Speeches - ਆਰਬੀਆਈ - Reserve Bank of India
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Speeches
ਅਪ੍ਰੈ 25, 2009
Statement by Mr. Duvvuri Subbarao, Alternate Governor
Mr. Chairman, 1. The IMFC meets today in extraordinarily complex and challenging times. The financial crisis became full-blown in the second half of 2008, and has morphed through negative feedback to real activity, plunging the global economy into the deepest recession since World War II. What started off as a sub-prime crisis in the US housing mortgage sector has turned successively into a global banking crisis, global financial crisis and now a global economic crisi
Dr. D. Subbarao,
Governor, Reserve Bank of India
Mr. Chairman, 1. The IMFC meets today in extraordinarily complex and challenging times. The financial crisis became full-blown in the second half of 2008, and has morphed through negative feedback to real activity, plunging the global economy into the deepest recession since World War II. What started off as a sub-prime crisis in the US housing mortgage sector has turned successively into a global banking crisis, global financial crisis and now a global economic crisi
ਅਪ੍ਰੈ 23, 2009
Global Financial Crisis : Causes, Impact, Policy Responses and Lessons
Global Financial Crisis : Causes, Consequences and India’s Prospects By Rakesh Mohan, Deputy Governor, Reserve Bank of India at London Business School on April 23, 2009 The intensification of the global financial crisis, following the bankruptcy of Lehman Brothers in September 2008, has made the current economic and financial environment a very difficult time for the world economy, the global financial system and for central banks. The fall out of the current global f
Dr. Rakesh Mohan,
Deputy Governor, Reserve Bank of India
Global Financial Crisis : Causes, Consequences and India’s Prospects By Rakesh Mohan, Deputy Governor, Reserve Bank of India at London Business School on April 23, 2009 The intensification of the global financial crisis, following the bankruptcy of Lehman Brothers in September 2008, has made the current economic and financial environment a very difficult time for the world economy, the global financial system and for central banks. The fall out of the current global f
ਮਾਰਚ 26, 2009
India - Managing the Impact of the Global Financial Crisis
Introduction 1. Less than a year ago, much of what has happened in the Indian economy since last October would have been hard to anticipate. I recall, around this time last year, the most frequently asked questions (FAQs) were, what are the factors that put India on a high growth trajectory and what can we do to remain there? Today, the FAQ is, when and how do we get back on to the high growth trajectory? The sharp turn around in the FAQs summarizes in a nutshell the
Dr. D. Subbarao,
Governor, Reserve Bank of India
Introduction 1. Less than a year ago, much of what has happened in the Indian economy since last October would have been hard to anticipate. I recall, around this time last year, the most frequently asked questions (FAQs) were, what are the factors that put India on a high growth trajectory and what can we do to remain there? Today, the FAQ is, when and how do we get back on to the high growth trajectory? The sharp turn around in the FAQs summarizes in a nutshell the
ਫ਼ਰ 18, 2009
Impact of the Global Financial Crisis on India Collateral Damage and Response
Global outlook 1. The global economic outlook deteriorated sharply over the last quarter. In a sign of the ferocity of the down turn, the IMF made a marked downward revision of its estimate for global growth in 2009 in purchasing power parity terms – from its forecast of 3.0 per cent made in October 2008 to 0.5 per cent in January 2009. In market exchange rate terms, the downturn is sharper – global GDP is projected to actually shrink by 0.6 per cent. With all the adv
Dr. D. Subbarao,
Governor, Reserve Bank of India
Global outlook 1. The global economic outlook deteriorated sharply over the last quarter. In a sign of the ferocity of the down turn, the IMF made a marked downward revision of its estimate for global growth in 2009 in purchasing power parity terms – from its forecast of 3.0 per cent made in October 2008 to 0.5 per cent in January 2009. In market exchange rate terms, the downturn is sharper – global GDP is projected to actually shrink by 0.6 per cent. With all the adv
