Speeches - आरबीआय - Reserve Bank of India
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Speeches
जुलै 08, 2013
Golden Jubilee Celebration Function of RBSC, Chennai – Speaking Notes by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India
1. Delighted to be participating in the Golden Jubilee of RBSC. Over the last 50 years, RBSC has established a formidable reputation for the quality of its training programmes, innovations in training techniques and for its commitment to be moving up the learning curve. The RBSC can take pride in having trained generations of RBI staff who are known for their subject matter expertise, professional integrity, and value based conduct. This is a tribute to the past chair
Dr. D. Subbarao,
Governor, Reserve Bank of India
1. Delighted to be participating in the Golden Jubilee of RBSC. Over the last 50 years, RBSC has established a formidable reputation for the quality of its training programmes, innovations in training techniques and for its commitment to be moving up the learning curve. The RBSC can take pride in having trained generations of RBI staff who are known for their subject matter expertise, professional integrity, and value based conduct. This is a tribute to the past chair
जून 18, 2013
Impact of Euro Area Crisis on South Asia
The global financial crisis originated in the US and then spread to Europe. While the global growth has recovered from the trough of 2009, Europe has lapsed into recession again. The continuing uncertainty in the euro area poses a major risk to the global economy today. It has affected the growth prospects of both advanced and emerging market economies through trade, financial and confidence channels. Given the interconnectedness of global financial markets, the princ
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
The global financial crisis originated in the US and then spread to Europe. While the global growth has recovered from the trough of 2009, Europe has lapsed into recession again. The continuing uncertainty in the euro area poses a major risk to the global economy today. It has affected the growth prospects of both advanced and emerging market economies through trade, financial and confidence channels. Given the interconnectedness of global financial markets, the princ
जून 18, 2013
Achieving Professional Excellence
I. Introduction At the outset, I thank the organisers of the Silver Jubilee Function of Institute of Company Secretaries of India (ICSI) for giving me an opportunity to share my thoughts on the very topical subject of “Achieving Professional Excellence”. A Silver Jubilee has a special significance in the life of any institution as it signifies a coming of age and maturity. It's also a time to look back and thank every person who has contributed. II. 'Profession' and '
Shri P. Vijaya Bhaskar,
Executive Director, Reserve Bank of India
I. Introduction At the outset, I thank the organisers of the Silver Jubilee Function of Institute of Company Secretaries of India (ICSI) for giving me an opportunity to share my thoughts on the very topical subject of “Achieving Professional Excellence”. A Silver Jubilee has a special significance in the life of any institution as it signifies a coming of age and maturity. It's also a time to look back and thank every person who has contributed. II. 'Profession' and '
जून 05, 2013
The Global Financial Crisis and the Indian Financial Sector What Have We Learnt and How Have We Responded?
Thank you very much for inviting me to speak at this conference of the Indian Merchants’ Chamber on international finance and banking. I attach a lot of value to speaking from this platform and to sharing some thoughts on financial and banking sector reforms. 2. In a few months from now, we will be marking the fifth anniversary of the collapse of Lehman Brothers which will go down in popular perception as the trigger for the biggest financial crisis of our time. Five
Dr. D. Subbarao,
Governor, Reserve Bank of India
Thank you very much for inviting me to speak at this conference of the Indian Merchants’ Chamber on international finance and banking. I attach a lot of value to speaking from this platform and to sharing some thoughts on financial and banking sector reforms. 2. In a few months from now, we will be marking the fifth anniversary of the collapse of Lehman Brothers which will go down in popular perception as the trigger for the biggest financial crisis of our time. Five
एप्रि 23, 2013
Environmental and Social Sustainability: Key Issues and Concerns
Mr. Robert Tacon, Tutor, United Nations Environment Programme- Financial Initiative (UNEP FI); Ms. Stefanie Bauer, Advisor, Private Sector Development, GIZ; Mr. Pralay Mondal, Senior Group President – Retail & Business Banking, Yes Bank; Mr. Mengqi Cai, Programme Officer, Asia Pacific Task Force, UNEP FI; delegates to the event; members of the print and electronic media; ladies and gentlemen. It is a pleasure to be present here today to address this august gatheri
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Mr. Robert Tacon, Tutor, United Nations Environment Programme- Financial Initiative (UNEP FI); Ms. Stefanie Bauer, Advisor, Private Sector Development, GIZ; Mr. Pralay Mondal, Senior Group President – Retail & Business Banking, Yes Bank; Mr. Mengqi Cai, Programme Officer, Asia Pacific Task Force, UNEP FI; delegates to the event; members of the print and electronic media; ladies and gentlemen. It is a pleasure to be present here today to address this august gatheri
एप्रि 18, 2013
Remarks by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at IMF Conference on Rethinking Macro Policy II, Washington DC, on April 17, 2013
Session VI: Capital Account Management Three sub-topics (i) Capital controls (ii) Reserves (iii) International provision of liquidity I. Capital Account Management Intellectual Shift on Capital Controls The change in our world view on capital account management is by far one of the most remarkable intellectual shifts brought on by the crisis. In her opening remarks yesterday, the Managing Director said that the crisis shattered the consensus on many macroeconomic issu
Dr. D. Subbarao,
Governor, Reserve Bank of India
Session VI: Capital Account Management Three sub-topics (i) Capital controls (ii) Reserves (iii) International provision of liquidity I. Capital Account Management Intellectual Shift on Capital Controls The change in our world view on capital account management is by far one of the most remarkable intellectual shifts brought on by the crisis. In her opening remarks yesterday, the Managing Director said that the crisis shattered the consensus on many macroeconomic issu
एप्रि 17, 2013
Talking Points of Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at Seminar on Strengthening IMF Surveillance IMF Spring Meetings, Washington DC, on April 16, 2013
Question 1: Over the next three to five years, what do you see as the critical issues for IMF Surveillance? Response There are several critical issues for IMF Surveillance over the next three to five years. I want to focus on two of them. Is the IMF able to analyze and understand the growing complexity of global linkages? Does the IMF have an objective, unbiased and contestable view on various aspects of Capital Account Management! I will look at these issues from an
Dr. D. Subbarao,
Governor, Reserve Bank of India
Question 1: Over the next three to five years, what do you see as the critical issues for IMF Surveillance? Response There are several critical issues for IMF Surveillance over the next three to five years. I want to focus on two of them. Is the IMF able to analyze and understand the growing complexity of global linkages? Does the IMF have an objective, unbiased and contestable view on various aspects of Capital Account Management! I will look at these issues from an
मार्च 28, 2013
Transitioning from Student to Professional Lives: Some Reflections
Dr. M. Narendra, CMD, Indian Overseas Bank; Dr. (Smt.) P. Selvameenakshi, Principal, V.V. Vanniaperumal College for Women; Shri S.M.S. Manickavasagam, Secretary and Smt. M.M.N Jikki Mathavan, Joint Secretary, V.V. Vanniaperumal College for Women Managing Board; distinguished members of the audience and dear students! It is, indeed, a great honour and pleasure to be here in your midst today to deliver the Convocation Address at this college of eminent credentials. I am
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Dr. M. Narendra, CMD, Indian Overseas Bank; Dr. (Smt.) P. Selvameenakshi, Principal, V.V. Vanniaperumal College for Women; Shri S.M.S. Manickavasagam, Secretary and Smt. M.M.N Jikki Mathavan, Joint Secretary, V.V. Vanniaperumal College for Women Managing Board; distinguished members of the audience and dear students! It is, indeed, a great honour and pleasure to be here in your midst today to deliver the Convocation Address at this college of eminent credentials. I am
मार्च 28, 2013
Statistics and the Reserve Bank: Recent Developments and Perspective
Deputy Governor, Dr. Urjit R. Patel, Shri A. B. Chakraborty, Officer-in-Charge, Department of Statistics and Information Management (DSIM); heads of select central office departments; distinguished statisticians and economists from the academia; and friends. I extend a warm welcome to you all to the Annual Statistics Conference 2013, organized by DSIM. This conference provides a platform to the officers of DSIM to present their research work before the experts and rec
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
Deputy Governor, Dr. Urjit R. Patel, Shri A. B. Chakraborty, Officer-in-Charge, Department of Statistics and Information Management (DSIM); heads of select central office departments; distinguished statisticians and economists from the academia; and friends. I extend a warm welcome to you all to the Annual Statistics Conference 2013, organized by DSIM. This conference provides a platform to the officers of DSIM to present their research work before the experts and rec
मार्च 13, 2013
India’s Macroeconomic Challenges Some Reserve Bank Perspectives
First of all many thanks to the London School of Economics for inviting me to deliver the fifth I.G. Patel Memorial Lecture. It is an honour to which I attach immense value. Dr. I.G. Patel 2. Dr. I.G. Patel represents a special bond between our two institutions - the Reserve Bank which I represent and the LSE where this lecture is instituted. Dr. Patel led both these institutions with great dignity and distinction, and is loved and respected by both our institutions.
