ranked number 59 in the world in terms of human development by the united nations development programme's human development report. our continuing prosperity depends on our ability to import the things we need to enable our lifestyles. if workers are to improve their lot, each one of us must contribute more to the production of goods and services, so that our gain is not at the expense of others. increasing labour productivity is therefore at the heart of barbados'development strategy. it will enable us to become even more successful in an increasingly competitive international market, it will also allow workers to share in the fruits of that increased competitiveness. this increase in labour productivity will be difficult to achieve, because it is about quality, engagement and commitment. some time ago a nise survey told us that only 30 percent of the barbadian workforce feels fully committed to their jobs. there is no evidence to suggest that the situation has improved since that survey was done. the problem is especially acute in the public service. in the global competitiveness report previously alluded to, the inefficiency of our government bureaucracy is identified as the most damaging factor for doing business in barbados. each and every public servant should resolve to play their part in improving that statistic. bis central bankers ’ speeches ultimately, we are in a good place. the future of our economy looks promising, and that future is firmly in the hands of all barbadians. what is required is that we each commit to doing the very best of which we are capable, each and every day. national productivity week is an occasion for us to remind ourselves of this responsibility to our country, our community, our families and ourselves. let us go forward with confidence, to seize the time, and the opportunity. bis central bankers ’ speeches

s s mundra : banking sector reforms – a journey, not a destination special address by mr s s mundra, deputy governor of the reserve bank of india, at the india banking reforms conclave 2016, organized by governance now, mumbai, 24 august 2016. * * * dignitaries on the dais ; colleagues from the banking and financial sector ; members of the print and electronic media ; ladies and gentlemen! at the outset i thank the management of the governance now, one of the country ’ s leading publications shaping the public opinion on governance and public policy, for inviting me to deliver the inaugural address at this india banking reforms conclave 2016. i feel this conclave comes at a very important juncture for the economy and more particularly, for the banking sector. the title of my speech today is “ banking sector reforms : a journey, not a destination. ” why do i say so? it would be relevant here to peep into some history. though some of the issues cut across the banking industry, the emphasis here is predominantly on public sector banks ( psbs ). psbs came into existence with nationalization in the year 1969 / 1980. how was the banking scenario in the next couple of decades? • highly regulated credit flow ( selective credit control, credit authorization scheme, no consumption credit & so on ) • militant unionized atmosphere - resistance to technology • stiff branch authorization norms, loan melas, opaque income recognition & asset classification ( irac ) norms …. just to name a few. post - reform years ( after 1991 ) saw several far - reaching reforms in banking industry also. a few of these include : • deregulation of credit processes and interest rate structures • introduction of prudential irac norms • licensing of banks in the private sector / part divestment in psbs • migration to cbs • vrs ( year 2001 ) • gradual reduction in pre - emptions resultantly by the year 2008, banks ’ balance sheets were much stronger / growth was strong / npas had come down from the peak of around 12 % to slightly over 2 % then two developments took place : • global financial crisis • introduction of ppp model in infrastructure building banks were enthusiastic, rather major partners, in this newly opened field supported by accommodative fiscal and easy monetary policies. however, the process got plagued by : • weak governance, lax underwriting, high corporate leverage, several policy logjams • resultant consequences are well known bis central bankers ’ speeches