Speeches - ଆରବିଆଇ - Reserve Bank of India
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Foreign Exchange Management Act Announcement
Speeches
ଡିସେମ୍ବର 04, 2000
Development and Management of Forex Markets : A Central Banking Perspective
Mr. Venkataraman, distinguished guests and friends, I am thankful to the Forex Association of India for inviting me to this Session of the 21st Asia Pacific Forex Congress. I would like to add a special word of welcome to the delegates from Asia and the Pacific regions to Delhi to participate in this Congress. For us, this is a very special occasion as India, I believe, has a lot to learn from the experience of countries in our region in the proper development and man
Dr. Bimal Jalan,
Governor, Reserve Bank of India
Mr. Venkataraman, distinguished guests and friends, I am thankful to the Forex Association of India for inviting me to this Session of the 21st Asia Pacific Forex Congress. I would like to add a special word of welcome to the delegates from Asia and the Pacific regions to Delhi to participate in this Congress. For us, this is a very special occasion as India, I believe, has a lot to learn from the experience of countries in our region in the proper development and man
ଜୁଲାଇ 13, 2000
Capital Flows and Self Reliance Redefined
Mr. President and friends, I consider it a great privilege and an honour to be invited to deliver the 27th Frank Moraes Memorial Lecture. While I did not have the privilege of meeting Mr. Frank Moraes, I am an admirer of his writings, which are at once, objective, informative, illuminating, and inspiring. I must compliment the United Writers Association for keeping alive his memory in a befitting manner. I must also compliment the organisers for their tradition of inv
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Mr. President and friends, I consider it a great privilege and an honour to be invited to deliver the 27th Frank Moraes Memorial Lecture. While I did not have the privilege of meeting Mr. Frank Moraes, I am an admirer of his writings, which are at once, objective, informative, illuminating, and inspiring. I must compliment the United Writers Association for keeping alive his memory in a befitting manner. I must also compliment the organisers for their tradition of inv
ଜୁନ 24, 2000
Issues in Managing Capital Account Liberalisation
The objectives of this presentation are:(i) To suggest the need of some of the developing countries for managing capital account, implying elements of control, regulation and liberalisation as appropriate.(ii) to emphasise the importance of both international and national context in the management of capital account.(iii) to outline the contours of control and regulatory framework and the possible use of these in prioritising capital flows while suggesting the dynamic
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
The objectives of this presentation are:(i) To suggest the need of some of the developing countries for managing capital account, implying elements of control, regulation and liberalisation as appropriate.(ii) to emphasise the importance of both international and national context in the management of capital account.(iii) to outline the contours of control and regulatory framework and the possible use of these in prioritising capital flows while suggesting the dynamic
ଜୁନ 22, 2000
Operationalising Capital Account Liberalisation : Indian Experience
The objective of this paper is to narrate the Indian experience in operationalising capital account liberalisation. At the outset, the Indian context is described followed by a brief account of the factors that triggered the process of liberalisation in the nineties. The policy framework that governed liberalisation, the process of liberalisation and the current framework of controls are then explained. Subsequent sections describe the management of capital account a
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
The objective of this paper is to narrate the Indian experience in operationalising capital account liberalisation. At the outset, the Indian context is described followed by a brief account of the factors that triggered the process of liberalisation in the nineties. The policy framework that governed liberalisation, the process of liberalisation and the current framework of controls are then explained. Subsequent sections describe the management of capital account a
ଜୁନ 13, 2000
Changing Role of RBI: Agenda for Attention
Mr. Chairman and friends, I am grateful to the organisers of the Madon Memorial Lecture for inviting me to deliver this Lecture. That the contributions of Shri B.F. Madon are of lasting value is evident from the fact that although, over seventy years have elapsed since he passed away, lectures in his memory are organised, and the response is still overwhelming. There are several reasons why I feel especially elated at my association with this lecture series. First, Ma
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Mr. Chairman and friends, I am grateful to the organisers of the Madon Memorial Lecture for inviting me to deliver this Lecture. That the contributions of Shri B.F. Madon are of lasting value is evident from the fact that although, over seventy years have elapsed since he passed away, lectures in his memory are organised, and the response is still overwhelming. There are several reasons why I feel especially elated at my association with this lecture series. First, Ma
ସେପ୍ଟେମ୍ବର 03, 1999
Development of Forex Markets: Indian Experience
