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Speeches & Interviews
Speeches & Media Interactions
Governor’s message on Digital Payments
Governor’s message on Digital Payments
Governor’s message on Digital Payments
Speeches
ফেব 24, 2020
Banking Landscape in the 21st Century
It is indeed a matter of great pleasure for me to be here today in the Annual Banking Conclave of the Mint. I am told that this is the 13th edition of Conclave in what has become a prestigious annual event attracting the best and brightest minds of the finance and banking industry. This Conclave provides an important platform to all stakeholders in India’s financial and banking sector for assessing where we stand today and preparing ourselves for where we want to reac
Shri Shaktikanta Das, Governor, Reserve Bank of India
It is indeed a matter of great pleasure for me to be here today in the Annual Banking Conclave of the Mint. I am told that this is the 13th edition of Conclave in what has become a prestigious annual event attracting the best and brightest minds of the finance and banking industry. This Conclave provides an important platform to all stakeholders in India’s financial and banking sector for assessing where we stand today and preparing ourselves for where we want to reac
ফেব 12, 2020
Address by Hon’ble President of India at NIBM Golden Jubilee Celebrations
ADDRESS BY THE HON’BLE PRESIDENT OF INDIA SHRI RAM NATH KOVIND AT THE GOLDEN JUBILEE CELEBRATIONS OF THE NATIONAL INSTITUTE OF BANK MANAGEMENT Pune, February 12, 2020 Governor of Maharashtra, Shri Bhagat Singh Koshyari Governor, Reserve Bank of India, Shri Shaktikanta Das Director, National Institute of Bank Management, Doctor K. L. Dhingra Members of Governing Board, Students, Faculty and other Staff members Distinguished Guests Ladies and Gentlemen 1. It gives me im
SHRI RAM NATH KOVIND, THE HON’BLE PRESIDENT OF INDIA
ADDRESS BY THE HON’BLE PRESIDENT OF INDIA SHRI RAM NATH KOVIND AT THE GOLDEN JUBILEE CELEBRATIONS OF THE NATIONAL INSTITUTE OF BANK MANAGEMENT Pune, February 12, 2020 Governor of Maharashtra, Shri Bhagat Singh Koshyari Governor, Reserve Bank of India, Shri Shaktikanta Das Director, National Institute of Bank Management, Doctor K. L. Dhingra Members of Governing Board, Students, Faculty and other Staff members Distinguished Guests Ladies and Gentlemen 1. It gives me im
জানু 24, 2020
Seven Ages of India’s Monetary Policy
I am delighted to be back in my alma mater. Being here, brings back a surge of memories. Today, I wish to dwell upon a few aspects of central banking in the Indian context and RBI’s role in the current situation. I shall specifically focus on the evolution of monetary policy regimes in India and if I am to use the poetic license of Shakespeare, may I call it the seven ages of India’s monetary policy? 2. The history of central banking goes back to the seventeenth centu
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am delighted to be back in my alma mater. Being here, brings back a surge of memories. Today, I wish to dwell upon a few aspects of central banking in the Indian context and RBI’s role in the current situation. I shall specifically focus on the evolution of monetary policy regimes in India and if I am to use the poetic license of Shakespeare, may I call it the seven ages of India’s monetary policy? 2. The history of central banking goes back to the seventeenth centu
জানু 07, 2020
Journey towards Inclusive Growth in India
On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Tharman Shanmugaratnam to deliver the Professor Suresh Tendulkar Memorial Lecture, the third in the series. We are also deeply honoured to have Smt. Sunetra Tendulkar, the wife of late Professor Tendulkar and his daughter Smt. Saee Sapre with us. A hearty welcome to all the distinguished invitees of the Reserve Bank. About Prof. Suresh D. Tendulkar 2. Prof. Suresh D. Tendulkar was a great teacher, e
Shri Shaktikanta Das, Governor, Reserve Bank of India
On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Tharman Shanmugaratnam to deliver the Professor Suresh Tendulkar Memorial Lecture, the third in the series. We are also deeply honoured to have Smt. Sunetra Tendulkar, the wife of late Professor Tendulkar and his daughter Smt. Saee Sapre with us. A hearty welcome to all the distinguished invitees of the Reserve Bank. About Prof. Suresh D. Tendulkar 2. Prof. Suresh D. Tendulkar was a great teacher, e
জানু 01, 2020
$ 5 Trillion Economy: Aspiration to Action
It is a privilege to be here this morning at the very prestigious India Economic Conclave organised by The Times Network. I assumed charge of the Reserve Bank last year on December 12, and this event was held around that time. Having witnessed many of the proceedings of the event last year on television, I looked forward to participating in this year’s conclave. I must also compliment Shri Anand of Times Network and Shri Vaidyanathan of IDFC First Bank for introducing
Shri Shaktikanta Das, Governor, Reserve Bank of India
It is a privilege to be here this morning at the very prestigious India Economic Conclave organised by The Times Network. I assumed charge of the Reserve Bank last year on December 12, and this event was held around that time. Having witnessed many of the proceedings of the event last year on television, I looked forward to participating in this year’s conclave. I must also compliment Shri Anand of Times Network and Shri Vaidyanathan of IDFC First Bank for introducing
নভেম্বর 29, 2019
Rural and Agriculture Finance: Critical Input to Achieve Inclusive and Sustainable Development
1. Mr Senarath Bandara, Chairman, APRACA (Asia Pacific Rural and Agricultural Credit Association), Dr Harsh Kumar Bhanwala, Chairman National Bank for Agriculture and Rural Development (NABARD) and Vice-Chairman, APRACA, Dr Prasun Kumar Das, Secretary General, APRACA, all other dignitaries present here, ladies and gentlemen, good afternoon! 2. At the outset, I would like to thank APRACA and NABARD for inviting me to give the valedictory address to the participants vis