Dr. D. Subbarao,
Governor, Reserve Bank of India
First of all many thanks to the London School of Economics for inviting me to deliver the fifth I.G. Patel Memorial Lecture. It is an honour to which I attach immense value. Dr. I.G. Patel 2. Dr. I.G. Patel represents a special bond between our two institutions - the Reserve Bank which I represent and the LSE where this lecture is instituted. Dr. Patel led both these institutions with great dignity and distinction, and is loved and respected by both our institutions.
जाने 21, 2013
The Magical World of Mathematics – The Charm, Challenges and Career Prospects
Introduction 1. Dr. Rajeeva Karandikar, Director, Chennai Mathematical Institute; Dr. Mrs. J.K. Phadnis, Principal of the VES College of Arts, Science and Commerce; Prof. Amiya Kumar Pani, Chair Professor, Department of Mathematics, IIT Bombay; Mrs. Dipta Dasgupta, Convener of this conference aptly titled ‘Mathemight’, faculty members; other distinguished speakers and student participants; ladies and gentlemen. I am delighted to be here today in the midst of eminent s
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Introduction 1. Dr. Rajeeva Karandikar, Director, Chennai Mathematical Institute; Dr. Mrs. J.K. Phadnis, Principal of the VES College of Arts, Science and Commerce; Prof. Amiya Kumar Pani, Chair Professor, Department of Mathematics, IIT Bombay; Mrs. Dipta Dasgupta, Convener of this conference aptly titled ‘Mathemight’, faculty members; other distinguished speakers and student participants; ladies and gentlemen. I am delighted to be here today in the midst of eminent s
जाने 19, 2013
Welcome Remarks by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the First Prof. Tendulkar Memorial Oration at CAB, Pune on January 19, 2013
On behalf of the Reserve Bank of India, I am delighted to welcome Prof. Abhijit Banerjee, who will shortly be delivering the First Professor Tendulkar Memorial Oration. I also have great pleasure in acknowledging the presence here of Smt. Sunetra Tendulkar and other family members of late Prof. Tendulkar. Your presence here means a lot to us. A hearty welcome also to all the distinguished invitees to this lecture. Prof. S.D. Tendulkar 2. Prof. Suresh Tendulkar was, by
Dr. D. Subbarao,
Governor, Reserve Bank of India
On behalf of the Reserve Bank of India, I am delighted to welcome Prof. Abhijit Banerjee, who will shortly be delivering the First Professor Tendulkar Memorial Oration. I also have great pleasure in acknowledging the presence here of Smt. Sunetra Tendulkar and other family members of late Prof. Tendulkar. Your presence here means a lot to us. A hearty welcome also to all the distinguished invitees to this lecture. Prof. S.D. Tendulkar 2. Prof. Suresh Tendulkar was, by
जाने 19, 2013
Unedited Transcript of the First Suresh D. Tendulkar Memorial Oration delivered by Prof. Abhijit Banerjee, MIT, Boston, USA on January 19, 2013
Thank you very much Governor Subbarao for this generous introduction and thank you very much for inviting me to give this oration. I am a great fan of Professor Suresh Tendulkar. He was a one of a kind, very straight forward, very direct. When I said something he would disagree with, he would listen and come out and say that it does not make any sense and I had to defend myself there. It was always an honour defending myself against him. He had perceptive things to sa
Prof. Abhijit Banerjee,
Guest Speaker
Thank you very much Governor Subbarao for this generous introduction and thank you very much for inviting me to give this oration. I am a great fan of Professor Suresh Tendulkar. He was a one of a kind, very straight forward, very direct. When I said something he would disagree with, he would listen and come out and say that it does not make any sense and I had to defend myself there. It was always an honour defending myself against him. He had perceptive things to sa
जाने 16, 2013
Free Translation of Governor's Address at the Outreach Programme in Lalpur Karauta Village in Uttar Pradesh on January 16, 2013
(originally delivered in Hindi) I am pleased to visit Lalpur Karauta village today and meet the people here. 2. I have come here from the Reserve Bank of India, Mumbai. The Reserve Bank also has an office in Lucknow and my colleagues from there have also accompanied me today. On this occasion, along with Bank of India and other banks, your member of parliament Shri P.L.Punia and senior officers of the Uttar Pradesh state government are also present. 3. You must be thi
Dr. D. Subbarao,
Governor, Reserve Bank of India
(originally delivered in Hindi) I am pleased to visit Lalpur Karauta village today and meet the people here. 2. I have come here from the Reserve Bank of India, Mumbai. The Reserve Bank also has an office in Lucknow and my colleagues from there have also accompanied me today. On this occasion, along with Bank of India and other banks, your member of parliament Shri P.L.Punia and senior officers of the Uttar Pradesh state government are also present. 3. You must be thi
जाने 03, 2013
Welcome Remarks by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the 15th C. D. Deshmukh Memorial Lecture delivered by Prof. Joseph Stiglitz
On behalf of the Reserve Bank of India, I have great pleasure in welcoming Prof. Joseph E. Stiglitz, who will shortly be delivering the C.D. Deshmukh Memorial Lecture. Also, a warm welcome to Mrs. Anya Stiglitz who has accompanied him. I am delighted to acknowledge the presence here of the family members of Sir Chintaman Deshmukh - Shri Atul Deshmukh, Smt. Sheetala Deshmukh, and their children, Ashish and Priyanka, Prof. Sunita Chitnis and her son Dr. Ajay Chitnis. Yo
Dr. D. Subbarao,
Governor, Reserve Bank of India
On behalf of the Reserve Bank of India, I have great pleasure in welcoming Prof. Joseph E. Stiglitz, who will shortly be delivering the C.D. Deshmukh Memorial Lecture. Also, a warm welcome to Mrs. Anya Stiglitz who has accompanied him. I am delighted to acknowledge the presence here of the family members of Sir Chintaman Deshmukh - Shri Atul Deshmukh, Smt. Sheetala Deshmukh, and their children, Ashish and Priyanka, Prof. Sunita Chitnis and her son Dr. Ajay Chitnis. Yo
जाने 03, 2013
Vote of thanks by Shri Deepak Mohanty, Executive Director, Reserve Bank of India, on the occasion of the 15th C D Deshmukh Memorial Lecture on January 3, 2013
Honourable Professor Joseph Stiglitz, Governor Dr. Subbarao, distinguished guests and colleagues from the Reserve Bank. Central banks have come under severe intellectual scrutiny ever since the global crisis, even as they have crossed all conventional barriers in responding to the crisis. Monetary policy was partly blamed for the genesis of the crisis, and it continues to be blamed for ineffectiveness in giving us a durable recovery. We need nothing short of a revolut
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
Honourable Professor Joseph Stiglitz, Governor Dr. Subbarao, distinguished guests and colleagues from the Reserve Bank. Central banks have come under severe intellectual scrutiny ever since the global crisis, even as they have crossed all conventional barriers in responding to the crisis. Monetary policy was partly blamed for the genesis of the crisis, and it continues to be blamed for ineffectiveness in giving us a durable recovery. We need nothing short of a revolut
डिसें 31, 2012
Contemporary issues in Banking: Reflections on Viewpoints of a Bank Economist
Dr. M. Narendra, Chairman and Managing Director, Indian Overseas Bank (IOB); Shri A.K. Bansal and Shri A.D.M. Chavali, Executive Directors of IOB; Shri N. Viswanathan, Regional Director, RBI; Smt. Indira Padmini and other General Managers of IOB; Shri M. Ramaswamy, Retired Secretary of Auroville; Shri S. Muthiah, Historian; Shri M.Ct.P. Chidambaram, grandson of the founder of Indian Overseas Bank; Shri B.J. Krishnan, Environmentalist; Shri Bhakther Solomon, Chief Exec
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Dr. M. Narendra, Chairman and Managing Director, Indian Overseas Bank (IOB); Shri A.K. Bansal and Shri A.D.M. Chavali, Executive Directors of IOB; Shri N. Viswanathan, Regional Director, RBI; Smt. Indira Padmini and other General Managers of IOB; Shri M. Ramaswamy, Retired Secretary of Auroville; Shri S. Muthiah, Historian; Shri M.Ct.P. Chidambaram, grandson of the founder of Indian Overseas Bank; Shri B.J. Krishnan, Environmentalist; Shri Bhakther Solomon, Chief Exec
डिसें 17, 2012