ਅਗ 01, 2008
Payment and Settlement System in India
Dear Friends, It is my pleasure to be here with you this afternoon at this important conclave, which seeks to articulate the vision of Indian banking in 2010. I am thankful to the organisers for affording me this opportunity to be here today and share some of my thoughts with this august audience. The Indian banking system has come a long way, particularly during the last couple of decades and continues to evolve in a myriad of ways. While, no doubt, the future contou
Shri V. Leeladhar,
Deputy Governor, Reserve Bank of India
Dear Friends, It is my pleasure to be here with you this afternoon at this important conclave, which seeks to articulate the vision of Indian banking in 2010. I am thankful to the organisers for affording me this opportunity to be here today and share some of my thoughts with this august audience. The Indian banking system has come a long way, particularly during the last couple of decades and continues to evolve in a myriad of ways. While, no doubt, the future contou
ਜੁਲਾ 04, 2008
Global Financial Turbulence and Financial Sector in India: A Practitioner’s Perspective
Madam Chairperson, Governor Williams, and friends, At the outset I would like to thank The Initiative for Policy Dialogue, and Professors Stiglitz, Griffith-Jones, and Ocampo for providing me this opportunity to participate and incidentally share my thoughts on the recent developments in the global financial markets and its implications for both the developing and the developed countries. My presentation will initially provide a broad overview of the global developmen
Dr. Y. V. Reddy,
Governor, Reserve Bank of India
Madam Chairperson, Governor Williams, and friends, At the outset I would like to thank The Initiative for Policy Dialogue, and Professors Stiglitz, Griffith-Jones, and Ocampo for providing me this opportunity to participate and incidentally share my thoughts on the recent developments in the global financial markets and its implications for both the developing and the developed countries. My presentation will initially provide a broad overview of the global developmen
ਜੁਲਾ 02, 2008
Monetary and Regulatory Policies: How to Get the Balance with Markets Right
Chairman Jean-Pierre Roth, Governor Meirelles, distinguished economist Bill White, fellow governors and friends. It was a treat to listen to Edward Lord George’s wonderful and erudite lecture on the ‘Approach to Macroeconomic Management – How it has evolved’ and Sir Andrew Crockett’s comments, as Chairman, on Lord George’s Per Jacobson lecture and also on Lord George - “Steady Eddie” as he is warmly described. The Reserve Bank of India considers both of them as our sp
Dr. Y. V. Reddy,
Governor, Reserve Bank of India
Chairman Jean-Pierre Roth, Governor Meirelles, distinguished economist Bill White, fellow governors and friends. It was a treat to listen to Edward Lord George’s wonderful and erudite lecture on the ‘Approach to Macroeconomic Management – How it has evolved’ and Sir Andrew Crockett’s comments, as Chairman, on Lord George’s Per Jacobson lecture and also on Lord George - “Steady Eddie” as he is warmly described. The Reserve Bank of India considers both of them as our sp
ਜੂਨ 05, 2008
Agriculture: Emerging Issues and Possible Approaches
His Excellency, the Governor of Andhra Pradesh and the Chancellor of Acharya N.G. Ranga Agricultural University (ANGRAU), Shri Narayan Datt Tiwari garu; Vice Chancellor, ANGRAU, Dr. P. Raghava Reddy garu; Members of the Board of Management of ANGRAU; Registrar of ANGRAU; Horticultural University Vice Chancellor, Dr. S.D. Sikhamani garu; Members of the Academic Council of Agriculture and Home Science Faculties; dear students and staff of this university, respected pare
Dr. Y. V. Reddy,
Governor, Reserve Bank of India
His Excellency, the Governor of Andhra Pradesh and the Chancellor of Acharya N.G. Ranga Agricultural University (ANGRAU), Shri Narayan Datt Tiwari garu; Vice Chancellor, ANGRAU, Dr. P. Raghava Reddy garu; Members of the Board of Management of ANGRAU; Registrar of ANGRAU; Horticultural University Vice Chancellor, Dr. S.D. Sikhamani garu; Members of the Academic Council of Agriculture and Home Science Faculties; dear students and staff of this university, respected pare
