2023. other similar linkages with several countries are work in progress. 9 presently, remittances from japan make up only a small fraction ( 0. 2 per cent ) of the total inward remittance receipts by india. however, the cost of sending remittances from japan to india through banks is much higher than the united nations sustainable development goals ( un - sdg ) target of 3 per cent. these estimations based on world bank ’ s remittance prices worldwide database. well as being the regulator. while promoting innovation, our focus is on ensuring a well - regulated ecosystem that addresses systemic risks and challenges. concluding observations 21. it is a matter of satisfaction that the indian economy has sailed through the turbulent waters smoothly during the recent years. driven by its inherent dynamism and supported by a prudent policy mix, growth is getting stronger foothold while inflation is also coming under control. our economic performance also owes a lot to the very calibrated, focused and targeted monetary and fiscal responses since the pandemic. 22. i must add that in the current uncertain environment, it is best to avoid any sense of complacency. we remain agile and continue to fortify our macroeconomic fundamentals and buffers. today, the confidence and trust in india ’ s prospects are at an all - time high. to seize the moment, india looks at japan as a close partner to usher in a new era of growth and prosperity, for both our countries. we will be celebrating the festival of lights, deepavali, in a few days in india. with japan as our close partner, i am sure the land of the rising sun will further light up our spirits to take our economies and well - being of our people to greater heights. thank you. namaskar.

regard. the unique feature of the cbs is that the concept of branch - based banking gives way to the bankbased banking treating the constituent as the customer not of a particular branch but of the bank as a whole. today, 21 public sector banks have embarked on the use of such systems and the number of cbs - enabled branches exceeds 14, 000 as against 14 banks with about 5000 cbs - branches a year ago. some of the banks are reportedly facing teething troubles in this area but i trust every effort would be made to stabilise the system to the satisfaction of all customers. i would urge that an assessment of the efficiency of functioning of cbs in all the banks be attempted to facilitate necessary improvements. the commercial banks have to address various emerging challenges including those arising from large - scale it deployment. these include the impact of cbs, more scientific risk management, better asset - liability management, ensuring effective anti money laundering measures, and the security concerns relating to implementation of it in banks. one issue, which often gets raised in any discussion on technology implementation, is the cost it entails. products such as smart cards, which may not require significant initial capital costs and which can be easily implemented for a large customer base, hold the promise for the future. let me highlight some of the critical factors, which need to be adequately addressed while dealing with it. prime amongst them is the need to ensure appropriate security and integrity of the system. security in it systems is only as effective as the weakest link and as financial intermediaries, the banks have to ensure that security features incorporated in it systems are the best of the breed. with ever - evolving information technology, the security concerns do not remain static and a system of an ongoing critical review of the efficacy of security features and measures needs to be instituted. integrity of the data processed and stored in it systems has to be ensured by the banks at all times and adequate back up, including real time replication, to the extent possible, provided for. another major requirement relates to disaster recovery management and the fail - safe business continuity plans. in today's world, customer expectations are high and ensuring uninterrupted availability of the it resources, even in the event of a rather extreme contingency, assumes significance. the banking community, therefore, needs to put in place appropriate contingency plans and test their adequacy at regular intervals. while the reserve bank is providing a common system - wide communications infrastructure, the ultimate objective should