- step implementation of the “ new capital accord ” ii / iii of the basel committee on banking supervision. the “ guideline on financial information disclosure ” was promulgated to enhance the requirement for banks to disclose information. in response to the implementation of the pataca real time gross settlement system, the “ rules for cash in hand and minimum solvency ” was amended. in the supervision of the insurance industry, inspections were carried out according to annual plan. simultaneously, amcm finalized thematic onsite inspections of aml and cft on life insurance institutions operating in macao. at the same time, amcm amended the existing supervisory legislations and guidelines, mainly related to supplements to the provisions of the “ macau insurance ordinance ” and “ insurance agents & brokers ordinance ”. moreover, drafting of amendments to the legislations relating to employees ’ compensations, and guidelines which included corporate governance were carried out. in the management of fiscal reserve of the sar and exchange reserves, following the legislation of the creation of the new sar fiscal reserve system which became effective at the beginning of 2012, amcm takes into consideration the legal provisions relating to basic and excess reserve and the tolerance of acceptable risks to secure commensurate returns. moreover, amcm has been endeavouring to perfect investment management and widen investment channel, including the execution of the “ china ( mainland ) interbank bond market investment agency agreement ” with the people ’ s bank of china in march last year. besides, amcm continues to listen to the community, particularly the fiscal reserve advisory committee, all relevant advices ; and will increase, as appropriate, the proportion of riskier assets in the portfolio in the expectation of a higher return. as at end february 2013, fiscal reserve stood at mop164. 3 billion while fx reserves amounted to mop132. 6 billion. in financial infrastructure construction, amcm continues improvement and enhancement of the systems which are in operation. it also develops new systems so as to enhance management and service. the pataca real time gross settlement system ( rtgs ) was developed and was formally in operation at the beginning of 2013. the rtgs provides highly efficient and modern payment settlement service to the market and it is expected that it will provide impetus to upgrade the macao financial industry. in the disclosure of financial statistics and data, amcm makes use of the vehicle “ monetary and financial stability review ”, which is compiled and published at regular intervals, to conduct thematic research on the supervision of monetary

programme. another facet which i want to point out is the issue of sustainable financing. we all have been hearing about the effect of climate change and how the financial entities are gearing up to address the risks arising out of it. a key point in the discussion revolving climate change is sustainable financing. in the present milieu, we need to encourage financing that supports sustainable and climate - resilient practices, to mitigate climate risks and protect vital livelihoods. the avenue to bring about these changes are more amplified in the agriculture and rural infrastructure. you, working at the ground level, have the platform to motivate the change required to drive the country towards a green economy. conclusion the theme of the conference is'catalysing inclusive growth : strengthening partnerships for reaching the last mile '. the ldms, given their role, act as the most potent catalysts for effecting a seamless programme for driving economic progress at various levels – block, district, and state. over the decades, lbs has evolved in alignment with india's developmental priorities. at its core, the lbs framework facilitates coordinated efforts among banks, financial institutions, and the government machinery, resulting in improved banking access and enhanced credit flow to vital sectors. to this effect, we have already defined in detail the role of ldms. the'ldm'attributes that i have highlighted today are an attempt to better understand and implement these roles and responsibilities. we are here in the tadoba sanctuary today. if i may draw an analogy, the intent behind the lbs is also to create a sort of economic sanctuary wherein resources are directed towards the underserved and marginalised and to protect the vulnerable ones. and if i extend the analogy, the ldms are the equivalent of the wildlife rangers. i am sure you have found this conference useful, and i encourage you to utilise this forum fruitfully to air your concerns and gather as many thoughts for the continued progress of your districts and the state of maharashtra and thereby the country. i wish the very best in all your endeavours and thank the regional directors for this opportunity. thank you. 1 economic survey 2023 - 24 presented in the parliament on july 22, 2024 4 / 5 bis - central bankers'speeches 2 governor's statement : june 7, 2024 5 / 5 bis - central bankers'speeches