Money Market and Monetary Operations in India
I thank Mr. G. Mahalingam for the opportunity to share my thoughts in this distinguished panel on money market. This forum which brings together the Reserve Bank and practitioners in the financial market, is important not only from the perspective of market development but also for fostering a better understanding of monetary operations. Money market is at the heart of monetary operations. Over the last decade, there has been substantial development in the Indian mone
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank Mr. G. Mahalingam for the opportunity to share my thoughts in this distinguished panel on money market. This forum which brings together the Reserve Bank and practitioners in the financial market, is important not only from the perspective of market development but also for fostering a better understanding of monetary operations. Money market is at the heart of monetary operations. Over the last decade, there has been substantial development in the Indian mone
डिसें 11, 2012
Transit Path For Indian Economy: Six Steps For Transforming The Elephant Into A Tiger
Shri Prabhat Jain and other members of the Delhi Chapter of the Young Presidents Organisation! It is my pleasure to be here amidst some of the young captains of the Indian industry, who, I believe, would continue to guide their respective enterprises for a foreseeable future and make immense contributions in shaping the Indian Economy going forward. I have been asked to speak to you today on “transforming the elephant into a tiger” and in this regard, I would suggest
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Shri Prabhat Jain and other members of the Delhi Chapter of the Young Presidents Organisation! It is my pleasure to be here amidst some of the young captains of the Indian industry, who, I believe, would continue to guide their respective enterprises for a foreseeable future and make immense contributions in shaping the Indian Economy going forward. I have been asked to speak to you today on “transforming the elephant into a tiger” and in this regard, I would suggest
डिसें 10, 2012
Unearned and Unshared Prosperity are Unsustainable
As is invariably the case with any major crisis, the ongoing global financial and economic crisis, including lately, of course, the eurozone crisis, have unleashed a passionate debate over the design of a new architecture of finance, capitalism and globalization. However, the trouble has been not so much with the inter-temporally evolved architecture of finance, capitalism and globalization as really with how it was actually worked in practice. The apocalyptic denouem
Shri V.K. Sharma,
Executive Director, Reserve Bank of India
As is invariably the case with any major crisis, the ongoing global financial and economic crisis, including lately, of course, the eurozone crisis, have unleashed a passionate debate over the design of a new architecture of finance, capitalism and globalization. However, the trouble has been not so much with the inter-temporally evolved architecture of finance, capitalism and globalization as really with how it was actually worked in practice. The apocalyptic denouem
डिसें 07, 2012
Perspectives on India’s Balance of Payments
I thank Professor Sar for inviting me to address this young audience. In the recent years, India’s integration with the global economy has increased significantly. This is reflected in our expanding volume of external trade and financial transactions. While this process has several benefits arising from wider access to consumption and investment, there is attendant cost of periodic instability. Over the last two years, the Reserve Bank has been drawing attention to th
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank Professor Sar for inviting me to address this young audience. In the recent years, India’s integration with the global economy has increased significantly. This is reflected in our expanding volume of external trade and financial transactions. While this process has several benefits arising from wider access to consumption and investment, there is attendant cost of periodic instability. Over the last two years, the Reserve Bank has been drawing attention to th
नोव्हें 23, 2012
Supporting Explosive Growth: Effective Linkages between the Banking Sector and Real Sector
Introduction Shri Rajkumar Dhoot, Hon’ble Member of Parliament and President, ASSOCHAM, Shri M. Narendra, Chairperson, ASSOCHAM National Council for Banking & Finance and CMD, Indian Overseas Bank, Shri Sunil Kanoria, Vice President, ASSOCHAM and Vice Chairman, SREI Infrastructure Finance Ltd.; Mrs. Shubhada Rao, Senior President and Chief Economist, Yes Bank Ltd.; Mr. Subhash C Aggarwal, CMD, SMC Group; Ms. Sudha Ravi, Co-Chairperson, ASSOCHAM National Council fo
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Introduction Shri Rajkumar Dhoot, Hon’ble Member of Parliament and President, ASSOCHAM, Shri M. Narendra, Chairperson, ASSOCHAM National Council for Banking & Finance and CMD, Indian Overseas Bank, Shri Sunil Kanoria, Vice President, ASSOCHAM and Vice Chairman, SREI Infrastructure Finance Ltd.; Mrs. Shubhada Rao, Senior President and Chief Economist, Yes Bank Ltd.; Mr. Subhash C Aggarwal, CMD, SMC Group; Ms. Sudha Ravi, Co-Chairperson, ASSOCHAM National Council fo
नोव्हें 20, 2012
Managing Capital Flows
Ladies and Gentlemen, On behalf of the Reserve Bank of India and my own behalf, I extend a hearty welcome to you all to this conference on Managing Capital Flows, in this great city of Mumbai. As you know the conference is co-sponsored by Reserve Bank of India and Asian Development Bank (ADB). Mumbai is not only the commercial hub of India but also has a rich heritage. I hope you will have some time to experience the vibrancy of Mumbai. 2. Turning to today’s conferenc
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
Ladies and Gentlemen, On behalf of the Reserve Bank of India and my own behalf, I extend a hearty welcome to you all to this conference on Managing Capital Flows, in this great city of Mumbai. As you know the conference is co-sponsored by Reserve Bank of India and Asian Development Bank (ADB). Mumbai is not only the commercial hub of India but also has a rich heritage. I hope you will have some time to experience the vibrancy of Mumbai. 2. Turning to today’s conferenc
नोव्हें 20, 2012
G 20 and India
My sincere thanks to the Forum of Free Enterprise and Shri Minoo Shroff for inviting me to deliver the A.D. Shroff Memorial Lecture. It is an honour to which I attach a lot of value. A.D. Shroff 2. Even as he had no privileged background, A.D. Shroff rose to become one of the country’s most eminent and respected professionals in the financial world of his time. From the Board of Tata Sons, where he was the financial adviser, he went on to become the chairman of New In
Dr. D. Subbarao,
Governor, Reserve Bank of India
My sincere thanks to the Forum of Free Enterprise and Shri Minoo Shroff for inviting me to deliver the A.D. Shroff Memorial Lecture. It is an honour to which I attach a lot of value. A.D. Shroff 2. Even as he had no privileged background, A.D. Shroff rose to become one of the country’s most eminent and respected professionals in the financial world of his time. From the Board of Tata Sons, where he was the financial adviser, he went on to become the chairman of New In
नोव्हें 09, 2012
The Importance of Inflation Expectations
‘‘Each possesses within himself two antagonistic and foolish counsellors, whom we call by the names of pleasure and pain…besides these two, each man possesses opinions about the future, which go by the general name of ‘expectations’; and of these, that which precedes pain bears the special name of ‘fear’, and that which precedes pleasure the special name of ‘confidence’.” Plato, 360 BC I thank Dr. Sesha Iyer and Dr. Pattnaik for the invitation to address this young au
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
‘‘Each possesses within himself two antagonistic and foolish counsellors, whom we call by the names of pleasure and pain…besides these two, each man possesses opinions about the future, which go by the general name of ‘expectations’; and of these, that which precedes pain bears the special name of ‘fear’, and that which precedes pleasure the special name of ‘confidence’.” Plato, 360 BC I thank Dr. Sesha Iyer and Dr. Pattnaik for the invitation to address this young au
ऑक्टो 25, 2012