Shri M. K. Jain, Deputy Governor, Reserve Bank of India
1. Mr Senarath Bandara, Chairman, APRACA (Asia Pacific Rural and Agricultural Credit Association), Dr Harsh Kumar Bhanwala, Chairman National Bank for Agriculture and Rural Development (NABARD) and Vice-Chairman, APRACA, Dr Prasun Kumar Das, Secretary General, APRACA, all other dignitaries present here, ladies and gentlemen, good afternoon! 2. At the outset, I would like to thank APRACA and NABARD for inviting me to give the valedictory address to the participants vis
নভেম্বর 28, 2019
Microfinance as the next wave of Financial Inclusion
Shri Mohammad Mustafa, Chairman & MD, SIDBI, Dr. Charan Singh, CEO and Director, Foundation for Economic Growth and Welfare, Mr. Gavin McGillivray Head, DFID India, other dignitaries, participants, Ladies and Gentlemen. Good Morning to all! I am very happy that senior bankers, sector specialists, academicians and practitioners are coming together on a single platform to deliberate on the Vision of Microfinance in India at this National Microfinance Congress and th
Shri M. K. Jain, Deputy Governor, Reserve Bank of India
Shri Mohammad Mustafa, Chairman & MD, SIDBI, Dr. Charan Singh, CEO and Director, Foundation for Economic Growth and Welfare, Mr. Gavin McGillivray Head, DFID India, other dignitaries, participants, Ladies and Gentlemen. Good Morning to all! I am very happy that senior bankers, sector specialists, academicians and practitioners are coming together on a single platform to deliberate on the Vision of Microfinance in India at this National Microfinance Congress and th
নভেম্বর 16, 2019
Indian Banking at Crossroads: Some Reflections
I am very happy to be amongst you today to address the first Annual Economics Conference being organised by the Amrut Mody School of Management, Ahmedabad University. The theme of the conference – “50 years of Bank Nationalisation: Indian Banking at Crossroads” - provides the perfect backdrop for a discussion on the evolution of Public Sector Banks(PSBs), their journey over the last 50 years and a vision for their future. The banking system has played a critical role
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am very happy to be amongst you today to address the first Annual Economics Conference being organised by the Amrut Mody School of Management, Ahmedabad University. The theme of the conference – “50 years of Bank Nationalisation: Indian Banking at Crossroads” - provides the perfect backdrop for a discussion on the evolution of Public Sector Banks(PSBs), their journey over the last 50 years and a vision for their future. The banking system has played a critical role
সেপ্টেম্বর 23, 2019
Regulatory and Supervisory Expectations on Compliance Function in Banks
Shri Sunil Mehta, Chairman – IBA, Chairmen and Chief Executive Officers of banks, other dignitaries and participants, Good Evening to all. This conference brings in the best minds from the Indian banking fraternity, the technology, knowledge and other service providers together to deliberate the latest developments and future agenda for banks in India. It is indeed a great pleasure to be amongst you here today. The banking landscape of India is changing rapidly. With
Shri M. K. Jain, Deputy Governor, Reserve Bank of India
Shri Sunil Mehta, Chairman – IBA, Chairmen and Chief Executive Officers of banks, other dignitaries and participants, Good Evening to all. This conference brings in the best minds from the Indian banking fraternity, the technology, knowledge and other service providers together to deliberate the latest developments and future agenda for banks in India. It is indeed a great pleasure to be amongst you here today. The banking landscape of India is changing rapidly. With
সেপ্টেম্বর 19, 2019
Dimensions of India’s External Sector Resilience
The international environment is clouded with very challenging conditions. Global growth is slowing down and central banks across the world are bracing up to counter it by easing monetary policy; but there is no recession as yet. Trade wars have pushed world trade into contraction and threaten to morph into tech and currency wars, with no evidence of any significant gains accruing to anyone. Meanwhile, global commodity prices have weakened, with collateral benefits to
Shri Shaktikanta Das, Governor, Reserve Bank of India
The international environment is clouded with very challenging conditions. Global growth is slowing down and central banks across the world are bracing up to counter it by easing monetary policy; but there is no recession as yet. Trade wars have pushed world trade into contraction and threaten to morph into tech and currency wars, with no evidence of any significant gains accruing to anyone. Meanwhile, global commodity prices have weakened, with collateral benefits to
সেপ্টেম্বর 05, 2019
20th FIMMDA - PDAI Annual Conference
1. I am happy to be here today amidst you and I must thank FIMMDA and PDAI for this privilege. The annual conference of FIMMDA and PDAI has of late been known as much for the content of the deliberations as for the choice of the venues, and the present one, its twentieth edition, is no exception. These occasions bring together the best minds in the financial market, particularly the fixed income segment, under one roof and provides excellent platform for deliberating
Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India
1. I am happy to be here today amidst you and I must thank FIMMDA and PDAI for this privilege. The annual conference of FIMMDA and PDAI has of late been known as much for the content of the deliberations as for the choice of the venues, and the present one, its twentieth edition, is no exception. These occasions bring together the best minds in the financial market, particularly the fixed income segment, under one roof and provides excellent platform for deliberating
আগস্ট 26, 2019
Trade War: Is it a prelude to deglobalisation?