Mr. Chairman and Friends, I am thankful to the organisers for giving me this opportunity to be with distinguished Central Bank Governors and professionals in forex business from South Asia. Since we met last in Hyderabad a year ago, the financial world has come out of a serious crisis, perhaps wiser and more sober. We could at this stage, therefore, give some attention to structural and developmental aspects of the external sector including forex markets. I, therefo
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Mr. Chairman and Friends, I am thankful to the organisers for giving me this opportunity to be with distinguished Central Bank Governors and professionals in forex business from South Asia. Since we met last in Hyderabad a year ago, the financial world has come out of a serious crisis, perhaps wiser and more sober. We could at this stage, therefore, give some attention to structural and developmental aspects of the external sector including forex markets. I, therefo
ଜୁନ 11, 1999
External Debt Policies in Emerging Economies : New Dimensions
Mr. Chairman and friends,At the outset, I would like to express my gratitude to Dr.Shanker Acharya, Mr.Ravi Mohan and Mr.Sanjay Kathuria, who gave me an opportunity to attend this seminar on Corporate External Debt Management. The deliberations have indeed been a feast and there is nothing but admiration for the outstanding organisational abilities of all concerned. There has been an ideal mix of participants and subjects. In the previous Seminar on external debt at
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Mr. Chairman and friends,At the outset, I would like to express my gratitude to Dr.Shanker Acharya, Mr.Ravi Mohan and Mr.Sanjay Kathuria, who gave me an opportunity to attend this seminar on Corporate External Debt Management. The deliberations have indeed been a feast and there is nothing but admiration for the outstanding organisational abilities of all concerned. There has been an ideal mix of participants and subjects. In the previous Seminar on external debt at
ଫେବୃଆରୀ 20, 1999
Euro and its Implications for India
Mr.Singh and friends, It gives me great pleasure to deliver the keynote address at this seminar today. True, a lot has already been said and done on Euro and it is not easy to be original or innovative or even funny on a subject like this at this stage. But, Euro as a subject is of great contemporary relevance to all of us. So, we have to keep revisiting it. In any case, when my senior colleague and good friend Mr.R.V.Gupta asked me to deliver this address, I could no
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Mr.Singh and friends, It gives me great pleasure to deliver the keynote address at this seminar today. True, a lot has already been said and done on Euro and it is not easy to be original or innovative or even funny on a subject like this at this stage. But, Euro as a subject is of great contemporary relevance to all of us. So, we have to keep revisiting it. In any case, when my senior colleague and good friend Mr.R.V.Gupta asked me to deliver this address, I could no
ନଭେମ୍ବର 23, 1998
Managing Capital Flows
Capital inflows to developing countries have many beneficial effects, especially in financing investment and economic growth; but they are also sometimes problematic for policy makers in developing countries. Large capital flows could push up monetary aggregates, create inflationary pressures, destabilise exchange rate, affect domestic financial sector, and finally disrupt the economy if and when such flows get reversed or drastically reduced. The experience so far ha
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Capital inflows to developing countries have many beneficial effects, especially in financing investment and economic growth; but they are also sometimes problematic for policy makers in developing countries. Large capital flows could push up monetary aggregates, create inflationary pressures, destabilise exchange rate, affect domestic financial sector, and finally disrupt the economy if and when such flows get reversed or drastically reduced. The experience so far ha
ଫେବୃଆରୀ 20, 1998
Key note address at the CII seminar on "Emerging Scenario in Foreign Currency Management
Key note address by Dr. Y V Reddy, Deputy Governor, Reserve Bank of India, at the CII seminar on `Emerging Scenario in Foreign Currency Management' on February 20, 1998 in Mumbai. Emerging Concerns and State of Indian Economy Chairman and friends, On this occasion, I propose to address the limited issue of identifying the emerging concerns on the state of economies of emerging markets with particular reference to recent developments and place before you a factual acco
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Key note address by Dr. Y V Reddy, Deputy Governor, Reserve Bank of India, at the CII seminar on `Emerging Scenario in Foreign Currency Management' on February 20, 1998 in Mumbai. Emerging Concerns and State of Indian Economy Chairman and friends, On this occasion, I propose to address the limited issue of identifying the emerging concerns on the state of economies of emerging markets with particular reference to recent developments and place before you a factual acco
ନଭେମ୍ବର 18, 1997
External Debt and Economic Reform, Seminar on New Opportunities in Global Finance
External Debt and Economic Reform by Dr. Y.V. Reddy, Deputy Governor, Reserve Bank of India, Seminar on New Opportunities in Global Finance sponsored by Greater Mysore Chamber of Industry Bangalore Management Association Institute of Internal Auditors - India Rotary Club of Bangalore Mr. Chairman and Friends, I am thankful to the organisers of this conference and Mr. Biswas of the Reserve Bank of India (RBI), for giving me this opportunity to be with you. For some of
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