Financial Regulatory Reforms
A very good afternoon to you all. It is my privilege to chair the panel on ‘Financial Regulatory Reforms: Not far enough or Overkill?’ Let me welcome the four very eminent panelists, Mr. Jae-ha Park, Deputy Dean ADBI; Mr. Stephen Pickford, Associate Fellow, Chatham House; Mr. Paul Bernd Spahn, Professor Emeritus of Goethe University, Frankfurt am Main, Germany and Ms. Susan Thomas, Assistant Professor, Indira Gandhi Institute of Development Research. 2. The topic of t
Shri Anand Sinha,
Deputy Governor, Reserve Bank of India
A very good afternoon to you all. It is my privilege to chair the panel on ‘Financial Regulatory Reforms: Not far enough or Overkill?’ Let me welcome the four very eminent panelists, Mr. Jae-ha Park, Deputy Dean ADBI; Mr. Stephen Pickford, Associate Fellow, Chatham House; Mr. Paul Bernd Spahn, Professor Emeritus of Goethe University, Frankfurt am Main, Germany and Ms. Susan Thomas, Assistant Professor, Indira Gandhi Institute of Development Research. 2. The topic of t
ऑक्टो 22, 2012
Gauging the Potential of Emerging Markets – Can growth be achieved with Durable Financial Stability
Ms. Henny Sender, Chief Correspondent, International Finance, Financial Times and moderator for the panel discussion, my co-panelists, Mr. Bunt Ghosh, Head of Emerging Market Strategy for Asset Management, Credit Suisse; Mr. Sunil Godhwani, CMD, Religare Enterprises; Mr. Sizwe Nxasana, CEO, First Rand Group; Dr. Rana Kapoor, Founder, Managing Director and CEO, Yes Bank; other delegates and members of print and electronic media. A very good afternoon to you all. 2. Whi
Shri Anand Sinha,
Deputy Governor, Reserve Bank of India
Ms. Henny Sender, Chief Correspondent, International Finance, Financial Times and moderator for the panel discussion, my co-panelists, Mr. Bunt Ghosh, Head of Emerging Market Strategy for Asset Management, Credit Suisse; Mr. Sunil Godhwani, CMD, Religare Enterprises; Mr. Sizwe Nxasana, CEO, First Rand Group; Dr. Rana Kapoor, Founder, Managing Director and CEO, Yes Bank; other delegates and members of print and electronic media. A very good afternoon to you all. 2. Whi
ऑक्टो 18, 2012
Managing Currency and Interest Rate Risks – New Challenges for Banks & Corporates
It is a pleasure to be here at the 2nd FT-Yes Bank International Banking Summit amidst a very distinguished set of panellists and audience. I must compliment the organisers for selecting a very wide range of subjects – subjects which are as varied as they are topical in the world as we live in today - for discussions. The subject for this session “Managing currency and interest rate risks – new challenges for banks and corporations” is very relevant in the post crisis
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
It is a pleasure to be here at the 2nd FT-Yes Bank International Banking Summit amidst a very distinguished set of panellists and audience. I must compliment the organisers for selecting a very wide range of subjects – subjects which are as varied as they are topical in the world as we live in today - for discussions. The subject for this session “Managing currency and interest rate risks – new challenges for banks and corporations” is very relevant in the post crisis
ऑक्टो 10, 2012
Welcoming Ben Bernanke
Photographs I am delighted to welcome Chairman Ben Bernanke to the Reserve Bank and to this meeting with the Top Management Group of RBI. 2. It would be presumptuous on my part to introduce a legendary personality like Ben Bernanke, especially to a gathering of central bank staff. I will do so nevertheless, if only to pay homage to a tradition. Crisis - An Intellectual Challenge 3. As we all know, the crisis was an intellectual challenge as it called into question man
Dr. D. Subbarao,
Governor, Reserve Bank of India
Photographs I am delighted to welcome Chairman Ben Bernanke to the Reserve Bank and to this meeting with the Top Management Group of RBI. 2. It would be presumptuous on my part to introduce a legendary personality like Ben Bernanke, especially to a gathering of central bank staff. I will do so nevertheless, if only to pay homage to a tradition. Crisis - An Intellectual Challenge 3. As we all know, the crisis was an intellectual challenge as it called into question man
ऑक्टो 09, 2012
Silver Linings in the Indian Economy
Dr. Debashis Sanyal, Dean, Dr. Vrinda Kamat, Chairperson – MBA Banking, Faculty and students of the School of Business Management, NMIMS University, Shri. M G Sanghvi, Chairman & Managing Director, Syndicate Bank, Shri S K Jain, Executive Director, Bank of Baroda, distinguished invitees, ladies & gentlemen. It is a great pleasure to be amongst budding management professionals and corporate leaders of tomorrow. In the period of gloom and doom for the world in g
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
Dr. Debashis Sanyal, Dean, Dr. Vrinda Kamat, Chairperson – MBA Banking, Faculty and students of the School of Business Management, NMIMS University, Shri. M G Sanghvi, Chairman & Managing Director, Syndicate Bank, Shri S K Jain, Executive Director, Bank of Baroda, distinguished invitees, ladies & gentlemen. It is a great pleasure to be amongst budding management professionals and corporate leaders of tomorrow. In the period of gloom and doom for the world in g
सप्टें 11, 2012
Financial Stability: 2007 to 2012 - Five years on
Mr. D. Sarkar, CMD, Union Bank of India, Mr. Pratip Chaudhuri, Chairman, State Bank of India, senior members of the banking fraternity, delegates to the Conference, members of the print and electronic media and other distinguished guests. It is my privilege to be here in FIBAC 2012 whose theme is “Sustainable excellence through customer engagement, employee engagement and right use of technology”. FIBAC is an important forum for serious deliberations on banking sector
Shri Anand Sinha,
Deputy Governor, Reserve Bank of India
Mr. D. Sarkar, CMD, Union Bank of India, Mr. Pratip Chaudhuri, Chairman, State Bank of India, senior members of the banking fraternity, delegates to the Conference, members of the print and electronic media and other distinguished guests. It is my privilege to be here in FIBAC 2012 whose theme is “Sustainable excellence through customer engagement, employee engagement and right use of technology”. FIBAC is an important forum for serious deliberations on banking sector
सप्टें 05, 2012
Turmoil in Global Economy: The Indian Perspectives
1. Shri Rajendra Kumar Das, Host Branch Chairman, Shri. Prashant Panda, Organizing Committee Chairman and the office bearers of the National & Branch Managing Committees of the Institute of Chartered Accountants of India (ICAI), Shri. Jugal Kishore Mahapatra, Principal Secretary, Finance, Government of Odisha, distinguished delegates from across the country, ladies and gentlemen. I am very happy to be invited to this important conference being organized by the ICA
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
1. Shri Rajendra Kumar Das, Host Branch Chairman, Shri. Prashant Panda, Organizing Committee Chairman and the office bearers of the National & Branch Managing Committees of the Institute of Chartered Accountants of India (ICAI), Shri. Jugal Kishore Mahapatra, Principal Secretary, Finance, Government of Odisha, distinguished delegates from across the country, ladies and gentlemen. I am very happy to be invited to this important conference being organized by the ICA
ऑग 31, 2012
Economic and Financial Developments in Uttarakhand
I thank Professor Murthy for inviting me to share my thoughts with a young audience in an institution which has a formidable reputation in agricultural research as having pioneered the “Green Revolution”. In my talk today, I propose to briefly outline the economic and financial structure of the State as well as highlight various financial inclusion initiatives taken by the Reserve Bank. I will then indicate a few policy challenges in sustaining the growth momentum. I
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank Professor Murthy for inviting me to share my thoughts with a young audience in an institution which has a formidable reputation in agricultural research as having pioneered the “Green Revolution”. In my talk today, I propose to briefly outline the economic and financial structure of the State as well as highlight various financial inclusion initiatives taken by the Reserve Bank. I will then indicate a few policy challenges in sustaining the growth momentum. I
