is also the year which will see the implementation of the third phase of our three - year business transformation plan and the successful completion of the three - year strategy. the necessary preparatory work under the transformation plan has largely being completed and we hope to take the first step towards achieving financial sustainability. another significant milestone in 2008 is the establishment of the sme credit bureau, a watershed event in cgc's evolution. the bureau is a source of credible and reliable credit information that serves the needs of both the smes and the potential financiers. this reflects the natural progression for the cgc in its continuous efforts to enhance access to financing by smes. the establishment of a sme credit bureau, by cgc in strategic collaboration with dun & bradstreet, would no doubt complement the other initiatives of the government and the financial sector in promoting growth and development of smes. we have seen how ccris, where real - time and comprehensive information on consumers'credit exposures and history is readily available. such availability has served as a valuable source of information in credit assessment and help expedite loan processing time. in the same vein, with greater availability of information on smes from the bureau, the processing time for sme loans can be similarly shortened and decisions to grant financing can be made based on a more comprehensive set of information. we hope and encourage the financial institutions to avail themselves of the services provided by the bureau and help create a healthier and more transparent credit culture amongst the smes and lenders. i would now like to take this opportunity to congratulate all the award recipients today. we hope the recognition accorded by cgc will help to create a better understanding of the spirit behind this initiative, which is aimed at fostering mutually beneficial working relationship between the cgc and the financial institutions for the over - arching objective of promoting sme sector development. you have certainly given us your unwavering support through your active participation in our guarantee schemes. we look forward to your greater participation in the future. on another note, i would take this opportunity, in conjunction with our 35th agm, to thank all employees of cgc for their understanding and commitment in adopting and adapting to changes. this include the internal organizational change that we have been through in the past two years to face the challenges of the dynamic business environment of today. thank you for the kind attention and have a pleasant day.

of india, which commenced its operations in 2003, has helped in significantly enhancing the efficiency and security of settlement system for government, money market and forex market. as far as over - the - counter ( otc ) derivative products are concerned, significant progress has been made in the recent past. in 2012, trade repository became operational in india when reserve bank of india advised that all / selective trades in otc foreign exchange and interest rate derivatives between the banks / market makers ( banks / primary dealers ) and their clients should be reported on the ccil platform subject to a mutually agreed upon confidentiality protocol. the reporting arrangement covering otc foreign exchange derivative trades between authorised dealers ( ad ) banks and their clients has now been fully operationalised. bis central bankers ’ speeches forex market movements the forex market conditions have generally remained orderly with intermittent episodes of volatility in the past two decades on account of external or internal factors or a combination of both. the day - to - day movements in the exchange rate of the rupee are market determined, i. e., determined by forces of demand and supply. india ’ s approach to exchange rate management has been to avoid volatility without targeting any level. the emes ’ experience, in general, in the past two decades has highlighted the growing importance of capital flows in determining the exchange rate movements as against trade flows in the 1980s and before. an issue of paramount significance in this context is the volatility in capital flows to emes including india. in the aftermath of global financial crisis of 2008 and more recently after chairman bernanke ’ s testimony in may 2013 about the possibility of quantitative easing ( qe ) tapering, managing exchange rate volatility in emes like india has been rendered more challenging, in the background of volatile capital flows. india ’ s response to taper tantrums as i mentioned above, india, like most other emes, is facing the challenges associated with volatile capital flows and is susceptible to shifts in risk appetite of international investors on account of external developments completely exogenous to whatever happens in the country. this was amply demonstrated during the may - august 2013 episode of taper tantrums. the mere hint by chairman bernanke about possibility of an early qe - tapering led to an exodus by the fiis, especially in the debt segment. the rupee went into a tailspin and depreciated sharply by over 19 per cent, touching a historic low of