1. I am delighted to be here today and am grateful to the FAI and the organisers of this conference for inviting me to speak to this gathering. I am also happy to be in Singapore, a country which truly epitomises all that can be called achievements of globalisation, and a country with which India had and continues to have multifaceted engagement covering cultural, ethnic and economic spheres. FAI, a body of forex market professionals who intermediate between the suppl
Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India
1. I am delighted to be here today and am grateful to the FAI and the organisers of this conference for inviting me to speak to this gathering. I am also happy to be in Singapore, a country which truly epitomises all that can be called achievements of globalisation, and a country with which India had and continues to have multifaceted engagement covering cultural, ethnic and economic spheres. FAI, a body of forex market professionals who intermediate between the suppl
আগস্ট 19, 2019
Emerging Challenges to Financial Stability
It is indeed a matter of great pleasure for me to be here today amidst the business and financial sector leaders. My compliments go to the partners, namely, the Indian Banks’ Association, FICCI and the Boston Consulting Group for spearheading this event. What really gives me the additional motivation to address you is the earnestness with which you have themed this year’s conference, showing your appreciation of the need to prepare ourselves for a new paradigm in bank
Shri Shaktikanta Das, Governor, Reserve Bank of India
It is indeed a matter of great pleasure for me to be here today amidst the business and financial sector leaders. My compliments go to the partners, namely, the Indian Banks’ Association, FICCI and the Boston Consulting Group for spearheading this event. What really gives me the additional motivation to address you is the earnestness with which you have themed this year’s conference, showing your appreciation of the need to prepare ourselves for a new paradigm in bank
আগস্ট 05, 2019
Consumer Protection in a digital financial world – Initiatives and beyond
Deputy Governor Shri Kanungo, Executive Director, Mrs. Marandi, other Executive Directors of the Reserve Bank of India, Managing Directors/ Chief Executive Officers from banks, overseas guests, colleagues from the Reserve Bank of India and other institutions. I am happy to be here for delivering this address at this annual event of the Consumer Education and Protection Department (CEPD), Central Office (CO) on a historic moment as we enter the silver jubilee year of t
Shri M. K. Jain, Deputy Governor, Reserve Bank of India
Deputy Governor Shri Kanungo, Executive Director, Mrs. Marandi, other Executive Directors of the Reserve Bank of India, Managing Directors/ Chief Executive Officers from banks, overseas guests, colleagues from the Reserve Bank of India and other institutions. I am happy to be here for delivering this address at this annual event of the Consumer Education and Protection Department (CEPD), Central Office (CO) on a historic moment as we enter the silver jubilee year of t
জুলাই 26, 2019
Governor’s Remarks at the Book Release of Shri V. Srinivas
I am delighted to be part of this event for the launch of Shri V. Srinivas’s book on “India’s Relations with the International Monetary Fund”. A respected civil servant of the 1989 batch, he has drawn extensively on his hands-on stint as Advisor to the Executive Director for India at the IMF during 2003-06, combining it with his scholarship and experience in policy making. The book and the function today will promote readership on an important subject and spur more th
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am delighted to be part of this event for the launch of Shri V. Srinivas’s book on “India’s Relations with the International Monetary Fund”. A respected civil servant of the 1989 batch, he has drawn extensively on his hands-on stint as Advisor to the Executive Director for India at the IMF during 2003-06, combining it with his scholarship and experience in policy making. The book and the function today will promote readership on an important subject and spur more th
জুন 29, 2019
Development of Viable Capital Markets – The Indian Experience
1. Introduction 1.1 Capital markets play a crucial role in the economic development of a country. They provide financial resources required for the long-term sustainable development of the economy. Development of viable capital markets is therefore considered an important element in the macro-financial policy toolkit, including for objectives such as financial stability and the transmission of monetary policy. 1.2 The Committee on Global Financial System (CGFS), which
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
1. Introduction 1.1 Capital markets play a crucial role in the economic development of a country. They provide financial resources required for the long-term sustainable development of the economy. Development of viable capital markets is therefore considered an important element in the macro-financial policy toolkit, including for objectives such as financial stability and the transmission of monetary policy. 1.2 The Committee on Global Financial System (CGFS), which
জুন 28, 2019
Governor's Speech on the occasion of the Annual Statistics Day Conference on June 28, 2019, Mumbai
I am honoured to inaugurate this year’s Statistics Day Conference, the thirteenth in the series organised by the Reserve Bank to commemorate the contributions of Professor Prasanta Chandra Mahalanobis. While paying tribute to him, I would like to take this opportunity to review some of the recent challenges in the field of statistics and in that context, to envision our future plans. 2. Professor Mahalanobis’s achievements in the field of statistics are pioneering and
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am honoured to inaugurate this year’s Statistics Day Conference, the thirteenth in the series organised by the Reserve Bank to commemorate the contributions of Professor Prasanta Chandra Mahalanobis. While paying tribute to him, I would like to take this opportunity to review some of the recent challenges in the field of statistics and in that context, to envision our future plans. 2. Professor Mahalanobis’s achievements in the field of statistics are pioneering and
জুন 24, 2019
Statement by Governor on launch of Complaint Management System
