policy rather than as a broad based bottom - up movement. 48. i then reflected on the several infirmities of the indian cooperative sector, but argued that despite these infirmities, cooperatives have played a vital role in furthering financial inclusion. i then moved on to listing the main issues concerning the cooperative sector that we must address in order to revitalize it. finally, i raised five questions relating to the cooperative sector on the way forward that must engage the attention of this conference. 49. as i come to a close, i realize that i have been more cynical than i actually want to be. perhaps i should correct that. the cooperative ethic is unexceptionable. it has been and can be a powerful instrumentality for enfranchising the poor and the less privileged. indeed, there are numerous instances from around the world, and from india too, of successful bis central bankers ’ speeches cooperatives. yet for a variety of reasons, both financial and governance related, the credibility of cooperatives has got eroded, especially since cooperatives have come under the spell of several infirmities, some of them chronic. yet, it is possible to cure these infirmities and revive the cooperative structure into health and vibrancy. indeed this is not a matter of choice, but an imperative if we are to achieve our collective aspiration for inclusive growth. i hope this conference will help us find a way forward in this regard. my best wishes for the success of this conference. bis central bankers ’ speeches

said5, " - the conduct of supervision is a thankless task, one that is all too likely to tarnish the reputation of the supervisor. the best a supervisor can hope for is that nothing untoward happens. supervisors are only noticed when their actions anger the regulated entities, whether through restrictive or intrusive measures, or when they are criticized after a failure, such as a financial institution collapse or customer harm. despite the discussion around the need for allowing some degree of freedom for institutions to fail, supervisors inevitably face negative press when such events occur, regardless of the circumstances. " be that as it may, to conclude, while the task of supervision may be challenging but it is also essential for ensuring the stability and resilience of the financial system. as supervisors, it is through our vigilance, proactive measures, and continued evolution of supervisory frameworks that we can create a financial environment where institutions not only survive but continue to thrive in the face of emerging risks. as part of our vision for the next decade, rbi @ 100, the reserve bank of india aims to further engage with the central banks of the global south. we are dedicated to 2 / 3 bis - central bankers'speeches establishing a global model of risk - focused supervision, one that emphasizes strong risk discovery and compliance culture, and builds a " through - the - cycle " risk assessment framework. additionally, we are working towards creating a robust data analytics ecosystem to support our supervisory functions, ensuring that our approach remains forward - looking and agile in a rapidly changing world. with these thoughts, i look forward to an engaging and insightful panel discussion that will explore the evolving role of supervision in the face of emerging risks. thank you! 1 masciandaro, d and m quintyn ( 2013 ) " the evolution of financial supervision : the continuing search for the holy grail ", suerf 50th anniversary volume chapters : 263318. 2 a keystone is the wedge - shaped piece at the crown of an arch that locks the other pieces in place 3 mary dowell - jones & ross buckley, reconceiving resilience : a new guiding principle for financial regulation?, 37 nw. j. int'l l. & bus. 1 ( 2017 ). http : / / scholarlycommons. law. northwestern. edu / njilb / vol37 / iss1 / 1 4 principle 8 : supervisory approach of the basel core principles states an effective system of banking supervision requires the supervisor