ऑग 29, 2012
India in a Globalizing World : Some Policy Dilemmas
Dr. D. Subbarao,
Governor, Reserve Bank of India
ऑग 28, 2012
India’s Post-Crisis Macroeconomic Challenges
I thank Professor Aditi Abhyankar for the opportunity for being a part of such a distinguished panel and share my thoughts with the young audience. As the future of the country, you have a great stake in the performance of our economy in a globalised world: the opportunity it provides, the promise it holds and the challenges we face. Therefore, the focus of my talk today is on the recent macroeconomic performance of the Indian economy. As you know the Indian economy e
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank Professor Aditi Abhyankar for the opportunity for being a part of such a distinguished panel and share my thoughts with the young audience. As the future of the country, you have a great stake in the performance of our economy in a globalised world: the opportunity it provides, the promise it holds and the challenges we face. Therefore, the focus of my talk today is on the recent macroeconomic performance of the Indian economy. As you know the Indian economy e
ऑग 24, 2012
Turmoil in Global Economy: The Indian Perspective
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
ऑग 20, 2012
Economic and Financial Developments in Odisha
I thank Shri Bijoy Ketan Mishra for inviting me to address this distinguished gathering. I am happy that The Political and Business Daily has chosen to highlight the role of banking in Odisha’s development. In the development of the financial sector, banks have a pivotal role. Finance leads growth and economic progress follows. As you know, the Reserve Bank has been actively engaged in the development of the financial sector. However, we have stepped up our efforts in
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank Shri Bijoy Ketan Mishra for inviting me to address this distinguished gathering. I am happy that The Political and Business Daily has chosen to highlight the role of banking in Odisha’s development. In the development of the financial sector, banks have a pivotal role. Finance leads growth and economic progress follows. As you know, the Reserve Bank has been actively engaged in the development of the financial sector. However, we have stepped up our efforts in
जुलै 30, 2012
Managing currency risk in the new normal
Ladies and Gentlemen, I am happy to be here today and share with you my perspectives on this interesting theme of the Seminar. It does take a lot of courage to coin anything as "normal' these days. What is ‘New Normal’? Mr. Mohamed El-Erian and Mr. Bill Gross of Pacific Investment Management Company (PIMCO)coined the phrase ‘New Normal’ during early 2009 that basically signifies a downward shift in potential growth of the advanced economies post-crisis and the consequ
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
Ladies and Gentlemen, I am happy to be here today and share with you my perspectives on this interesting theme of the Seminar. It does take a lot of courage to coin anything as "normal' these days. What is ‘New Normal’? Mr. Mohamed El-Erian and Mr. Bill Gross of Pacific Investment Management Company (PIMCO)coined the phrase ‘New Normal’ during early 2009 that basically signifies a downward shift in potential growth of the advanced economies post-crisis and the consequ
जुलै 18, 2012
On Leadership Skills
I thank the students of Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai for inviting me to this Seminar, aptly titled “The CATALYST”. For me, being here, in my Alma Mater, is special, and being the Chief Guest today is therefore doubly special. I am also happy to be sharing with you my thoughts on a subject, which has been close to my heart: Leadership. I remember having studied Transformational Leadership and its Impact on Organisational Climate and Un
Shri V.S. Das,
Executive Director, Reserve Bank of India
I thank the students of Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai for inviting me to this Seminar, aptly titled “The CATALYST”. For me, being here, in my Alma Mater, is special, and being the Chief Guest today is therefore doubly special. I am also happy to be sharing with you my thoughts on a subject, which has been close to my heart: Leadership. I remember having studied Transformational Leadership and its Impact on Organisational Climate and Un
जुलै 17, 2012
Statistics in the Reserve Bank of India
Governor Dr. Subbarao, Prof. R. Radhakrishna, Chairman, National Statistical Commission, Dr. Aurel Schubert, Director General, Statistics Department, European Central Bank (ECB), Deputy Governor Dr. Subir Gokarn; other distinguished speakers Prof. J.R. Varma, IIM Ahmedabad, Prof. Probal Chaudhuri, ISI Kolkata and Prof. Amit Bubna, ISB, Hyderabad; Deputy Governors, colleague Executive Directors, distinguished guests from the financial sector and academia, members of th
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
Governor Dr. Subbarao, Prof. R. Radhakrishna, Chairman, National Statistical Commission, Dr. Aurel Schubert, Director General, Statistics Department, European Central Bank (ECB), Deputy Governor Dr. Subir Gokarn; other distinguished speakers Prof. J.R. Varma, IIM Ahmedabad, Prof. Probal Chaudhuri, ISI Kolkata and Prof. Amit Bubna, ISB, Hyderabad; Deputy Governors, colleague Executive Directors, distinguished guests from the financial sector and academia, members of th
जून 19, 2012
India - Macroeconomic Situation Assessment and Prospects
Dr. D. Subbarao,
Governor, Reserve Bank of India
एप्रि 13, 2012
Enabling Affordable Housing for All – Issues & Challenges
1. It is a pleasure to address such a distinguished gathering of delegates at the international conference and the well-known experts from the sector who have assembled here. It is my pleasure to be here not only as a representative of the Reserve Bank of India but also as a member of the Board of the National Housing Bank (NHB). Over the years, the Reserve Bank and the NHB have committed to the cause of improving the condition of the Indian housing sector considering
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
1. It is a pleasure to address such a distinguished gathering of delegates at the international conference and the well-known experts from the sector who have assembled here. It is my pleasure to be here not only as a representative of the Reserve Bank of India but also as a member of the Board of the National Housing Bank (NHB). Over the years, the Reserve Bank and the NHB have committed to the cause of improving the condition of the Indian housing sector considering
एप्रि 12, 2012
Empowering the Growth of Emerging Enterprises
Shri Bodhisatva Ganguli, Deputy Executive Editor, The Economic Times, Shri Pramit Jhaveri, CEO, Citibank India, Ms. Paromita Chatterjee, Senior Editor, ET Now, Mr. Venu Srinivasan, Chairman, TVS Motor Company Ltd., Dr. Swati Piramal, Director – Strategic Alliances and Communications, Piramal Healthcare Ltd., distinguished panelists, other distinguished guests, members of the print and electronic media, ladies and gentlemen. 2. At the outset, I would like to congratula
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Shri Bodhisatva Ganguli, Deputy Executive Editor, The Economic Times, Shri Pramit Jhaveri, CEO, Citibank India, Ms. Paromita Chatterjee, Senior Editor, ET Now, Mr. Venu Srinivasan, Chairman, TVS Motor Company Ltd., Dr. Swati Piramal, Director – Strategic Alliances and Communications, Piramal Healthcare Ltd., distinguished panelists, other distinguished guests, members of the print and electronic media, ladies and gentlemen. 2. At the outset, I would like to congratula
एप्रि 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
एप्रि 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
एप्रि 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
मार्च 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
मार्च 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
मार्च 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
मार्च 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
मार्च 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
फेब्रु 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
फेब्रु 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
फेब्रु 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
फेब्रु 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
फेब्रु 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.