The Complaint Management System (CMS), the application being launched today, symbolizes RBI’s commitment to improve customer experience in grievance redressal process by ensuring timely resolution of complaints received at the Reserve Bank. I take this opportunity to seek the co-operation of all RBI regulated entities with public interface such as commercial banks, Urban Co-operative banks, Non-Banking Financial Companies (NBFCs), etc. in resolving customer complaints
Shri Shaktikanta Das, Governor, Reserve Bank of India
The Complaint Management System (CMS), the application being launched today, symbolizes RBI’s commitment to improve customer experience in grievance redressal process by ensuring timely resolution of complaints received at the Reserve Bank. I take this opportunity to seek the co-operation of all RBI regulated entities with public interface such as commercial banks, Urban Co-operative banks, Non-Banking Financial Companies (NBFCs), etc. in resolving customer complaints
জুন 17, 2019
Evolving Role of Central Banks
It gives me great pleasure to be here at the LBSNAA for the inauguration of this Phase V mid-career programme for IAS officers. I have many pleasant memories of this premier training institution where I had come after joining the IAS in the year 1980. I am thankful to Shri Sanjeev Chopra, Director of the Academy and members of the Faculty for having invited me to address such an august gathering. 2. I am sure each one of you has worked hard and achieved many milestone
Shri Shaktikanta Das, Governor, Reserve Bank of India
It gives me great pleasure to be here at the LBSNAA for the inauguration of this Phase V mid-career programme for IAS officers. I have many pleasant memories of this premier training institution where I had come after joining the IAS in the year 1980. I am thankful to Shri Sanjeev Chopra, Director of the Academy and members of the Faculty for having invited me to address such an august gathering. 2. I am sure each one of you has worked hard and achieved many milestone
জুন 08, 2019
Indian Banking Sector: Current Status and the Way Forward
I am happy to be participating in the Fifteenth Annual Convocation ceremony of Post-Graduate Diploma in Management (Banking and Financial Services) for the Batch of 2017-19. I thank Dr. K.L. Dhingra, Director, National Institute of Bank Management (NIBM) and members of faculty for inviting me to join the young minds at their convocation ceremony. This is indeed a moment of pride for students as it marks the fruition of years of dedication, perseverance and hard work.
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am happy to be participating in the Fifteenth Annual Convocation ceremony of Post-Graduate Diploma in Management (Banking and Financial Services) for the Batch of 2017-19. I thank Dr. K.L. Dhingra, Director, National Institute of Bank Management (NIBM) and members of faculty for inviting me to join the young minds at their convocation ceremony. This is indeed a moment of pride for students as it marks the fruition of years of dedication, perseverance and hard work.
এপ্রিল 25, 2019
India’s growing significance in global arena. Is it Sustainable? Are we ready for it?
1. It is a great pleasure to be amidst you today and I wish to thank FEDAI and the organisers of this conference for the privilege to speak to you. FEDAI has been playing a seminal role in steering the cross-border transactions of the members of public as well as interbank transactions in the foreign exchange market for more than six decades now. It may be recalled that FEDAI was formed to secularise foreign exchange transactions in the early days when only select bra
Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India
1. It is a great pleasure to be amidst you today and I wish to thank FEDAI and the organisers of this conference for the privilege to speak to you. FEDAI has been playing a seminal role in steering the cross-border transactions of the members of public as well as interbank transactions in the foreign exchange market for more than six decades now. It may be recalled that FEDAI was formed to secularise foreign exchange transactions in the early days when only select bra
এপ্রিল 25, 2019
17th C.D. Deshmukh Memorial Lecture
On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Agustin Carstens, General Manager of the Bank for International Settlements to deliver the C. D. Deshmukh Memorial lecture, the seventeenth in the series. We are also honored to have Smt. and Shri Atul Deshmukh from late Shri C. D. Deshmukh’s family. A hearty welcome to all the distinguished invitees of the Reserve Bank. 2. At the outset, I would like to say a few words about Shri C. D. Deshmukh to
Shri Shaktikanta Das, Governor, Reserve Bank of India
On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Agustin Carstens, General Manager of the Bank for International Settlements to deliver the C. D. Deshmukh Memorial lecture, the seventeenth in the series. We are also honored to have Smt. and Shri Atul Deshmukh from late Shri C. D. Deshmukh’s family. A hearty welcome to all the distinguished invitees of the Reserve Bank. 2. At the outset, I would like to say a few words about Shri C. D. Deshmukh to
এপ্রিল 13, 2019
Global Risks and Policy Challenges facing Emerging Market Economies
Thank you for inviting me to this forum. I intend to cover some of the global risks and policy challenges from the perspective of emerging market economies (EMEs). We are aware that most EMEs have emerged more resilient than before from a turbulent 2018. For the greater part of 2018, the EMEs faced a wave of global spillover risks leading to capital outflows, currency and asset price volatility and tightened financial conditions. These developments posed risks to grow
Shri Shaktikanta Das, Governor, Reserve Bank of India
Thank you for inviting me to this forum. I intend to cover some of the global risks and policy challenges from the perspective of emerging market economies (EMEs). We are aware that most EMEs have emerged more resilient than before from a turbulent 2018. For the greater part of 2018, the EMEs faced a wave of global spillover risks leading to capital outflows, currency and asset price volatility and tightened financial conditions. These developments posed risks to grow
মার্চ 25, 2019
Opportunities and Challenges of FinTech
I am extremely happy to participate in NITI Aayog’s FinTech Conclave 2019 and share my thoughts on the technological revolution that is shaping the future of finance. I am particularly thankful to Shri Amitabh Kant, CEO of NITI Aayog for having invited me to such an august gathering. As I understand, this Conclave is woven around the theme of Indian FinTech ecosystem as well as steps required to help achieve the potential that the sector offers towards growth, employm