External Debt and Economic Reform by Dr. Y.V. Reddy, Deputy Governor, Reserve Bank of India, Seminar on New Opportunities in Global Finance sponsored by Greater Mysore Chamber of Industry Bangalore Management Association Institute of Internal Auditors - India Rotary Club of Bangalore Mr. Chairman and Friends, I am thankful to the organisers of this conference and Mr. Biswas of the Reserve Bank of India (RBI), for giving me this opportunity to be with you. For some of
ଅଗଷ୍ଟ 15, 1997
Exchange Rate Management : Dilemmas
Inaugural Address by Dr. Y.V. Reddy, Deputy Governor, Reserve Bank of India at XIth National Assembly Forex Association of India at Hotel Cidade De Goa, Goa, on August 15, 1997 Exchange Rate Management : Dilemmas Mr Chairman and friends, I am thankful to the organisers of the XI th National Assembly of the Forex Association of India for giving me an opportunity to share with you the dilemmas that we face in foreign exchange management. The fifty years since independen
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Inaugural Address by Dr. Y.V. Reddy, Deputy Governor, Reserve Bank of India at XIth National Assembly Forex Association of India at Hotel Cidade De Goa, Goa, on August 15, 1997 Exchange Rate Management : Dilemmas Mr Chairman and friends, I am thankful to the organisers of the XI th National Assembly of the Forex Association of India for giving me an opportunity to share with you the dilemmas that we face in foreign exchange management. The fifty years since independen
ଅଗଷ୍ଟ 02, 1997
Development of Gold Market in India
Speech of Smt. Usha Thorat, Chief General Manager, Department of External Investments and Operations, Reserve Bank of India at the World Gold Council, New Delhi, on Saturday, August 2, 1997. Development of Gold Market in India In the last year's conference organised by the World Gold Council as also this year's, a number of issues have been raised which would lead to the conclusion that gold could play a very significant role with a more open policy on gold, rationali
Smt. Usha Thorat,
Chief General Manager, Department of External Investments and Operations, Reserve Bank of India
Speech of Smt. Usha Thorat, Chief General Manager, Department of External Investments and Operations, Reserve Bank of India at the World Gold Council, New Delhi, on Saturday, August 2, 1997. Development of Gold Market in India In the last year's conference organised by the World Gold Council as also this year's, a number of issues have been raised which would lead to the conclusion that gold could play a very significant role with a more open policy on gold, rationali
ଜୁନ 21, 1997
Capital Flight : Myths and Realities
Y.V.Reddy 1. I am extremely happy to be in Centre for Economic and Social Studies with you all today. I am particularly honoured that my respected guru for about 35 years, almost the whole of my adult life, Mr.Vithal, is presiding over this meeting. My profound apologies for the inconvenience caused on account of the unavoidable postponement of this talk, which was originally scheduled for last month. I am thankful to Professor Venkatramiah garu for giving me this opp
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Y.V.Reddy 1. I am extremely happy to be in Centre for Economic and Social Studies with you all today. I am particularly honoured that my respected guru for about 35 years, almost the whole of my adult life, Mr.Vithal, is presiding over this meeting. My profound apologies for the inconvenience caused on account of the unavoidable postponement of this talk, which was originally scheduled for last month. I am thankful to Professor Venkatramiah garu for giving me this opp
ଜୁନ 11, 1997
Monetary Policy and Prospects for Investment in India
Y.V.Reddy It gives me great pleasure to be here in your midst. Dr.C.Rangarajan, Governor, Reserve Bank of India was originally slated to address this seminar but could not do so due to compelling circumstances. I shall try and partly make up for his absence, by drawing heavily from his speeches, in making this presentation. I thank the Adam Smith Institute, and in particular, Professor Carlos Alberto CAMPOS, for giving me this opportunity to be with you and particip
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Y.V.Reddy It gives me great pleasure to be here in your midst. Dr.C.Rangarajan, Governor, Reserve Bank of India was originally slated to address this seminar but could not do so due to compelling circumstances. I shall try and partly make up for his absence, by drawing heavily from his speeches, in making this presentation. I thank the Adam Smith Institute, and in particular, Professor Carlos Alberto CAMPOS, for giving me this opportunity to be with you and particip
ନଭେମ୍ବର 28, 1996
Gold in the Indian Economic System
Y.V.ReddyI am delighted to be with you this morning and I thank the organisers for the opportunity given to me to address this conference At the outset, let me extend warm welcome to you and a special welcome to participants from foreign countries. I hope you will enjoy the pleasant weather and warm hospitality as much as you would enjoy the stimulating deliberations here. Much of the retail market for gold in our country is in jewellery shops and I trust that you wil
Dr. Y. V. Reddy,
Deputy Governor, Reserve Bank of India
Y.V.ReddyI am delighted to be with you this morning and I thank the organisers for the opportunity given to me to address this conference At the outset, let me extend warm welcome to you and a special welcome to participants from foreign countries. I hope you will enjoy the pleasant weather and warm hospitality as much as you would enjoy the stimulating deliberations here. Much of the retail market for gold in our country is in jewellery shops and I trust that you wil
ଅକ୍ଟୋବର 21, 2022
Internationalisation of the Rupee: Is it time to shift gears?