ਜੂਨ 02, 2008
Ensuring Dignity for Indian Customer : Task Ahead for Indian Banks
Ladies and gentlemen, It gives me great pleasure to be amidst my banker friends on the occasion of IBA’s 61st AGM The activities of the IBA have grown in diversity and scale in the recent period, not in small measure due to the dynamic leadership of CEO Mr Sinor, who I understood was to have demitted office on 31st May, but I believe has been persuaded by the Chairman to continue for a while. Chairman Mr Rao, Deputy Chairmen Mr Khandelwal, Mr Narayanswami and Mr Nayar
Smt. Usha Thorat,
Deputy Governor, Reserve Bank of India
Ladies and gentlemen, It gives me great pleasure to be amidst my banker friends on the occasion of IBA’s 61st AGM The activities of the IBA have grown in diversity and scale in the recent period, not in small measure due to the dynamic leadership of CEO Mr Sinor, who I understood was to have demitted office on 31st May, but I believe has been persuaded by the Chairman to continue for a while. Chairman Mr Rao, Deputy Chairmen Mr Khandelwal, Mr Narayanswami and Mr Nayar
ਮਈ 20, 2008
Indian Economy: Prospects for Growth with Stability
Mr. Gopinath Pillai, Chairman, Institute of South Asian Studies (ISAS); Mr. Heng Swee Keat, Managing Director, Monetary Authority of Singapore (MAS); Dr. Jaishankar, Honorable High Commissioner; and distinguished friends. I deeply appreciate the invitation from the ISAS to address this august gathering of policy makers, eminent academics, and market participants of Singapore. Singapore is an important financial center of the world and a very special partner for India,
Dr. Y. V. Reddy,
Governor, Reserve Bank of India
Mr. Gopinath Pillai, Chairman, Institute of South Asian Studies (ISAS); Mr. Heng Swee Keat, Managing Director, Monetary Authority of Singapore (MAS); Dr. Jaishankar, Honorable High Commissioner; and distinguished friends. I deeply appreciate the invitation from the ISAS to address this august gathering of policy makers, eminent academics, and market participants of Singapore. Singapore is an important financial center of the world and a very special partner for India,
ਅਪ੍ਰੈ 10, 2008
Banks' Relationship with Customers - Evolving Perspectives
I feel it a privilege to be associated with today's function as a tribute to the late Mr. M.R.Pai, the doyen of consumer activism in India. He successfully championed the cause of consumers, particularly bank depositors, during a different economic setting when the institutional dynamics were different, particularly for the public sector, and customer as a generic entity had not acquired the high pedestal in public discourses and management meetings. Times have change
Smt. Shyamala Gopinath,
Deputy Governor, Reserve Bank of India
I feel it a privilege to be associated with today's function as a tribute to the late Mr. M.R.Pai, the doyen of consumer activism in India. He successfully championed the cause of consumers, particularly bank depositors, during a different economic setting when the institutional dynamics were different, particularly for the public sector, and customer as a generic entity had not acquired the high pedestal in public discourses and management meetings. Times have change
ਦਸੰ 04, 2007
India's Financial Sector Reforms: Fostering Growth While Containing Risk
I am honoured to be back at Yale where I got my basic economics grounding from James Tobin, Bill Nordhaus, and Robert Evenson, among others. In all these years, this is my first lecture at Yale, so I am particularly pleased to have this opportunity. Thank you Professor Srinivasan. The turmoil in international financial markets since late July this year and the increased uncertainty that financial markets are currently experiencing have brought issues relating to finan
Dr. Rakesh Mohan,
Deputy Governor, Reserve Bank of India
I am honoured to be back at Yale where I got my basic economics grounding from James Tobin, Bill Nordhaus, and Robert Evenson, among others. In all these years, this is my first lecture at Yale, so I am particularly pleased to have this opportunity. Thank you Professor Srinivasan. The turmoil in international financial markets since late July this year and the increased uncertainty that financial markets are currently experiencing have brought issues relating to finan