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am extremely happy to participate in NITI Aayog’s FinTech Conclave 2019 and share my thoughts on the technological revolution that is shaping the future of finance. I am particularly thankful to Shri Amitabh Kant, CEO of NITI Aayog for having invited me to such an august gathering. As I understand, this Conclave is woven around the theme of Indian FinTech ecosystem as well as steps required to help achieve the potential that the sector offers towards growth, employm
মার্চ 19, 2019
Some thoughts on Fiscal Federalism
I am honoured to be invited for the launch of the book "Indian Fiscal Federalism" authored by Dr. Y.V. Reddy and Shri G.R. Reddy. This is the latest in a prolific body of work that draws from Dr. Reddy’s hands-on experience with the Indian economy and public policy. These insightful expositions are interwoven with glimpses of Dr. Reddy’s professional life and his 'insider' views. 2. As Governor of the Reserve Bank of India during 2003-2008, after his stint as Deputy G
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am honoured to be invited for the launch of the book "Indian Fiscal Federalism" authored by Dr. Y.V. Reddy and Shri G.R. Reddy. This is the latest in a prolific body of work that draws from Dr. Reddy’s hands-on experience with the Indian economy and public policy. These insightful expositions are interwoven with glimpses of Dr. Reddy’s professional life and his 'insider' views. 2. As Governor of the Reserve Bank of India during 2003-2008, after his stint as Deputy G
জানু 24, 2019
Some Reflections on Micro Credit and How a Public Credit Registry Can Strengthen It
Sometimes when I sit down to write down a new set of remarks, the same old thoughts cross my mind, a bit like one’s favorite songs that are so deeply entrenched in the psyche that at the end of a long day when one is reflecting on the subject, they start playing all over again, without any reason and without any conscious decision to rewind to them. In my case, a few striking images flash across my eyes. I have tried in what follows to describe these images and what t
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
Sometimes when I sit down to write down a new set of remarks, the same old thoughts cross my mind, a bit like one’s favorite songs that are so deeply entrenched in the psyche that at the end of a long day when one is reflecting on the subject, they start playing all over again, without any reason and without any conscious decision to rewind to them. In my case, a few striking images flash across my eyes. I have tried in what follows to describe these images and what t
জানু 18, 2019
Reflections on Current Policy Issues Facing the Indian Economy
I am very happy to participate in the 9th edition of Vibrant Gujarat Global Summit. It is indeed a pleasure to be here and share my thoughts on various contours of the Indian economy. I thank the organisers of this event, namely the Government of Gujarat, National Investment and Infrastructure Fund and the Department of Economic Affairs, Ministry of Finance, Government of India for inviting me to this Roundtable. 2. As this august audience would know, India in recent
Shri Shaktikanta Das, Governor, Reserve Bank of India
I am very happy to participate in the 9th edition of Vibrant Gujarat Global Summit. It is indeed a pleasure to be here and share my thoughts on various contours of the Indian economy. I thank the organisers of this event, namely the Government of Gujarat, National Investment and Infrastructure Fund and the Department of Economic Affairs, Ministry of Finance, Government of India for inviting me to this Roundtable. 2. As this august audience would know, India in recent
নভেম্বর 02, 2018
Some Thoughts on Credit Risk and Bank Capital Regulation
It is a privilege to be welcomed within the precincts of one of the premier management institutes of the country and, more importantly, to get an opportunity to engage with some of the promising young minds and aspiring future leaders. All of you are going to enter the job stream at a very interesting point in our country’s economic history. We are all meeting today in the wake of a number of landmark economic reforms, of which I would like to touch upon two in partic
Shri N.S. Vishwanathan, Deputy Governor, Reserve Bank of India
It is a privilege to be welcomed within the precincts of one of the premier management institutes of the country and, more importantly, to get an opportunity to engage with some of the promising young minds and aspiring future leaders. All of you are going to enter the job stream at a very interesting point in our country’s economic history. We are all meeting today in the wake of a number of landmark economic reforms, of which I would like to touch upon two in partic
অক্টোবর 26, 2018
On the Importance of Independent Regulatory Institutions – The Case of the Central Bank
No analogy is perfect; yet, analogies help convey things better. At times, a straw man has to be set up to make succinctly a practical or even an academic point. Occasionally, however, real life examples come along beautifully to make a communicator’s work easier. Let me start today with an antecedent from 2010 as it is particularly apposite for the theme of my talk: “My time at the central bank is up and that is why I have decided to leave my post definitively, with
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
No analogy is perfect; yet, analogies help convey things better. At times, a straw man has to be set up to make succinctly a practical or even an academic point. Occasionally, however, real life examples come along beautifully to make a communicator’s work easier. Let me start today with an antecedent from 2010 as it is particularly apposite for the theme of my talk: “My time at the central bank is up and that is why I have decided to leave my post definitively, with
অক্টোবর 12, 2018
Prompt Corrective Action: An Essential Element of Financial Stability Framework
Abstract This talk explains why the Prompt Corrective Action (PCA) framework of the Reserve Bank of India (RBI) is an essential element of its financial stability framework. It lays out the case for structured early intervention and resolution by regulators for banks that become under-capitalised due to poor asset quality or vulnerable due to loss of profitability. Detailing the mandatory and discretionary actions under the RBI's Revised PCA framework, it compares and