Good Evening. It gives me great pleasure to be part of the annual day event of the Foreign Exchange Dealers Association of India (FEDAI). Since its inception in 1958, FEDAI has played a crucial role in the smooth conduct of foreign exchange business and development of forex markets. This role assumes greater significance in today’s age of rapidly evolving forex markets and innovations in financial products and instruments. 2. The global situation continues to experien
Shri T. Rabi Sankar,
Deputy Governor, Reserve Bank of India
Good Evening. It gives me great pleasure to be part of the annual day event of the Foreign Exchange Dealers Association of India (FEDAI). Since its inception in 1958, FEDAI has played a crucial role in the smooth conduct of foreign exchange business and development of forex markets. This role assumes greater significance in today’s age of rapidly evolving forex markets and innovations in financial products and instruments. 2. The global situation continues to experien
ଅକ୍ଟୋବର 14, 2021
India’s Capital Account Management – An assessment
1. In the previous FEDAI Annual Day address in November 2020, Governor Shri Shaktikanta Das had observed that CAC will continue to be approached “as a process rather than an event”. What I will do in this address is to expand on that theme and bring into focus some of the important issues on which, in my opinion, further public debate is warranted, to continue along this process of capital account convertibility. What is capital account convertibility? 2. The balance
Shri T. Rabi Sankar,
Deputy Governor, Reserve Bank of India
1. In the previous FEDAI Annual Day address in November 2020, Governor Shri Shaktikanta Das had observed that CAC will continue to be approached “as a process rather than an event”. What I will do in this address is to expand on that theme and bring into focus some of the important issues on which, in my opinion, further public debate is warranted, to continue along this process of capital account convertibility. What is capital account convertibility? 2. The balance
ସେପ୍ଟେମ୍ବର 19, 2019
Dimensions of India’s External Sector Resilience
The international environment is clouded with very challenging conditions. Global growth is slowing down and central banks across the world are bracing up to counter it by easing monetary policy; but there is no recession as yet. Trade wars have pushed world trade into contraction and threaten to morph into tech and currency wars, with no evidence of any significant gains accruing to anyone. Meanwhile, global commodity prices have weakened, with collateral benefits to
Shri Shaktikanta Das,
Governor, Reserve Bank of India
The international environment is clouded with very challenging conditions. Global growth is slowing down and central banks across the world are bracing up to counter it by easing monetary policy; but there is no recession as yet. Trade wars have pushed world trade into contraction and threaten to morph into tech and currency wars, with no evidence of any significant gains accruing to anyone. Meanwhile, global commodity prices have weakened, with collateral benefits to
ଅଗଷ୍ଟ 26, 2019
Trade War: Is it a prelude to deglobalisation?
1. I am delighted to be here today and am grateful to the FAI and the organisers of this conference for inviting me to speak to this gathering. I am also happy to be in Singapore, a country which truly epitomises all that can be called achievements of globalisation, and a country with which India had and continues to have multifaceted engagement covering cultural, ethnic and economic spheres. FAI, a body of forex market professionals who intermediate between the suppl
Shri B. P. Kanungo,
Deputy Governor, Reserve Bank of India
1. I am delighted to be here today and am grateful to the FAI and the organisers of this conference for inviting me to speak to this gathering. I am also happy to be in Singapore, a country which truly epitomises all that can be called achievements of globalisation, and a country with which India had and continues to have multifaceted engagement covering cultural, ethnic and economic spheres. FAI, a body of forex market professionals who intermediate between the suppl
ଅପ୍ରେଲ 25, 2019
India’s growing significance in global arena. Is it Sustainable? Are we ready for it?
