the role of it in this initiative is very significant and fundamental. more needs to be done here. we need to integrate account opening and kyc related requirements with other systems such as aadhar, allow use of funds without actual movement of cash, and ensure that the common persons have access to banking and financial services at their door steps. varied technical solutions have the potential to achieve this and at reduced costs. finding the right mix and adapting them for achieving the financial inclusion in the shortest possible time is a big challenge. 12. if the banking system has to meet these challenges squarely, the academics, the industry and banking professionals have to work together. idrbt provides perfect settings bis central bankers ’ speeches for such a joint action. the cios forum and cisos forum coordinated by idrbt are the right channels. i am sure that these coordinating fora will be successful. 13. finally, as regards this award function, as we will all fully endorse, recognition of good work done is always a successful motivating factor. idrbt has been continuing to host these awards. i would also congratulate all the winners and hope that they will ever increase the bar ; i look forward to more banks joining the pride of place in the years to come. 14. thank you all for your patient attention. bis central bankers ’ speeches

non - conforming disruptors. for too long, banks thought their competitors are their fellow bankers ; then they accepted the other financial institutions as their competitors. they always thought the technology companies are their enablers ; with their help, the banks have been differentiating themselves from the rest of the crowd. the banks never thought the technology companies will be their direct competitors. i have been sounding way back in early 2000s itself about this possibility ; i used to say in this very platform that banking knowledge is no longer with the bankers and it is with the techies. the techies have now grown as fin - tech companies and are emerging as the direct competitors in the identified chunks of banking businesses ; technology has today dissected the entire value chain of banking and finance and bundled out the chunks in innovative ways that it is they who intermediate between savers and investors, or between sender and receiver of funds. banks need to handle them carefully without inhibiting innovations ; banks have to find ways to cooperate, co - opt and compete with the fin - tech companies. 9. actually, these fin - tech innovations are knocking at the doors of competition for central banks as well. we have all along been maintaining that there is no competitor to central banks for issuing currency. but this is being challenged by the developments with regard to e - currency. however, i still maintain, as i did way back in 2001, that e - currency is no substitute for currency ; if at all, it can only be a better alternative to any other payment instrument. but, researchers and innovators on the field are and will be continuing their attempt to develop an e - currency. despite my misgiving about is success, i do support research on this subject. 10. fourth is the payment revolution engineered by technology. one of the major beneficiaries of the large scale use of it in the banking industry is payment systems. india can now boast of having perhaps the world ’ s best and state - of - the - art payment and settlement systems ; and it is handling ever increasing volumes. while it is satisfying to note that there are new initiatives in payment systems aimed at providing better customer comfort, it is also essential to ensure that these systems are safe and result in overall efficiencies including reduced costs to the common man. how to take full advantage the payment revolution is a challenge. 11. fifth are the varied choices of technology for financial inclusion. financial inclusion is an achievable reality, and