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
Abstract This talk explains why the Prompt Corrective Action (PCA) framework of the Reserve Bank of India (RBI) is an essential element of its financial stability framework. It lays out the case for structured early intervention and resolution by regulators for banks that become under-capitalised due to poor asset quality or vulnerable due to loss of profitability. Detailing the mandatory and discretionary actions under the RBI's Revised PCA framework, it compares and
সেপ্টেম্বর 20, 2018
Preventive Vigilance – The Key Tool of Good Governance at Public Sector Institutions
Dr. Urjit R. Patel, Governor, Reserve Bank of India
আগস্ট 31, 2018
State Government Market Borrowings – Issues and Prospects
Shri Chandra Shekhar Ghosh, President, Bengal Chamber of Commerce, Shri T. Bandopadhyay, ladies and gentlemen. I am thankful to the Bengal Chamber of Commerce and Industry for providing me the opportunity to be present here and speak on the subject of ‘State Government Borrowing’. In the federal system of governance that we have in our country, both the Central and the State Governments are responsible for the development of the nation. To discharge the responsibility
Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India
Shri Chandra Shekhar Ghosh, President, Bengal Chamber of Commerce, Shri T. Bandopadhyay, ladies and gentlemen. I am thankful to the Bengal Chamber of Commerce and Industry for providing me the opportunity to be present here and speak on the subject of ‘State Government Borrowing’. In the federal system of governance that we have in our country, both the Central and the State Governments are responsible for the development of the nation. To discharge the responsibility
আগস্ট 24, 2018
Importance of strong Governance & Secure IT Operations for Urban Co-operative Banks to Remain Relevant
I am happy to be here in this edition of Sahakar Setu organised by the Gujarat Urban Cooperative Banks Federation. The Federation has been proactive in providing leadership to the cooperative movement in the State of Gujarat. It is because of the efforts of the Federation and its member banks, the cooperative banks in the State could emerge stronger out of the Madhavpura Bank crisis. The Federation has taken several measures particularly in adoption of technology by t
Shri N.S. Vishwanathan, Deputy Governor, Reserve Bank of India
I am happy to be here in this edition of Sahakar Setu organised by the Gujarat Urban Cooperative Banks Federation. The Federation has been proactive in providing leadership to the cooperative movement in the State of Gujarat. It is because of the efforts of the Federation and its member banks, the cooperative banks in the State could emerge stronger out of the Madhavpura Bank crisis. The Federation has taken several measures particularly in adoption of technology by t
আগস্ট 20, 2018
Public Credit Registry (PCR) and Goods and Services Tax Network (GSTN): Giant Strides to Democratise and Formalise Credit in India
It is a pleasure to be with you all and share with you my thoughts on some recent developments that are expected to have transformative implications for our country. In particular, I wish to draw your attention to some major initiatives in gathering and analysing better credit data that can potentially have a huge impact in creating a financially healthy India. It is a known fact that a large part of the Indian economy is informal. This year’s Economic Survey has give
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
It is a pleasure to be with you all and share with you my thoughts on some recent developments that are expected to have transformative implications for our country. In particular, I wish to draw your attention to some major initiatives in gathering and analysing better credit data that can potentially have a huge impact in creating a financially healthy India. It is a known fact that a large part of the Indian economy is informal. This year’s Economic Survey has give
আগস্ট 03, 2018
Remarks for the Convocation Ceremony at the Meghnad Desai Academy of Economics - Urjit R. Patel
Dr. Urjit R. Patel, Governor, Reserve Bank of India
মে 30, 2018
Excellence in Payments
Shri B. Mahapatra, Chairman, NPCI, Shri Dilip Asbe, MD, NPCI, distinguished guests, fellow bankers, captains of the industry and the Honourable members of the Jury – it gives me great pleasure to be amidst you all as NPCI today recognises the significant work done by the innovators in payment systems of the country. Let me begin with a quote by Robin Sharma, the motivational speaker, who says ‘Small daily improvements over time lead to stunning results’. No one can di
Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India
Shri B. Mahapatra, Chairman, NPCI, Shri Dilip Asbe, MD, NPCI, distinguished guests, fellow bankers, captains of the industry and the Honourable members of the Jury – it gives me great pleasure to be amidst you all as NPCI today recognises the significant work done by the innovators in payment systems of the country. Let me begin with a quote by Robin Sharma, the motivational speaker, who says ‘Small daily improvements over time lead to stunning results’. No one can di
এপ্রিল 18, 2018
It is not Business as Usual for Lenders and Borrowers
1. Chief guest, Shri M. Damodaran, Dr. Dhingra, Director NIBM, other dignitaries on the dais, distinguished bankers, faculty and staff of the institution, proud parents, and, all graduating students, and of course, friends from media, I thank NIBM for giving me the opportunity to be part of this occasion and share some thoughts when another batch of bank management graduates is passing out. 2. Martin Luther King Jr. once said “Intelligence plus character – that is the
Shri N.S. Vishwanathan, Executive Director, Reserve Bank of India
1. Chief guest, Shri M. Damodaran, Dr. Dhingra, Director NIBM, other dignitaries on the dais, distinguished bankers, faculty and staff of the institution, proud parents, and, all graduating students, and of course, friends from media, I thank NIBM for giving me the opportunity to be part of this occasion and share some thoughts when another batch of bank management graduates is passing out. 2. Martin Luther King Jr. once said “Intelligence plus character – that is the
মার্চ 14, 2018
Banking Regulatory Powers Should Be Ownership Neutral
