and economic sectors, the government launched its 4 - pillar socio - economic strategy. the first two pillars deal with the urgent needs of the vulnerable sectors and the medical industry, while the second two pillars provide the enabling environment to support the funding needs for emergent initiatives and economic recovery. at the same time, the bsp launched its sustainable finance framework, an enabling regulation anchored on the bsp ’ s risk - based approach to supervision that mainstreams sustainability principles, and includes environmental, social and governance considerations in the governance framework, risk management system, strategies, and operations of banks. it also follows the united nations environment program ’ s ( unep ) schematic diagram of sustainable development. the issuance of the framework is timely as the impact of the pandemic covers a broad range of environmental, social and governance issues that are rightly high on the country ’ s sustainable 1 / 3 bis central bankers'speeches development goals. most of the problems highlighted are socio - economic issues such as poverty due to income loss, lack of access to food and nutrition, and unemployment. as we look closer, we see that the issues prioritized in the 4 - pillar strategy intersect with the areas covered in the sustainable development goals. this is a sign that the path to recovery from the pandemic is consistent with efforts towards building a green and sustainable economy. for banks, it means that it must refocus its strategy towards sectors and activities that support sustainable recovery. by harmonizing sustainability with recovery efforts, banks can seize various opportunities. first, banks can step up its social and sustainability bonds issuance. the health crisis put an enormous brunt on the country ’ s health, educational, food security and micro, small, and medium enterprises ( msmes ). channeling funds to support these sectors can help boost the country ’ s response to the pandemic and fast - track our recovery. in other jurisdictions, international banks like the nordic investment bank issued a “ response bond, ” and european investment banks issued a sustainability awareness bond, which both aim to alleviate the social consequences of covid - 19 by financing healthcare systems and labor market solutions. the philippines is poised to do the same with the “ guidelines on the issuance of social bonds under the asean social bond standards ” released by the securities and exchange commission ( sec ) in 2019. on june 17, the country welcomed the first issuance to use the asean social bond label. sec approved the bank of the philippine islands ( bpi

k c chakrabarty : banking technology beyond cbs – issues and way forward address by dr k c chakrabarty, deputy governor of the reserve bank of india, at the executive roundtable organised by the institute for development & research in banking technology ( idrbt ), kolkata, 2 july 2010. assistance provided by dr himanshu joshi, smt pallavi chavan, shri m k mall and smt nikhila koduri in preparation of this address is gratefully acknowledged. * * * 1. mr sambamurthy, director idrbt, shri j p dua, cmd, allahabad bank, mr bhaskar sen, cmd, united bank of india, and other distinguished guests, ladies and gentlemen. i am indeed very happy to be in your midst today for the it conclave being organised by idrbt and share my thoughts with you on banking technology beyond core banking solution ( cbs ). 2. let me begin by asking, what is the purpose of technology? all of us would agree that technology has no longer remained just a means for automating processes. it has revolutionised every industry in the world by rendering faster and cost effective delivery of products and services to customers, who in the normal course could not have afforded the same, and at the same time producers of goods and services would remain viable and profitable. technology is the surest and most appropriate way of bringing inclusion in respect of any product and / or service. 3. as regards the banking sector, technology has completely changed the nature and pace of delivery of banking services world over. not only has it improved the speed but also the quality of the services delivered, and has at the same time ensured tremendous reduction in transaction costs for the banks as well as customers and made it possible to provide customer service through various delivery channels. 4. in a developing country like ours, technological advancement enables a broader and inclusive banking sector and in the process, is a key driver for the sustained and inclusive growth of the economy. having realised the close association between technology, inclusion and economic growth, the reserve bank of india with the help of institutions, such as idrbt on the one hand, and the banking sector on the other, have been actively involved in utilising technology for the development of the indian banking sector. idbrt, let me note here, has been an important facilitator in the adoption and development of technology in the indian banking sector. 5