1. It is a great pleasure to be amidst you today and I wish to thank FEDAI and the organisers of this conference for the privilege to speak to you. FEDAI has been playing a seminal role in steering the cross-border transactions of the members of public as well as interbank transactions in the foreign exchange market for more than six decades now. It may be recalled that FEDAI was formed to secularise foreign exchange transactions in the early days when only select bra
Shri B. P. Kanungo,
Deputy Governor, Reserve Bank of India
1. It is a great pleasure to be amidst you today and I wish to thank FEDAI and the organisers of this conference for the privilege to speak to you. FEDAI has been playing a seminal role in steering the cross-border transactions of the members of public as well as interbank transactions in the foreign exchange market for more than six decades now. It may be recalled that FEDAI was formed to secularise foreign exchange transactions in the early days when only select bra
ମାର୍ଚ୍ଚ 02, 2017
Improving investor interest – Recent Legislative and Regulatory Measures
It is a well recognized fact that clear and efficient laws provide confidence to the investing community. Such investments can be by domestic entities or foreign entities or investment overseas by domestic entities. In the recent past, India has embarked upon a number of legislative and regulatory measures that are certain to create a positive impact on the investment climate prevailing in the country and capable of boosting the confidence of investors. A few such mea
Shri R. Gandhi,
Deputy Governor, Reserve Bank of India
It is a well recognized fact that clear and efficient laws provide confidence to the investing community. Such investments can be by domestic entities or foreign entities or investment overseas by domestic entities. In the recent past, India has embarked upon a number of legislative and regulatory measures that are certain to create a positive impact on the investment climate prevailing in the country and capable of boosting the confidence of investors. A few such mea
ଜୁନ 21, 2016
Foreign Exchange Market & Cross-border Transactions: Some Random Reflections
Shri C. Venkat Nageshwar, Chairman, Foreign Exchange Dealers Association of India (FEDAI), Shri Ravi Sinha, Acting Consul General of India in Hong Kong, Shri D. G. Patwardhan, outgoing CEO of FEDAI, Shri Ashwani Sindhwani, incoming CEO of FEDAI, distinguished speakers and panellists and delegates to the Conference. It is a great pleasure to be here today in this modern city of Hong Kong which Wikipedia describes as world's most competitive economy, the world's most vi
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
Shri C. Venkat Nageshwar, Chairman, Foreign Exchange Dealers Association of India (FEDAI), Shri Ravi Sinha, Acting Consul General of India in Hong Kong, Shri D. G. Patwardhan, outgoing CEO of FEDAI, Shri Ashwani Sindhwani, incoming CEO of FEDAI, distinguished speakers and panellists and delegates to the Conference. It is a great pleasure to be here today in this modern city of Hong Kong which Wikipedia describes as world's most competitive economy, the world's most vi
ମାର୍ଚ୍ଚ 16, 2016
Global Economic Turmoil: Impact on Indian Economy and the Way Forward
It is a pleasure to be here amongst the captains of Indian Industries who drive India’s growth amidst global uncertainty and economic slowdown. I thank the organisers for allowing me to share my thoughts on a topic which is quite relevant in the current context. 2. While preparing myself for today’s discussion, I was not very sure whether the current global economic situation warrants the characterisation as “turmoil”. Turmoil is defined as “a state of great disturban
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
It is a pleasure to be here amongst the captains of Indian Industries who drive India’s growth amidst global uncertainty and economic slowdown. I thank the organisers for allowing me to share my thoughts on a topic which is quite relevant in the current context. 2. While preparing myself for today’s discussion, I was not very sure whether the current global economic situation warrants the characterisation as “turmoil”. Turmoil is defined as “a state of great disturban
ମଇ 18, 2015
Is India ready for full Capital Account Convertibility?
Esteemed members of the Governing council of the MSNM Besant Institute of PG Management Studies, banker friends, faculty and students of the institute, ladies and gentlemen, 1. Thank you for inviting me to speak this evening. I am truly impressed by the rich tradition of this institution and congratulate all those associated with it for rendering yeomen service to the society. This part of the country has always boasted about the educational institutions and is home t
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
Esteemed members of the Governing council of the MSNM Besant Institute of PG Management Studies, banker friends, faculty and students of the institute, ladies and gentlemen, 1. Thank you for inviting me to speak this evening. I am truly impressed by the rich tradition of this institution and congratulate all those associated with it for rendering yeomen service to the society. This part of the country has always boasted about the educational institutions and is home t
ଅପ୍ରେଲ 06, 2015
Musings of a Departing Forex Market Regulator
Mr. Gupta, Chairman, FEDAI, Mr. Vohra, Mr. Banerjee, Vice- Chairmen, Mr. Patwardhan, CEO, my banker friends, colleagues from the RBI, ladies and gentlemen, 1. It gives me great pleasure to be here with you this morning. The Foreign Exchange Dealers’ Association of India has been choosing exciting overseas locations for its annual conventions these days, and this beautiful city, with its long history and increasing pre-eminence in European and international affairs is
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