I speak today to highlight some fundamental fissures that exist in the regulation of banks, in particular, public sector banks (PSBs). It has been slightly over a month since the latest fraud in the Indian banking sector broke news. Success has many fathers; failures none. Hence, there has been the usual blame game, passing the buck, and a tonne of honking, mostly short-term and knee-jerk reactions. These appear to have prevented the participants in this cacophony fro
Dr. Urjit R. Patel, Governor, Reserve Bank of India
I speak today to highlight some fundamental fissures that exist in the regulation of banks, in particular, public sector banks (PSBs). It has been slightly over a month since the latest fraud in the Indian banking sector broke news. Success has many fathers; failures none. Hence, there has been the usual blame game, passing the buck, and a tonne of honking, mostly short-term and knee-jerk reactions. These appear to have prevented the participants in this cacophony fro
ফেব 10, 2018
India’s Economic Reforms: Reflections on the Unfinished Agenda
Introduction Governor Patel and friends, The Reserve Bank of India (RBI) has occupied a special place in my thoughts ever since I was here as a Special Adviser thirty-four years ago. It was an immensely enjoyable period of my life, not least because my ring-side position taught me more about public policy than any number of scholarly books and papers. Public policy was also the mission of Mr. L.K. Jha’s exceptionally distinguished career. He was, without question, one
Professor Vijay Joshi, Emeritus Fellow, Merton College, Oxford
Introduction Governor Patel and friends, The Reserve Bank of India (RBI) has occupied a special place in my thoughts ever since I was here as a Special Adviser thirty-four years ago. It was an immensely enjoyable period of my life, not least because my ring-side position taught me more about public policy than any number of scholarly books and papers. Public policy was also the mission of Mr. L.K. Jha’s exceptionally distinguished career. He was, without question, one
জানু 15, 2018
Understanding and Managing Interest Rate Risk at Banks
Let me at the outset wish all of you a happy and healthy New Year. Thank you to Fixed Income Money Markets and Derivatives Association (FIIMDA) and its organizing team for inviting me to deliver this keynote address at its Annual Meet. I will speak today about understanding and managing better the interest rate risk at Indian banks. I will start, however, by looking elsewhere and historically, often a very good place to start. In the period after the Global Financial
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
Let me at the outset wish all of you a happy and healthy New Year. Thank you to Fixed Income Money Markets and Derivatives Association (FIIMDA) and its organizing team for inviting me to deliver this keynote address at its Annual Meet. I will speak today about understanding and managing better the interest rate risk at Indian banks. I will start, however, by looking elsewhere and historically, often a very good place to start. In the period after the Global Financial
জানু 10, 2018
Regulation and Financial Stability
Shri Hemant Bangur, President, Merchant Chamber of Commerce and Industry, Shri Pawan Bajaj, MD and CEO, United Bank of India, other dignitaries on the dais, friends from the print and electronic media, ladies and gentlemen. I am happy to be here in front of this august gathering to share my thoughts on ‘’Regulations and Financial Stability’’. The financial system and markets have to be subject to suitable regulation. Therefore, the macroeconomic policies and prudentia
Shri N.S. Vishwanathan, Executive Director, Reserve Bank of India
Shri Hemant Bangur, President, Merchant Chamber of Commerce and Industry, Shri Pawan Bajaj, MD and CEO, United Bank of India, other dignitaries on the dais, friends from the print and electronic media, ladies and gentlemen. I am happy to be here in front of this august gathering to share my thoughts on ‘’Regulations and Financial Stability’’. The financial system and markets have to be subject to suitable regulation. Therefore, the macroeconomic policies and prudentia
ডিসেম্বর 15, 2017
CAFRAL Conference on “Financial System and the Macroeconomy”
1. It gives me great pleasure to be here this morning to share some observations and thoughts. The theme of this international conference: “Financial System and the Macroeconomy”, and the papers that are slated for presentation touch upon a number of issues that the Reserve Bank has been grappling with. (Needless to say, some of the conference participants who follow the Indian economy closely would already be aware of what I am about to briefly enunciate, but others
Dr. Urjit R. Patel, Governor, Reserve Bank of India
1. It gives me great pleasure to be here this morning to share some observations and thoughts. The theme of this international conference: “Financial System and the Macroeconomy”, and the papers that are slated for presentation touch upon a number of issues that the Reserve Bank has been grappling with. (Needless to say, some of the conference participants who follow the Indian economy closely would already be aware of what I am about to briefly enunciate, but others
ডিসেম্বর 14, 2017
Global spillovers: Managing capital flows and forex reserves
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
নভেম্বর 20, 2017
One Year in the Life of India's Monetary Policy Committee
At 2.30 pm on October 4, 2017 the resolution of the Monetary Policy Committee (MPC) was released on the website of the Reserve Bank of India (RBI) and history was made in a small way. Exactly a year ago, a page was turned on a tradition that went back to the origins of the RBI in pre-independent India. The monetary policy decision, hitherto made solely by the Governor of the RBI, was ceded to a six-member committee comprising the Governor as the Chairperson, the Deput
Dr. Michael Debabrata Patra, Executive Director, Reserve Bank of India
At 2.30 pm on October 4, 2017 the resolution of the Monetary Policy Committee (MPC) was released on the website of the Reserve Bank of India (RBI) and history was made in a small way. Exactly a year ago, a page was turned on a tradition that went back to the origins of the RBI in pre-independent India. The monetary policy decision, hitherto made solely by the Governor of the RBI, was ceded to a six-member committee comprising the Governor as the Chairperson, the Deput
নভেম্বর 16, 2017
Monetary Transmission in India: Why is it important and why hasn’t it worked well?
