the history of this, the great modern
அக். 05, 2009
Emerging Market Concerns: An Indian Perspective
1. From the perspective of Emerging Market Economies (EMEs) and particularly for that of India, I will highlight five concerns. These are: first, timing of exit from the accommodative monetary policy in the context of rising food price-led inflation but still weak growth; second, the possibility of another surge in capital flows, especially if we turn out to be an outlier in withdrawal of monetary stimulus; third, monetary transmission mechanism as it is evolving from
Dr. D. Subbarao, Governor, Reserve Bank of India
1. From the perspective of Emerging Market Economies (EMEs) and particularly for that of India, I will highlight five concerns. These are: first, timing of exit from the accommodative monetary policy in the context of rising food price-led inflation but still weak growth; second, the possibility of another surge in capital flows, especially if we turn out to be an outlier in withdrawal of monetary stimulus; third, monetary transmission mechanism as it is evolving from
செப். 29, 2009
Global Crisis: Genesis, Challenges and Opportunities Unleashed
Mr. Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka; Mr. Ajantha Madurapperuma, President, Association of Professional Bankers – Sri Lanka; Distinguished guests and members of the Association of Professional Bankers, Ladies and Gentlemen: It is a great pleasure and privilege for me to be here today for this 21st Anniversary Convention of the Association of Professional Bankers of Sri Lanka. At the outset, I would like to thank Mr. Ajantha Madurapperuma, the
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mr. Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka; Mr. Ajantha Madurapperuma, President, Association of Professional Bankers – Sri Lanka; Distinguished guests and members of the Association of Professional Bankers, Ladies and Gentlemen: It is a great pleasure and privilege for me to be here today for this 21st Anniversary Convention of the Association of Professional Bankers of Sri Lanka. At the outset, I would like to thank Mr. Ajantha Madurapperuma, the
செப். 22, 2009
V K Sharma: Supervising in a Crisis Environment
I thank International Credit Union Regulators Network for inviting me to this Regulators Roundtable to share our experience of Supervising in Crisis Environment. I greatly appreciate the selection of the topic, the relevance of which cannot be over emphasized today. Urban Cooperative Banks (UCBs) in India are akin to Credit Unions as they are member-driven and are essentially community-based. However, unlike credit unions, UCBs are also permitted to accept deposits fr
Shri V.K. Sharma, Executive Director, Reserve Bank of India
I thank International Credit Union Regulators Network for inviting me to this Regulators Roundtable to share our experience of Supervising in Crisis Environment. I greatly appreciate the selection of the topic, the relevance of which cannot be over emphasized today. Urban Cooperative Banks (UCBs) in India are akin to Credit Unions as they are member-driven and are essentially community-based. However, unlike credit unions, UCBs are also permitted to accept deposits fr
செப். 11, 2009
Sustaining growth potential – Focus on key Sectors
I am privileged to speak before this learned audience at this conclave on the theme of 'Top priorities of the new regime – Growth strategies'. The topic is of special relevance for emerging economies like ours, particularly in the current context. As is well recognised, the Indian economy has enormous growth potential, and can be one of the economic powerhouses in the current millennium. The economic dominance of India along with China looks all the more likely in vie
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
I am privileged to speak before this learned audience at this conclave on the theme of 'Top priorities of the new regime – Growth strategies'. The topic is of special relevance for emerging economies like ours, particularly in the current context. As is well recognised, the Indian economy has enormous growth potential, and can be one of the economic powerhouses in the current millennium. The economic dominance of India along with China looks all the more likely in vie
செப். 10, 2009
Financial Stability: Issues and Challenges
I. Global Banking - Paradigm Shift Thank you for inviting me to participate in this FICCI-IBA conference on “Global Banking: Paradigm Shift”. I understand this is one of the important banking conferences in the annual calendar, and so I struggled through what I should say at this valedictory that is central to the theme of the conference. 2. Quite understandably, public discourse over the last one year has been dominated by the global financial crisis; and the future
Dr. D. Subbarao, Governor, Reserve Bank of India
I. Global Banking - Paradigm Shift Thank you for inviting me to participate in this FICCI-IBA conference on “Global Banking: Paradigm Shift”. I understand this is one of the important banking conferences in the annual calendar, and so I struggled through what I should say at this valedictory that is central to the theme of the conference. 2. Quite understandably, public discourse over the last one year has been dominated by the global financial crisis; and the future
செப். 08, 2009
Global Agenda for Regulatory and Supervisory Reforms: The Stock Taking and Way Forward
I thank the organisers of the FICCI - IBA Conference on Global Banking: Paradigm Shift for having invited me to chair the panel session this afternoon on Strengthening Financial Regulation and Supervision. Macro economic Scenario 2. The massive derailment of the financial sector in the advanced economies has had a knock on effect on the world economy. The world output is expected to contract by 1.4 per cent in 2009, GDP in the advanced economies is projected to declin
Smt. Usha Thorat, Deputy Governor, Reserve Bank of India
I thank the organisers of the FICCI - IBA Conference on Global Banking: Paradigm Shift for having invited me to chair the panel session this afternoon on Strengthening Financial Regulation and Supervision. Macro economic Scenario 2. The massive derailment of the financial sector in the advanced economies has had a knock on effect on the world economy. The world output is expected to contract by 1.4 per cent in 2009, GDP in the advanced economies is projected to declin
செப். 07, 2009
India’s Economic Transformation - A Snapshot
Mr. K.V. Kamath, Chairman, ICICI Bank; Mr. Gagan Chaturvedi, Director, Antique Finance Limited; Distinguished participants from different parts of the World, invited guests, Ladies and Gentlemen: It is a great pleasure for me to be here in such august company and distinguished group of people. I would like to thank the organisers for inviting me to share my thoughts on a topic which has great relevance for sustained growth of Indian economy. I would be sharing my view
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mr. K.V. Kamath, Chairman, ICICI Bank; Mr. Gagan Chaturvedi, Director, Antique Finance Limited; Distinguished participants from different parts of the World, invited guests, Ladies and Gentlemen: It is a great pleasure for me to be here in such august company and distinguished group of people. I would like to thank the organisers for inviting me to share my thoughts on a topic which has great relevance for sustained growth of Indian economy. I would be sharing my view
செப். 04, 2009
Policy Lessons from the Global Financial Crisis
Shri Mukul Somany, Chairman, Confederation of Indian Industrty (Eastern Region), Shri S.S. Kohli, Chairman & Managing Director, India Infrastructure Finance Company Limited, Shri S.C. Gupta, Chairman & Managing Director, United Bank of India, Shri Ambarish Dasgupta, Executive Director, PwC, Shri R.K. Agrawal, Chairman, Economic Affairs, Finance & Taxation Subcommittee, CII (ER) and distinguished guests and invitees, members of the electronic and print medi
Shri V.K. Sharma, Executive Director, Reserve Bank of India
Shri Mukul Somany, Chairman, Confederation of Indian Industrty (Eastern Region), Shri S.S. Kohli, Chairman & Managing Director, India Infrastructure Finance Company Limited, Shri S.C. Gupta, Chairman & Managing Director, United Bank of India, Shri Ambarish Dasgupta, Executive Director, PwC, Shri R.K. Agrawal, Chairman, Economic Affairs, Finance & Taxation Subcommittee, CII (ER) and distinguished guests and invitees, members of the electronic and print medi
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