firms due to mismanagement and breakneck expansion. we will keep a close eye on all these problems so that they do not evolve to become systemic risks. we have maintained a prudent monetary policy. the pboc cut the reserve requirement ratio by half percentage point in july, and recently added additional 300 billion yuan special central bank lending to support small and micro firms. fiscal policy is also trying to be more effective and sustainable. direct fiscal expenditure to key areas, such as supporting the unemployed people and social benefits, is now secured at all levels. to fend off financial risks, the pboc is working on keeping macro - leverage ratio basically stable, resolving the risks of a handful of financial institutions, such as the baoshang bank, and 1 / 2 bis central bankers'speeches replenishing capital, for small and medium - sized banks in particular. apart from the above policy responses, we are also moving ahead on the following two fronts. first, green finance. we are working to promote china ’ s green transition. we have revised the green bond endorsed project catalogue. in line with suggestions made by the task force on climate - related financial disclosures, we have released guidelines for financial institutions on disclosing environment information. monetary policy tools for reducing carbon emission are in the pipeline for the pboc. we are also actively engaging in international cooperation and helping with the green transition in the developing world. second, fintech. fintech has made financial services more accessible, efficient and inclusive. at the same time, we should not neglect its side effects such as abuse of monopoly power, and excessive collection and exploitation of clients ’ data. therefore, while promoting healthy development of the fintech industry, we have also worked hard to level the playing field, improve financial inclusion and protect privacy. hopefully, such efforts will improve anti - monopoly regulation and make our policies more transparent. the pboc stands ready to work more closely with the international community to jointly usher in a strong, sustainable, balanced and inclusive recovery of the global economy. thank you! 2 / 2 bis central bankers'speeches

k c chakrabarty : banking and finance in india – developments, issues and prospects inaugural address by dr k c chakrabarty, deputy governor of the reserve bank of india, at the 62nd international banking summer school ( ibss ), jointly organized by the indian institute of banking & finance and indian banks ’ association, new delhi, 31 august 2009. the assistance provided by dr. deba prasad rath and mr. sujit k arvind in preparation of the address is gratefully acknowledged. * * * mr. m. v. nair, chairman iba and chairman and managing director of union bank of india ; mr. bhaskaran, chief executive officer, indian institute of banking and finance ; representatives from ebtn, distinguished participants from different parts of the globe, invited guests, ladies and gentlemen : i am delighted to be here amidst all of you at the 62nd international banking summer school ( ibss ) being organised by the indian institute of banking and finance ( iibf ) jointly with the indian banks'association ( iba ). i am thankful to the organisers and sponsors for providing me an opportunity to share my views and interact with you at a forum which i personally rate very high. central bankers talk among themselves in various fora, it is high time that the bankers talk with each other. the school, open to senior bankers and financial professionals, as we are aware is a 10 days'brisk academic exercise that provides a platform for the practitioners of banking and finance to learn and share the latest developments in the banking and finance field, best practices and products available in today's fiercely competitive global banking arena. in the present situation of global turmoil that we have been going through in the last two years, this forum will provide opportunities to the bankers and finance professionals for understanding each other better. the exchange of views and the ideas which are going to be generated here during the next ten days will certainly throw useful insights and better understanding on how to overcome such problems in future which will be of great relevance in shaping the banking operations in future. i am saying so, as i am sure, in times to come, many of you are going to occupy high positions in banks and financial institutions including positions of chief executive officers ( ceos ). the takeaway from the school is, therefore, of great importance. considering the theme of ibss this year and more focus on managing banks in the era of turbulence, i think it would be appropriate if