Mr. Gupta, Chairman, FEDAI, Mr. Vohra, Mr. Banerjee, Vice- Chairmen, Mr. Patwardhan, CEO, my banker friends, colleagues from the RBI, ladies and gentlemen, 1. It gives me great pleasure to be here with you this morning. The Foreign Exchange Dealers’ Association of India has been choosing exciting overseas locations for its annual conventions these days, and this beautiful city, with its long history and increasing pre-eminence in European and international affairs is
ଫେବୃଆରୀ 27, 2015
Some Thoughts on Forex Markets in India
Introduction It is indeed a pleasure for me to be here at the India Treasury Summit to share my thoughts on the Indian Foreign Exchange Market. This forum provides an important platform for interaction amongst the corporate treasurers, finance professionals and market participants and it is being held at a time when the financial world is beset with uncertainties regarding economic growth prospects, oil and commodity prices and monetary policy stances of major economi
Shri G. Mahalingam,
Executive Director, Reserve Bank of India
Introduction It is indeed a pleasure for me to be here at the India Treasury Summit to share my thoughts on the Indian Foreign Exchange Market. This forum provides an important platform for interaction amongst the corporate treasurers, finance professionals and market participants and it is being held at a time when the financial world is beset with uncertainties regarding economic growth prospects, oil and commodity prices and monetary policy stances of major economi
ଅକ୍ଟୋବର 06, 2014
Indian Foreign Exchange Market: Recent Developments and the Road Ahead
It is indeed a pleasure to address the trading professionals in the Indian foreign exchange market at the Forex Association of India’s 25th Annual Forex Assembly. The emerging and enchanting city of Gurgaon provides the right backdrop for holding such a conference as this city epitomizes phenomenal growth and development symbolizing the best of “Made in India” and “Make in India” and in a similar vein the Indian forex market has also witnessed tremendous growth and de
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
It is indeed a pleasure to address the trading professionals in the Indian foreign exchange market at the Forex Association of India’s 25th Annual Forex Assembly. The emerging and enchanting city of Gurgaon provides the right backdrop for holding such a conference as this city epitomizes phenomenal growth and development symbolizing the best of “Made in India” and “Make in India” and in a similar vein the Indian forex market has also witnessed tremendous growth and de
ଅଗଷ୍ଟ 06, 2014
FEMA administration- Prospects and Challenges
1. It is a great pleasure and privilege to be here today. I thank the Kuwait/Muscat Chapter of the Institute of Chartered Accountants of India for the unique opportunity to address its members and a cross section of Indian population in the Gulf Region. The Institute has set high standards in professionalism and contributed greatly to the development of the corporate business. It is heartening to note that the Institute has a large presence in this region and that the
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
1. It is a great pleasure and privilege to be here today. I thank the Kuwait/Muscat Chapter of the Institute of Chartered Accountants of India for the unique opportunity to address its members and a cross section of Indian population in the Gulf Region. The Institute has set high standards in professionalism and contributed greatly to the development of the corporate business. It is heartening to note that the Institute has a large presence in this region and that the
ଜୁନ 30, 2014
Governance in the Corporate Sector – Certain Perspectives
Mr. Sridharan, President, Institute of Company Secretaries of India (ICSI), Mr. Khare Vice-President, Mr. Sahoo, ladies and gentlemen. Good afternoon. It is my pleasure and privilege to address this gathering today at the conclusion of the 15th National Conference of Practicing Company Secretaries (PCS) held under the aegis of ICSI. When my good friend Mr. Sahoo asked me to address this august gathering, I accepted with alacrity since I am aware that the ICSI has been
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
Mr. Sridharan, President, Institute of Company Secretaries of India (ICSI), Mr. Khare Vice-President, Mr. Sahoo, ladies and gentlemen. Good afternoon. It is my pleasure and privilege to address this gathering today at the conclusion of the 15th National Conference of Practicing Company Secretaries (PCS) held under the aegis of ICSI. When my good friend Mr. Sahoo asked me to address this august gathering, I accepted with alacrity since I am aware that the ICSI has been
ଅପ୍ରେଲ 21, 2014
Regulating Capital Account: Some Thoughts
1. It gives me great pleasure to be with you in this beautiful city of Cape Town for the 9thAnnual Conference of the Foreign Exchange Dealers Association of India (FEDAI). Cape Town is a celebrated tourist destination, particularly at this time of the year. The place and time are ideal for mixing business with pleasure. For me, speaking to you, the pleasure is mixed with some trepidation because we are living in times when there is uncertainty all round not only in th
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
1. It gives me great pleasure to be with you in this beautiful city of Cape Town for the 9thAnnual Conference of the Foreign Exchange Dealers Association of India (FEDAI). Cape Town is a celebrated tourist destination, particularly at this time of the year. The place and time are ideal for mixing business with pleasure. For me, speaking to you, the pleasure is mixed with some trepidation because we are living in times when there is uncertainty all round not only in th
ଜାନୁଆରୀ 15, 2014
Global Liquidity and Financial Contagion