फेब्रु 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
फेब्रु 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
जाने 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
जाने 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
जाने 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
जाने 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
जाने 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
जाने 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
डिसें 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
डिसें 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
डिसें 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
डिसें 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
डिसें 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
डिसें 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
डिसें 01, 2011
Changing Contours of Monetary Policy in India
I thank the Royal Monetary Authority of Bhutan and Governor H.E. Daw Tenzin for inviting me to address such a distinguished gathering. I thought of speaking on monetary policy in India for four reasons. First, the currencies of Bhutan and India, i.e., Ngultrum and Rupee are closely linked. Hence, monetary policy developments in India have implications for monetary policy in Bhutan. Second, in October 2011, the Reserve Bank deregulated savings deposit interest rate of
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Royal Monetary Authority of Bhutan and Governor H.E. Daw Tenzin for inviting me to address such a distinguished gathering. I thought of speaking on monetary policy in India for four reasons. First, the currencies of Bhutan and India, i.e., Ngultrum and Rupee are closely linked. Hence, monetary policy developments in India have implications for monetary policy in Bhutan. Second, in October 2011, the Reserve Bank deregulated savings deposit interest rate of
नोव्हें 25, 2011
Rejigging the Elephant Dance
Thank you for inviting me to deliver this year’s Haksar Memorial lecture. It is an honour to which I attach a lot of value. P.N. Haksar, whom this series of lectures commemorates, was an outstanding civil servant, an intellectual power house and a grand visionary who had a profound impact on the economic and political management of the country during critical, and often turbulent, times in our post-independence history. P.N. Haksar 2. I did not have the pleasure of kn
Dr. D. Subbarao,
Governor, Reserve Bank of India
Thank you for inviting me to deliver this year’s Haksar Memorial lecture. It is an honour to which I attach a lot of value. P.N. Haksar, whom this series of lectures commemorates, was an outstanding civil servant, an intellectual power house and a grand visionary who had a profound impact on the economic and political management of the country during critical, and often turbulent, times in our post-independence history. P.N. Haksar 2. I did not have the pleasure of kn
नोव्हें 22, 2011
The Challenge of Food Inflation
First of all, my thanks to the Indian Society of Agricultural Marketing, particularly to Prof. Radhakrishna, the President, and Prof. Satyanarayana, Secretary of the Society for inviting me to address this conference. Speaking to a gathering of distinguished agricultural economists is an opportunity to which I attach a lot of value. Whenever I am invited to speak, I struggle to determine a topic that is relevant to the organizers, and is also within the domain of the
Dr. D. Subbarao,
Governor, Reserve Bank of India
First of all, my thanks to the Indian Society of Agricultural Marketing, particularly to Prof. Radhakrishna, the President, and Prof. Satyanarayana, Secretary of the Society for inviting me to address this conference. Speaking to a gathering of distinguished agricultural economists is an opportunity to which I attach a lot of value. Whenever I am invited to speak, I struggle to determine a topic that is relevant to the organizers, and is also within the domain of the
नोव्हें 15, 2011
Financial Regulation for Growth, Equity and Stability in the Post-Crisis World
Let me start by telling you about the motivation for the conference theme. 2. Failure of regulation, by wide agreement, was one of the main causes of the 2008 global financial crisis. It is unsurprising therefore that reforming regulation has come centre stage post-crisis. The progress in regulatory reforms over the last two years has been impressive, but the agenda ahead remains formidable. Regulation will bring in benefits by way of financial stability, but it also
Dr. D. Subbarao,
Governor, Reserve Bank of India
Let me start by telling you about the motivation for the conference theme. 2. Failure of regulation, by wide agreement, was one of the main causes of the 2008 global financial crisis. It is unsurprising therefore that reforming regulation has come centre stage post-crisis. The progress in regulatory reforms over the last two years has been impressive, but the agenda ahead remains formidable. Regulation will bring in benefits by way of financial stability, but it also
नोव्हें 15, 2011
Financial Sector Regulation for Growth, Equity and Stability in the Post Crisis World
Introduction I am delighted to join Governor Subbarao and his colleagues at the Reserve Bank of India at this conference on “Financial sector regulation for growth, equity and stability in the post-crisis world”. And I would like to thank Usha Thorat, the first head of the Centre for Advanced Financial Research and Learning, for the invitation. All credit is due to Governor Subbarao and Usha Thorat for this important initiative. One of the lessons of this crisis is ou
Jaime Caruana,
General Manager, Bank for International Settlements
Introduction I am delighted to join Governor Subbarao and his colleagues at the Reserve Bank of India at this conference on “Financial sector regulation for growth, equity and stability in the post-crisis world”. And I would like to thank Usha Thorat, the first head of the Centre for Advanced Financial Research and Learning, for the invitation. All credit is due to Governor Subbarao and Usha Thorat for this important initiative. One of the lessons of this crisis is ou
नोव्हें 03, 2011
Growth, Resilience and Reform: Reflections on Post-crisis Policy Challenges*
Introduction It is a privilege and a pleasure for me to be delivering the 45th A. D. Shroff Memorial Lecture. The list of speakers who preceded me reads like an honour roll of the business and policy establishment in our country and I am proud to be a part of this very distinguished set of people. I am also very glad that the venue of the lecture is the Indian Merchants’ Chamber. 2011 marks the 20th anniversary of the reform initiative of 1991. Early that year, IMC an
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
Introduction It is a privilege and a pleasure for me to be delivering the 45th A. D. Shroff Memorial Lecture. The list of speakers who preceded me reads like an honour roll of the business and policy establishment in our country and I am proud to be a part of this very distinguished set of people. I am also very glad that the venue of the lecture is the Indian Merchants’ Chamber. 2011 marks the 20th anniversary of the reform initiative of 1991. Early that year, IMC an
ऑक्टो 31, 2011
Economic and Financial Developments in Goa
I thank the Goa Chamber of Commerce and Industry and Shri Mangarish Pai Raikar for inviting me to address this distinguished gathering. As currently Goa is celebrating the Golden Jubilee Year of its Liberation, I thought that the occasion is appropriate to highlight the recent economic achievements of the state. The scenic state of Goa is the 25th state in the union of states of India. It covers 0.11 per cent of the total geographical area of the country and accounts
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Goa Chamber of Commerce and Industry and Shri Mangarish Pai Raikar for inviting me to address this distinguished gathering. As currently Goa is celebrating the Golden Jubilee Year of its Liberation, I thought that the occasion is appropriate to highlight the recent economic achievements of the state. The scenic state of Goa is the 25th state in the union of states of India. It covers 0.11 per cent of the total geographical area of the country and accounts
ऑक्टो 19, 2011
Identifying Systemic Risk in Global Markets – Lessons learned from the crisis
In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In other words, it is not so much high volatility, which is the ‘effect’, that should be a cause for concern as persistent and excessively low volatility, which is the ‘cause’, and was the hallmark of the pre-crisis period. In p
Shri V.K. Sharma,
Executive Director, Reserve Bank of India
In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In other words, it is not so much high volatility, which is the ‘effect’, that should be a cause for concern as persistent and excessively low volatility, which is the ‘cause’, and was the hallmark of the pre-crisis period. In p
ऑक्टो 10, 2011
Monetary Policy: Key factors Shaping Trajectory
Subir Gokarn, Deputy Governor, Reserve Bank of India. Published in the www.livemint.com on September 22, 2011. For energy-importing economies such as China and India, monetary policy is going to be influenced by global oil price movements as long as oil remains the predominant incremental source of energy The core objectives of monetary policy in the future will remain what they have been in the past. The primary objective of monetary policy is a low and stable inflat
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
Subir Gokarn, Deputy Governor, Reserve Bank of India. Published in the www.livemint.com on September 22, 2011. For energy-importing economies such as China and India, monetary policy is going to be influenced by global oil price movements as long as oil remains the predominant incremental source of energy The core objectives of monetary policy in the future will remain what they have been in the past. The primary objective of monetary policy is a low and stable inflat
ऑक्टो 07, 2011
Welcome Remarks by Dr. D. Subbarao, RBI Governor at the talk delivered by Dr. Arvind Subramanian
1. I have great pleasure in welcoming Arvind Subramanian, Senior Fellow at the Peterson Institute for International Economics, Washington DC. He will shortly be speaking to us on ‘Will the Renminbi Eclipse the Dollar?’ based, I believe, on his latest book ‘Eclipse’. 2. It will be presumptuous on my part to introduce Arvind. Some of us are privileged to know him personally, and almost everyone here knows him by name and by reputation. Stature and Reputation 3. Over the
