From the speech of RBI Governor:
http://www.rbi.org.in/scripts/BS_SpeechesView.aspx?Id=493
1) As an institution, central banks go back several centuries. The first central bank, the Riksbank in Sweden, was established in 1668, nearly 350 years ago, at a time when much of India was still under the Great Mughals. The Bank of England came shortly thereafter in 1694. By the turn of the century in 1900, there were only 18 central banks. Today, there are around 180 central banks, a tenfold increase in the last one hundred years.
2) A final thought before I close. A powerful lesson from the financial crisis has been that financial sector development is not, and cannot be, an end in itself. The growth of the financial sector is important only to the extent it improves the growth of the real sector. For all of us in the Reserve Bank - indeed even for those outside it - engaged in financial sector issues, it is important to remember that what we do in the financial sector adds value if, and only if, it makes a difference to the lives of ordinary people. This is the lasting message that the Reserve Bank will carry forward beyond the platinum jubilee celebrations.
I wish USA bankers and central bankers also understand, digest and practice what RBI governor said.
2) A final thought before I close. A powerful lesson from the financial crisis has been that financial sector development is not, and cannot be, an end in itself. The growth of the financial sector is important only to the extent it improves the growth of the real sector. For all of us in the Reserve Bank - indeed even for those outside it - engaged in financial sector issues, it is important to remember that what we do in the financial sector adds value if, and only if, it makes a difference to the lives of ordinary people. This is the lasting message that the Reserve Bank will carry forward beyond the platinum jubilee celebrations.
I wish USA bankers and central bankers also understand, digest and practice what RBI governor said.
3) Prime Minister Sir, as Finance Minister, in your budget speech of 1994-95, you had famously invoked Victor Hugo to say that: ‘No power on earth can stop an idea whose time has come.’ If our first Prime Minister, Pandit Nehru, gave us ‘the idea of India’, you had reinvented the idea to unleash India’s ‘animal spirits’, Keynes’ memorable phrase for ‘get up and go’ entrepreneurism. As a nation, it is our collective dream, hope and joy to take forward that idea of India. On the occasion of its platinum jubilee, the Reserve Bank of India rededicates itself to the continuing task of turning that idea into reality.
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