ਨਵੰ 13, 2007
Financial Sector Policies for growth and employment
Respected Soedradjad Djiwandono, Governor Abdullah, fellow Governors and distinguished participants,I am thankful to Governor Burhanuddin Abdullah for inviting me to participate in the Annual International Seminar 2007. We deeply appreciate the excellent arrangements, warmth and hospitality of Bank Indonesia. In particular, special thanks are due to Deputy Governor, Ms. Miranda Goeltom. I also sincerely appreciate the thoughtful selection of the topics for discussion
Dr. Y. V. Reddy,
Governor, Reserve Bank of India
Respected Soedradjad Djiwandono, Governor Abdullah, fellow Governors and distinguished participants,I am thankful to Governor Burhanuddin Abdullah for inviting me to participate in the Annual International Seminar 2007. We deeply appreciate the excellent arrangements, warmth and hospitality of Bank Indonesia. In particular, special thanks are due to Deputy Governor, Ms. Miranda Goeltom. I also sincerely appreciate the thoughtful selection of the topics for discussion
ਨਵੰ 12, 2007
Fasten Your Seatbelts ! Monetary Policy Challenges In Turbulent Times
Governor Reddy, Deputy Governors of the Reserve Bank of India Honoured Guests The Consul General of the Republic of South Africa Members of the India-South Africa Business Forum Ladies and Gentleman Introduction The “Great Moderation“ Improved macroeconomic performance: some side-effects The role of monetary policy Global financial market integration Conclusion 1. IntroductionThank you for your kind invitation. I am delighted to be in India for the first time at this
Mr T.T. Mboweni,
Governor of the South African Reserve Bank
Governor Reddy, Deputy Governors of the Reserve Bank of India Honoured Guests The Consul General of the Republic of South Africa Members of the India-South Africa Business Forum Ladies and Gentleman Introduction The “Great Moderation“ Improved macroeconomic performance: some side-effects The role of monetary policy Global financial market integration Conclusion 1. IntroductionThank you for your kind invitation. I am delighted to be in India for the first time at this
ਨਵੰ 02, 2007
Evolving role of the Reserve Bank of India: Recent Developments
Respected Professor Vyas, distinguished participants, ladies and gentlemen, I am indeed thankful to the Institute of Development Studies and Professor Vyas for providing me this opportunity to share my thoughts with you today on the “Evolving role of the Reserve Bank of India: Recent Developments”. My association with Professor Vyas has been long, but it became closer since November 2000, when he was appointed as a director on the Central Board of the Reserve Bank of
Dr. Y. V. Reddy,
Governor, Reserve Bank of India
Respected Professor Vyas, distinguished participants, ladies and gentlemen, I am indeed thankful to the Institute of Development Studies and Professor Vyas for providing me this opportunity to share my thoughts with you today on the “Evolving role of the Reserve Bank of India: Recent Developments”. My association with Professor Vyas has been long, but it became closer since November 2000, when he was appointed as a director on the Central Board of the Reserve Bank of
ਅਕਤੂ 25, 2007
Policy Panel at the NBER Conference on International Dimensions of Monetary Policy
Monetary Management in Emerging Market Economies: Concerns and Dilemmas Introduction Thank you Marty for inviting me: it has been a humbling experience in finding out how much I don't know about monetary policy making, and why I need to go back to graduate school.In these 7 minutes I will try and present the key dilemmas we are facing in India, but which I believe almost all the developing countries in Asia are facing. The result is that none of us are really f
Dr. Rakesh Mohan,
Deputy Governor, Reserve Bank of India
Monetary Management in Emerging Market Economies: Concerns and Dilemmas Introduction Thank you Marty for inviting me: it has been a humbling experience in finding out how much I don't know about monetary policy making, and why I need to go back to graduate school.In these 7 minutes I will try and present the key dilemmas we are facing in India, but which I believe almost all the developing countries in Asia are facing. The result is that none of us are really f