I thank Mrs. Usha Thorat, Director, Centre for Advanced Financial Research and Learning (CAFRAL) for the opportunity of being a part of this very distinguished panel. With the “great moderation” of high growth and low inflation, consideration of liquidity almost fell off from the lexicon of central banks. Arguably, with central banks targeting interest rates, liquidity becomes endogenous. Of course, liquidity is the flip side of the same coin. If one were to target a
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank Mrs. Usha Thorat, Director, Centre for Advanced Financial Research and Learning (CAFRAL) for the opportunity of being a part of this very distinguished panel. With the “great moderation” of high growth and low inflation, consideration of liquidity almost fell off from the lexicon of central banks. Arguably, with central banks targeting interest rates, liquidity becomes endogenous. Of course, liquidity is the flip side of the same coin. If one were to target a
ଡିସେମ୍ବର 05, 2013
Administering FEMA - Evolving Challenges
DG Shri H R Khan, Chairman, Foreign Exchange Dealers Association of India, Officials from the Authorised Dealer Banks, and my colleagues from RBI from all over the country, 1. A very good morning and welcome to this historic city of Agra. It is customary in these annual gatherings to take stock of the developments in the area of foreign exchange management over the preceding one year and discuss the context and content of the in-the-pipeline changes contemplated. The
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
DG Shri H R Khan, Chairman, Foreign Exchange Dealers Association of India, Officials from the Authorised Dealer Banks, and my colleagues from RBI from all over the country, 1. A very good morning and welcome to this historic city of Agra. It is customary in these annual gatherings to take stock of the developments in the area of foreign exchange management over the preceding one year and discuss the context and content of the in-the-pipeline changes contemplated. The
ଅକ୍ଟୋବର 11, 2013
Welcome to India: State of the Indian economy, banking sector and factoring services
Mr. Gerhard Prenner, Chairman, International Factors Group (IFG); Mr. Pramod Bhasin, Founder & Vice Chairman, Genpact Limited; Mr. Sanjay Chamria, Co-founder & CEO, Magma Fincorp Limited; Mr. Ravi Gupta, Managing Director, Blend Financial Services Ltd.; delegates to the conference, ladies and gentlemen! It gives me great pleasure to welcome you all, especially the foreign delegates, to India and to this historic city of New Delhi for IFG’s Annual Conference. I
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Mr. Gerhard Prenner, Chairman, International Factors Group (IFG); Mr. Pramod Bhasin, Founder & Vice Chairman, Genpact Limited; Mr. Sanjay Chamria, Co-founder & CEO, Magma Fincorp Limited; Mr. Ravi Gupta, Managing Director, Blend Financial Services Ltd.; delegates to the conference, ladies and gentlemen! It gives me great pleasure to welcome you all, especially the foreign delegates, to India and to this historic city of New Delhi for IFG’s Annual Conference. I
ଅକ୍ଟୋବର 07, 2013
Certain Uncertainties, Uncertain Certainties: India in an interconnected world
Presentation 1. It is a pleasure to be here today at the 40th annual convention of the Department of Business Economics of the University of Delhi. Let me begin by congratulating the Department for selecting a very appropriate theme for the Convention – “Embracing uncertainty: India in an interconnected world”. The events over the last few years – beginning from the onset of the global financial crisis, the sovereign debt crisis and, more recently, the events triggere
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
Presentation 1. It is a pleasure to be here today at the 40th annual convention of the Department of Business Economics of the University of Delhi. Let me begin by congratulating the Department for selecting a very appropriate theme for the Convention – “Embracing uncertainty: India in an interconnected world”. The events over the last few years – beginning from the onset of the global financial crisis, the sovereign debt crisis and, more recently, the events triggere
ଅଗଷ୍ଟ 02, 2013
Responsible Innovation and Regulation in the Financial Sector
Once again, it is my pleasure and privilege to be here at IDRBT for the annual awards for IT excellence in banking. Every time I come here, I am impressed by the passion and energy with which IDRBT pursues its mission of improving banking technology. Over the last five years, under the leadership of Director Sambamurthy, the Institute has made impressive progress in several areas. Apart from training junior and middle level officers, the Institute also engages Directo
Dr. D. Subbarao,
Governor, Reserve Bank of India
Once again, it is my pleasure and privilege to be here at IDRBT for the annual awards for IT excellence in banking. Every time I come here, I am impressed by the passion and energy with which IDRBT pursues its mission of improving banking technology. Over the last five years, under the leadership of Director Sambamurthy, the Institute has made impressive progress in several areas. Apart from training junior and middle level officers, the Institute also engages Directo
ଜୁଲାଇ 18, 2013
Central Banking in Emerging Economies Emerging Challenges
First of all, my thanks to the European Economics and Financial Centre for inviting me to speak at the Distinguished Speakers Seminar. It is an honour to which attach a lot of value. Central Banks - Triumph and Tribulation 2. In the years before the crisis, central bankers were a triumphant lot. The Great Moderation that they took credit for brought steady growth and low inflation in advanced economies, and rapid growth and stable inflation in emerging market economie
Dr. D. Subbarao,
Governor, Reserve Bank of India
First of all, my thanks to the European Economics and Financial Centre for inviting me to speak at the Distinguished Speakers Seminar. It is an honour to which attach a lot of value. Central Banks - Triumph and Tribulation 2. In the years before the crisis, central bankers were a triumphant lot. The Great Moderation that they took credit for brought steady growth and low inflation in advanced economies, and rapid growth and stable inflation in emerging market economie