Dr. D. Subbarao,
Governor, Reserve Bank of India
1. I have great pleasure in welcoming Arvind Subramanian, Senior Fellow at the Peterson Institute for International Economics, Washington DC. He will shortly be speaking to us on ‘Will the Renminbi Eclipse the Dollar?’ based, I believe, on his latest book ‘Eclipse’. 2. It will be presumptuous on my part to introduce Arvind. Some of us are privileged to know him personally, and almost everyone here knows him by name and by reputation. Stature and Reputation 3. Over the
सप्टें 28, 2011
Indian Economy: Progress and Prospects
It is an honour and privilege for me to be speaking at Harvard to such a distinguished audience. I thank Professor Benjamin Friedman and Professor Tarun Khanna for this opportunity. I will be speaking on the Indian Economy. India is home to 1.21 billion people, which is about 17.4 per cent of the global population. However, it accounts for only 2.4 per cent of world GDP in US dollar terms and 5.5 per cent in purchasing power parity (ppp) terms. Hence, there exists a h
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
It is an honour and privilege for me to be speaking at Harvard to such a distinguished audience. I thank Professor Benjamin Friedman and Professor Tarun Khanna for this opportunity. I will be speaking on the Indian Economy. India is home to 1.21 billion people, which is about 17.4 per cent of the global population. However, it accounts for only 2.4 per cent of world GDP in US dollar terms and 5.5 per cent in purchasing power parity (ppp) terms. Hence, there exists a h
सप्टें 27, 2011
Monetary Policy Dilemmas: Some RBI Perspectives
I value this opportunity of speaking at the Stern School to an academic community interested in central bank issues. Over the last decade, the profile of central banks has gone up. First, we had the Great Moderation - a period of extraordinary benign macroeconomic environment globally, characterized by steady growth in advanced economies and accelerated growth in emerging economies, and low and stable inflation all around. Central banks took credit for this, believed
Dr. D. Subbarao,
Governor, Reserve Bank of India
I value this opportunity of speaking at the Stern School to an academic community interested in central bank issues. Over the last decade, the profile of central banks has gone up. First, we had the Great Moderation - a period of extraordinary benign macroeconomic environment globally, characterized by steady growth in advanced economies and accelerated growth in emerging economies, and low and stable inflation all around. Central banks took credit for this, believed
सप्टें 24, 2011
Intervention by Dr. D. Subbarao, Governor, Reserve Bank of India at IMF Meeting on September 23, 2011
The messages that we heard are sharp, specific and candid. If I were asked to pick the headline message of the presentation, it is that we are rapidly running out of time, and may therefore be running out of solutions. 2. The two big flashpoints are: renewed anxiety in the US about recession, and the deepening of the sovereign debt crisis in the Euro area. Each is by itself a big risk, but the bigger risk is that both could materialize simultaneously, and interact wit
Dr. D. Subbarao,
Governor, Reserve Bank of India
The messages that we heard are sharp, specific and candid. If I were asked to pick the headline message of the presentation, it is that we are rapidly running out of time, and may therefore be running out of solutions. 2. The two big flashpoints are: renewed anxiety in the US about recession, and the deepening of the sovereign debt crisis in the Euro area. Each is by itself a big risk, but the bigger risk is that both could materialize simultaneously, and interact wit
सप्टें 03, 2011
Towards making Right to Information Act More Meaningful
Hon’ble Information Commissioner, Shri Shailesh Gandhi, Executive Director, Union Bank of India, Shri S. S. Mundra, Secretary, Bank Depositors’ Association, Shri Ashok Rawat, Managing Editor of Moneylife Magazine, Ms. Sucheta Dalal, Ladies & Gentlemen: It gives me great pleasure to participate in this seminar which is graced by the presence of our Central Information Commissioner, Shri Shailesh Gandhi. Shri Gandhi, as we all know, is one of the pioneers who worked
Shri V.S. Das,
Executive Director, Reserve Bank of India
Hon’ble Information Commissioner, Shri Shailesh Gandhi, Executive Director, Union Bank of India, Shri S. S. Mundra, Secretary, Bank Depositors’ Association, Shri Ashok Rawat, Managing Editor of Moneylife Magazine, Ms. Sucheta Dalal, Ladies & Gentlemen: It gives me great pleasure to participate in this seminar which is graced by the presence of our Central Information Commissioner, Shri Shailesh Gandhi. Shri Gandhi, as we all know, is one of the pioneers who worked
सप्टें 03, 2011
Monetary Policy Response to Recent Inflation in India
I thank the Indian Institute of Technology (IIT), Guwahati and Mr. Ankit Khemka, Convenor, Techniche 2011, for inviting me to address such a talented and bright group of youngsters . I propose to speak to you about inflation which is a matter of concern to all of us. It has been about two years since October 2009 that the Reserve Bank of India announced its exit from the crisis-driven accommodative monetary policy stance. However, inflation continues to remain elevate
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Indian Institute of Technology (IIT), Guwahati and Mr. Ankit Khemka, Convenor, Techniche 2011, for inviting me to address such a talented and bright group of youngsters . I propose to speak to you about inflation which is a matter of concern to all of us. It has been about two years since October 2009 that the Reserve Bank of India announced its exit from the crisis-driven accommodative monetary policy stance. However, inflation continues to remain elevate
ऑग 12, 2011
How does the Reserve Bank of India Conduct its Monetary Policy?
I thank the Indian Institute of Management (IIM), Lucknow for inviting me to address this distinguished gathering. I do see many bright young prospective managers in the audience. As you step out of the portals of the Institute, you will be faced with the challenge of managing some or the other key aspect of our economy, be it agriculture, industry or services. This evening, let me give you a flavour of how do we manage monetary policy in the Reserve Bank of India? In
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Indian Institute of Management (IIM), Lucknow for inviting me to address this distinguished gathering. I do see many bright young prospective managers in the audience. As you step out of the portals of the Institute, you will be faced with the challenge of managing some or the other key aspect of our economy, be it agriculture, industry or services. This evening, let me give you a flavour of how do we manage monetary policy in the Reserve Bank of India? In
ऑग 05, 2011
Indian Education System – Issues and Challenges
‘Plants are shaped by cultivation and humans by education’ Mr. Shantanu Prakash, Chairman and CEO, Educomp Solutions Ltd., Mr. Harpreet Singh, President, JRE Group of Institutions, Prof. Stephen Rawlinson, Academic President, JRE Group of Institutions, Mr. Siddharth Mukherjee, Director of Corporate Relations, Prof. Pankaj Gupta, Director, School of Management, Dr. Ramesh Agarwal, Director, JRE Group of Institutions, members of the print and electronic media, students
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
‘Plants are shaped by cultivation and humans by education’ Mr. Shantanu Prakash, Chairman and CEO, Educomp Solutions Ltd., Mr. Harpreet Singh, President, JRE Group of Institutions, Prof. Stephen Rawlinson, Academic President, JRE Group of Institutions, Mr. Siddharth Mukherjee, Director of Corporate Relations, Prof. Pankaj Gupta, Director, School of Management, Dr. Ramesh Agarwal, Director, JRE Group of Institutions, members of the print and electronic media, students
जुलै 08, 2011
Economic Reforms for Sustainable Growth
Economic Reforms for Sustainable Growth* I. Introduction It is a great pleasure and privilege for me to be speaking at the 175th Annual General Meeting of the Madras Chamber of Commerce and Industry. I have had the opportunity to speak at previous events organized by the Chamber, and also interact with committee members and the secretariat during my tenure as the chairperson of the Economic Affairs Committee of ASSOCHAM. But, this is a special occasion and I thank the
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
Economic Reforms for Sustainable Growth* I. Introduction It is a great pleasure and privilege for me to be speaking at the 175th Annual General Meeting of the Madras Chamber of Commerce and Industry. I have had the opportunity to speak at previous events organized by the Chamber, and also interact with committee members and the secretariat during my tenure as the chairperson of the Economic Affairs Committee of ASSOCHAM. But, this is a special occasion and I thank the
जुलै 05, 2011
Statistics in the Reserve Bank of India
Governor Dr. Subbarao, Deputy Governor Dr. Subir Gokarn, Professor Pantula, Professor Karandikar, distinguished invitees and friends. I welcome you all to the Reserve Bank’s 5th statistics day conference. This annual event provides an occasion to learn about developments in the area of statistics, review the contribution of statisticians in the Reserve Bank and reflect on challenges in the way forward. 2. Since 2007, 29th June is celebrated as the statistics day in ho
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
Governor Dr. Subbarao, Deputy Governor Dr. Subir Gokarn, Professor Pantula, Professor Karandikar, distinguished invitees and friends. I welcome you all to the Reserve Bank’s 5th statistics day conference. This annual event provides an occasion to learn about developments in the area of statistics, review the contribution of statisticians in the Reserve Bank and reflect on challenges in the way forward. 2. Since 2007, 29th June is celebrated as the statistics day in ho
जुलै 05, 2011
Statistics in the World of RBI - Duvvuri Subbarao
We are gathered here today for the 5th Annual Statistics Day Conference of the Reserve Bank to honour the signal contribution of late Prof. P.C. Mahalanobis to the Indian statistical system. Let me start by noting that the United Nations declared October 20, 2010 as the first World Statistics Day. In recognizing the importance of statistics and statistical analysis to public policy formulation, we in India have been ahead of the world. Statistics Day in RBI 2. I note