ਸਤੰ 20, 2007
Recent Financial Market Developments And Implications For Monetary Policy
Shri Bhatt, Mr Horiguchi, Ladies and Gentlemen, I am honoured to be invited to deliver the valedictory address at the Asia Regional Economic Forum. The relationship between India and the Institute of International Finance (IIF) goes back a long way to the early 1990s. Therefore, it is only befitting that the IIF has chosen to inaugurate the Asia Regional Economic Forum in Mumbai as an opportunity for the informal exchange of
Dr. Rakesh Mohan,
Deputy Governor, Reserve Bank of India
Shri Bhatt, Mr Horiguchi, Ladies and Gentlemen, I am honoured to be invited to deliver the valedictory address at the Asia Regional Economic Forum. The relationship between India and the Institute of International Finance (IIF) goes back a long way to the early 1990s. Therefore, it is only befitting that the IIF has chosen to inaugurate the Asia Regional Economic Forum in Mumbai as an opportunity for the informal exchange of
ਸਤੰ 07, 2007
Monetary Policy Developments in India: An Overview
Friends,I am honored by the kind invitation of Governor Stefan Ingves to visit Riksbank and give an address at the central bank. It is a great privilege to address an august gathering in the oldest central bank in the world, Riksbank. I came in close contact with Governor Ingves when he was working with the IMF. As a Director in the Executive Board of IMF, I have been an admirer of Mr. Ingves when he headed the Monetary and Exchange Affairs Department, which has now b
Dr. Y. V. Reddy,
Governor, Reserve Bank of India
Friends,I am honored by the kind invitation of Governor Stefan Ingves to visit Riksbank and give an address at the central bank. It is a great privilege to address an august gathering in the oldest central bank in the world, Riksbank. I came in close contact with Governor Ingves when he was working with the IMF. As a Director in the Executive Board of IMF, I have been an admirer of Mr. Ingves when he headed the Monetary and Exchange Affairs Department, which has now b
ਅਗ 03, 2007
First Quarter Review of Monetary Policy: Underlying Macroeconomics
Shri Bhatt and distinguished participants, I am deeply honoured to be invited to deliver the valedictory address at the High Powered Macroeconomic Workshop organised by the State Bank of India. I am particularly gratified that this Workshop has become a reality, since its genesis is in the extremely useful discussions that we in the Reserve Bank of India had with the Indian Banks’ Association as part of pre-Annual Policy consultations held in April this year. Th
Dr. Rakesh Mohan,
Deputy Governor, Reserve Bank of India
Shri Bhatt and distinguished participants, I am deeply honoured to be invited to deliver the valedictory address at the High Powered Macroeconomic Workshop organised by the State Bank of India. I am particularly gratified that this Workshop has become a reality, since its genesis is in the extremely useful discussions that we in the Reserve Bank of India had with the Indian Banks’ Association as part of pre-Annual Policy consultations held in April this year. Th
ਜੂਨ 14, 2007
Capital Account Liberalisation and Conduct of Monetary Policy: The Indian Experience – Paper Presented by Dr. Rakesh Mohan
I. Overall Approach The distinguishing feature of our overall reform process initiated in the early 1990s has been the accomplishment of high economic growth in an environment of macro economic and financial stability. In fact, we have achieved acceleration in growth while maintaining price and financial stability. During this period, apart from all the other reforms, we have achieved current account convertibility, and also opened the capital account to a substantial
Dr. Rakesh Mohan,
Deputy Governor, Reserve Bank of India
I. Overall Approach The distinguishing feature of our overall reform process initiated in the early 1990s has been the accomplishment of high economic growth in an environment of macro economic and financial stability. In fact, we have achieved acceleration in growth while maintaining price and financial stability. During this period, apart from all the other reforms, we have achieved current account convertibility, and also opened the capital account to a substantial
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