ଡିସେମ୍ବର 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
ନଭେମ୍ବର 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
ନଭେମ୍ବର 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
ଅକ୍ଟୋବର 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
ଅଗଷ୍ଟ 20, 2012
Goa to Goa- Changed contours of the Indian Forex Markets- New realities and Priorities
It is indeed an honour to once again address the top professionals in the Indian forex market. It is exactly 15 years since Dr Y V Reddy, the then RBI Deputy Governor, heralded the beginning of a true forex market in India in this city through what has become famous as the "Goa Speech". Clearly the attempt of Dr Reddy that day, and I was present in the front row of the audience, was to drive home some rationale and sanity into the participating audience. The market to
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
It is indeed an honour to once again address the top professionals in the Indian forex market. It is exactly 15 years since Dr Y V Reddy, the then RBI Deputy Governor, heralded the beginning of a true forex market in India in this city through what has become famous as the "Goa Speech". Clearly the attempt of Dr Reddy that day, and I was present in the front row of the audience, was to drive home some rationale and sanity into the participating audience. The market to
ଜୁଲାଇ 11, 2012
Launch of the OTC Derivatives Trade Repository
We are gathered here to mark the launch of the OTC Derivatives Trade Repository. As you know, in the aftermath of the US sub-prime crisis, improving transparency and reducing counterparty risk in OTC derivatives transactions have been two principal themes of discourse in the context of helping create a robust financial market architecture. This would not only reduce the possibility of recurrence of such a crisis in future but also contain the fallout and facilitate ti
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
We are gathered here to mark the launch of the OTC Derivatives Trade Repository. As you know, in the aftermath of the US sub-prime crisis, improving transparency and reducing counterparty risk in OTC derivatives transactions have been two principal themes of discourse in the context of helping create a robust financial market architecture. This would not only reduce the possibility of recurrence of such a crisis in future but also contain the fallout and facilitate ti
ଜୁନ 20, 2012
Responsible Innovation in Finance
Ladies and gentlemen, 1. C' est en effet un honneur et un privilège d'être ici ce soir, dans une des plus belles villes du monde, d'accepter au nom de l'une des Banques centrales les plus respectées du monde le prix Dufrenoy de l'Innovation décerné pour l'année 2012, à la Reserve Bank of India (pour nos calibrage politique dans le règlement des produits financiers). Je remercie tous ceux qui ont contribue a nous choisir pour cet honneur. Maintenant avant que l’on me d
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
Ladies and gentlemen, 1. C' est en effet un honneur et un privilège d'être ici ce soir, dans une des plus belles villes du monde, d'accepter au nom de l'une des Banques centrales les plus respectées du monde le prix Dufrenoy de l'Innovation décerné pour l'année 2012, à la Reserve Bank of India (pour nos calibrage politique dans le règlement des produits financiers). Je remercie tous ceux qui ont contribue a nous choisir pour cet honneur. Maintenant avant que l’on me d
ଅପ୍ରେଲ 11, 2012
Musings on FEDAI, Forex Market and Indian Rupee
1. Dr. T V Nagendra Prasad, Charge d’ Affairs, Embassy of India, Mr. Phillipe Welti, former Ambassador of Switzerland to India & Bhutan, Mr. Beat Siegenthaler, Executive Director, UBS, Ms. Varsha Vasant Purandare, Chairperson, Foreign Exchange Dealers Association of India (FEDAI), Mr. D. G. Patwardhan, Chief Executive Officer, FEDAI, Mr. N. S. Venkatesh, Chairman, The Fixed Income Money Market and Derivatives Association of India (FIMMDA), Mr. C.E.S Azariah, Chief
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
1. Dr. T V Nagendra Prasad, Charge d’ Affairs, Embassy of India, Mr. Phillipe Welti, former Ambassador of Switzerland to India & Bhutan, Mr. Beat Siegenthaler, Executive Director, UBS, Ms. Varsha Vasant Purandare, Chairperson, Foreign Exchange Dealers Association of India (FEDAI), Mr. D. G. Patwardhan, Chief Executive Officer, FEDAI, Mr. N. S. Venkatesh, Chairman, The Fixed Income Money Market and Derivatives Association of India (FIMMDA), Mr. C.E.S Azariah, Chief
ମାର୍ଚ୍ଚ 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
ଜାନୁଆରୀ 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
ଡିସେମ୍ବର 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
ଡିସେମ୍ବର 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
ନଭେମ୍ବର 14, 2011
Post-Crisis: The New Normal
The aftermath of the recent global financial crisis bears testimony to the fact that impact of the turmoil is severe and the recovery therefrom is protracted, resulting in significant losses in output and employment for an extended period of time. Even two-years after the recent crisis, there are lingering apprehensions that global economy in general and advanced economies in particular may suffer double-dip recession. 2. There is a perception that advanced countries
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
The aftermath of the recent global financial crisis bears testimony to the fact that impact of the turmoil is severe and the recovery therefrom is protracted, resulting in significant losses in output and employment for an extended period of time. Even two-years after the recent crisis, there are lingering apprehensions that global economy in general and advanced economies in particular may suffer double-dip recession. 2. There is a perception that advanced countries
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