Dr. D. Subbarao,
Governor, Reserve Bank of India
We are gathered here today for the 5th Annual Statistics Day Conference of the Reserve Bank to honour the signal contribution of late Prof. P.C. Mahalanobis to the Indian statistical system. Let me start by noting that the United Nations declared October 20, 2010 as the first World Statistics Day. In recognizing the importance of statistics and statistical analysis to public policy formulation, we in India have been ahead of the world. Statistics Day in RBI 2. I note
जून 17, 2011
Challenges and Opportunities in a Trillion Dollar Economy
Shri Pranab Mukherjee, Hon’ble Finance Minister, Government of India, Dr Narendra Jadhav, Member, Planning Commission, Shri Dilip Modi, President , ASSOCHAM, Shri R. N. Dhoot, Senior Vice President, ASSOCHAM, and MP, Rajya Sabha, Shri J. M. Garg, Central Vigilance Commissioner, Dr Thomas Mathew, Jt Secretary, Capital Markets, Ministry of Finance, Shri M. Narendra, Chairperson, ASSOCHAM National Council for Banking & Finance and CMD, Indian Overseas Bank, Shri T. M
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Shri Pranab Mukherjee, Hon’ble Finance Minister, Government of India, Dr Narendra Jadhav, Member, Planning Commission, Shri Dilip Modi, President , ASSOCHAM, Shri R. N. Dhoot, Senior Vice President, ASSOCHAM, and MP, Rajya Sabha, Shri J. M. Garg, Central Vigilance Commissioner, Dr Thomas Mathew, Jt Secretary, Capital Markets, Ministry of Finance, Shri M. Narendra, Chairperson, ASSOCHAM National Council for Banking & Finance and CMD, Indian Overseas Bank, Shri T. M
जून 10, 2011
'Financial Stability : The Indian Experience' presentation by Smt. Shyamala Gopinath, Deputy Governor, RBI at the SAARCFINANCE Governors' Symposium, Kumarakom, Kerala on June 10, 2011
Smt. Shyamala Gopinath,
Deputy Governor, Reserve Bank of India
जून 10, 2011
Financial Stability: Some Issues
Dear Governor Subbarao, Esteemed Mr. Jaime Caruana, Respected Governors of Central Banks of SAARC region, distinguished central bankers and friends, I am grateful to my friend and distinguished successor Governor Subbarao and RBI, for giving me this opportunity to be with this august gathering. The subject for the Symposium is very timely, and is of great significance for the central banks. I want to congratulate the scholars in RBI for outstanding concept papers. The
Dr. Y. V. Reddy,
Former Governor, Reserve Bank of India
Dear Governor Subbarao, Esteemed Mr. Jaime Caruana, Respected Governors of Central Banks of SAARC region, distinguished central bankers and friends, I am grateful to my friend and distinguished successor Governor Subbarao and RBI, for giving me this opportunity to be with this august gathering. The subject for the Symposium is very timely, and is of great significance for the central banks. I want to congratulate the scholars in RBI for outstanding concept papers. The
जून 10, 2011
Wrap up and Concluding Remarks
Governor Dr. Subbarao, governors of other SAARC member countries, heads of country delegations, Dr. Reddy, Dr. Caruana, Mr. Ninan and distinguished participants from the SAARC central banks and friends, It has been a long day of exciting and thought provoking discussions on the very important issue of financial stability. The backwaters of Kumarakom and the tranquil atmosphere of Zuri has provided the perfect setting for a free flow of ideas throughout the day. The th
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
Governor Dr. Subbarao, governors of other SAARC member countries, heads of country delegations, Dr. Reddy, Dr. Caruana, Mr. Ninan and distinguished participants from the SAARC central banks and friends, It has been a long day of exciting and thought provoking discussions on the very important issue of financial stability. The backwaters of Kumarakom and the tranquil atmosphere of Zuri has provided the perfect setting for a free flow of ideas throughout the day. The th
जून 10, 2011
Financial Stability Mandate of Central Banks Issues in the International and Indian Context
Financial stability has come centre stage in the post crisis scenario. The discourse has been quite broad spectrum - ranging from first principles such as the definition of financial stability to intellectually involved issues like the implication of financial stability for growth and welfare. Although the crisis originated in the advanced economies, we, in emerging economies too have been affected by it, and indeed by much more than we had thought possible. This cont
Dr. D. Subbarao,
Governor, Reserve Bank of India
Financial stability has come centre stage in the post crisis scenario. The discourse has been quite broad spectrum - ranging from first principles such as the definition of financial stability to intellectually involved issues like the implication of financial stability for growth and welfare. Although the crisis originated in the advanced economies, we, in emerging economies too have been affected by it, and indeed by much more than we had thought possible. This cont
जून 10, 2011
Welcome remarks by Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India at SAARCFINANCE Governors’ Symposium on ‘Financial Stability’
1. Governor Dr. Subbarao, distinguished Governors, Dr. Reddy, Mr. Caruana, Mr. Ninan, Mrs. Thorat, Deputy Governors, our guests from SAARC central banks and friends. On behalf of the Reserve Bank of India, I extend a warm welcome to you all to the SAARCFINANCE Governor’s Symposium 2011 on the theme of Financial Stability. Just to refresh your memories, the last Governors Symposium organized by us under Dr. Reddy was in 2005 at Mumbai which dealt with the theme of ‘Com
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
1. Governor Dr. Subbarao, distinguished Governors, Dr. Reddy, Mr. Caruana, Mr. Ninan, Mrs. Thorat, Deputy Governors, our guests from SAARC central banks and friends. On behalf of the Reserve Bank of India, I extend a warm welcome to you all to the SAARCFINANCE Governor’s Symposium 2011 on the theme of Financial Stability. Just to refresh your memories, the last Governors Symposium organized by us under Dr. Reddy was in 2005 at Mumbai which dealt with the theme of ‘Com
जून 10, 2011
Monetary policy in a world with macroprudential policy
Introduction Ladies and gentlemen, it is a privilege to be able to speak today to this distinguished group of Governors. As for my subject, I will focus on how monetary policy might need to adjust to the implementation of new macroprudential frameworks. To speak on this topic in India is almost presumptuous, given that the Reserve Bank of India is among those central banks, mainly Asian ones, that have successfully combined both monetary policy and macroprudential mea
Jaime Caruana,
General Manager, Bank for International Settlements
Introduction Ladies and gentlemen, it is a privilege to be able to speak today to this distinguished group of Governors. As for my subject, I will focus on how monetary policy might need to adjust to the implementation of new macroprudential frameworks. To speak on this topic in India is almost presumptuous, given that the Reserve Bank of India is among those central banks, mainly Asian ones, that have successfully combined both monetary policy and macroprudential mea
जून 01, 2011
Talent Acquisition and Management
Shri M. Balachandran, Director, IBPS, Shri K. Ramakrishnan, CEO, IBA, members of Governing Board of the IBPS, faculty members of IBPS, my old friends and colleagues, Mr. Saurabh Tripathi of BCG who made an excellent presentation, distinguished guests, ladies and gentlemen. It is a pleasure and privilege to be here at the Seminar on Talent Acquisition and Management organized by the IBPS. The Seminar has very interesting objectives in that it attempts to review and evo
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Shri M. Balachandran, Director, IBPS, Shri K. Ramakrishnan, CEO, IBA, members of Governing Board of the IBPS, faculty members of IBPS, my old friends and colleagues, Mr. Saurabh Tripathi of BCG who made an excellent presentation, distinguished guests, ladies and gentlemen. It is a pleasure and privilege to be here at the Seminar on Talent Acquisition and Management organized by the IBPS. The Seminar has very interesting objectives in that it attempts to review and evo
मे 10, 2011
Policy Discipline and Spillovers in an Inter-connected Global Economy
The interconnected world is not new. We have been living in it for some time. For half a century, exports, international capital flows, and foreign direct investment have been growing much faster than GDP, binding economies ever more tightly together. In many ways, this process has been a tremendous force for good. My own country, India, is testament to that. Integration with the world contributed to growth, lifting hundreds of millions of people out of poverty. But i
Dr. D. Subbarao,
Governor, Reserve Bank of India
The interconnected world is not new. We have been living in it for some time. For half a century, exports, international capital flows, and foreign direct investment have been growing much faster than GDP, binding economies ever more tightly together. In many ways, this process has been a tremendous force for good. My own country, India, is testament to that. Integration with the world contributed to growth, lifting hundreds of millions of people out of poverty. But i
मे 09, 2011
Central Bank Governance Issues : Some RBI Perspectives
Thank you for this opportunity to speak on some central bank governance issues from the perspective of the Reserve Bank of India (RBI). I will raise some specific issues. But before getting into them, I want to make two broad comments about the mandate of the Reserve Bank and our systems of autonomy and accountability. That will give you the broad context for appreciating the specific issues that I will raise later. RBI’s Mandate 2. RBI has a mandate that is wider tha
Dr. D. Subbarao,
Governor, Reserve Bank of India
Thank you for this opportunity to speak on some central bank governance issues from the perspective of the Reserve Bank of India (RBI). I will raise some specific issues. But before getting into them, I want to make two broad comments about the mandate of the Reserve Bank and our systems of autonomy and accountability. That will give you the broad context for appreciating the specific issues that I will raise later. RBI’s Mandate 2. RBI has a mandate that is wider tha
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