When I travel from my residence in Vile Parle (W) to the Reserve Bank of India Central Office in Fort, I pass each way Kenilworth – the birth place of late Homi Jehangir Bhabha. It is a good way to start and end the day, being reminded not just of his immense intellect but also of his deep sense of service to India. I am thus grateful to Professor Dipan Ghosh, who was the Dean of Students during my time at IIT Bombay, for inviting me to speak today in the Homi Bhabha
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
When I travel from my residence in Vile Parle (W) to the Reserve Bank of India Central Office in Fort, I pass each way Kenilworth – the birth place of late Homi Jehangir Bhabha. It is a good way to start and end the day, being reminded not just of his immense intellect but also of his deep sense of service to India. I am thus grateful to Professor Dipan Ghosh, who was the Dean of Students during my time at IIT Bombay, for inviting me to speak today in the Homi Bhabha
নভেম্বর 05, 2017
Initial Steps Towards the Setting up of a Public Credit Registry for India
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
অক্টোবর 23, 2017
Financial regulation and economic policies for avoiding the next crisis
1. Let me start by reminding ourselves of some numbers that are a key backdrop for today’s panel discussion. Total global external liabilities have grown from 30 per cent to 190 per cent of global GDP between 1980 and 2015, far outpacing the growth in global trade (from 19 per cent to 28 per cent of GDP over the same period). The main vehicle of this new globalisation has been cross-border banking flows, which constituted a third of global capital flows in the decade
Dr. Urjit R. Patel, Governor, Reserve Bank of India
1. Let me start by reminding ourselves of some numbers that are a key backdrop for today’s panel discussion. Total global external liabilities have grown from 30 per cent to 190 per cent of global GDP between 1980 and 2015, far outpacing the growth in global trade (from 19 per cent to 28 per cent of GDP over the same period). The main vehicle of this new globalisation has been cross-border banking flows, which constituted a third of global capital flows in the decade
সেপ্টেম্বর 07, 2017
The Unfinished Agenda: Restoring Public Sector Bank Health in India
Good evening, friends. I am grateful to the Indian Institute of Banking and Finance (IIBF) for inviting me to deliver the 8th R K Talwar Memorial Lecture. Every institution must remember, venerate and celebrate the immense contributions of those who helped lay down and solidify its character for future generations to build upon. Principles, careers and lives such as those of Mr Talwar inspire us, as in Henry Wadsworth Longfellow’s The Psalm of Life: Lives of great men
Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India
Good evening, friends. I am grateful to the Indian Institute of Banking and Finance (IIBF) for inviting me to deliver the 8th R K Talwar Memorial Lecture. Every institution must remember, venerate and celebrate the immense contributions of those who helped lay down and solidify its character for future generations to build upon. Principles, careers and lives such as those of Mr Talwar inspire us, as in Henry Wadsworth Longfellow’s The Psalm of Life: Lives of great men
আগস্ট 31, 2017
Seminar on Agricultural Debt Waiver – Efficacy and Limitations
Ladies and Gentlemen, On behalf of the Reserve Bank of India, I warmly welcome you and thank you for accepting our invitation to join us today in this seminar. 1. In the recent period, farm loan waivers have engaged intense attention among the farming community, policy makers, academics, analysts and researchers. On the one hand, there is a gamut of issues that have intensified the anguish of our farmers. In this context, farm loan waivers have brought forward the urg
Dr. Urjit R. Patel, Governor, Reserve Bank of India
Ladies and Gentlemen, On behalf of the Reserve Bank of India, I warmly welcome you and thank you for accepting our invitation to join us today in this seminar. 1. In the recent period, farm loan waivers have engaged intense attention among the farming community, policy makers, academics, analysts and researchers. On the one hand, there is a gamut of issues that have intensified the anguish of our farmers. In this context, farm loan waivers have brought forward the urg
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