it may be like the right to education that we have made, the right to food that we are trying to make or the right to liberty that is often debated due to a variety of reasons. the point is that if the system is not ready for bis central bankers ’ speeches delivery of a particular service to all the people efficiently, making it a fundamental right would only result in all - round chaos. we are unable to implement the right to food or right to housing because we do not, perhaps, have the ability today. while i am happy that the aibea and its leaders are deliberating on this topic, let us also discuss about the modalities of making banking services available to all the people and assess if we are ready for the challenge. before going further, let me provide you some global perspective on the issue of banking as a right. under canadian law, everyone has the right to open a personal bank account. a bank cannot refuse to open a bank account for an individual merely because he / she is unemployed or does not make a minimum deposit or because he / she has previously been bankrupt – as long as they have the proper identification. of course, the opening of the account can be refused subject to certain conditions such as the account being likely to be used for illegal or fraudulent purposes, false identification given by the customer or the prospective customer suspected to have committed a crime related to any bank. likewise, in the uk, banks cannot refuse to open an ordinary deposit account except where it is not possible for the bank to identify the customer in a reliable manner or bank has reasons to suspect abuse or if it has any past experience of the customer materially breaching the contract entered into with the bank. eu is presently holding consultations on a document which, among others, seeks to ensure facilities of consumers ’ access to basic bank accounts, including a provision which allows switch over of the bank account providers, including on a cross - border mode. thus, across the globe, the provision of a basic banking account for the consumer is considered a right. as i have already mentioned, rbi has issued guidelines advising banks to offer a “ basic savings bank deposit account ” without any minimum balance and provision of basic services without any charges ( subject to limitations of operations ), thus, conferring a right to every citizen to have a bank account. the mandate is already there and it is for the bank employees to ensure that they open the accounts of everyone who approaches them and not tell them

rajeshwar rao : mitigating climate change risks and fostering a robust ecosystem for sustainable finance keynote address by mr rajeshwar rao, deputy governor of the reserve bank of india, at the international conference, organised by the institute of south asian studies ( isas ) at the national university of singapore ( nus ), new delhi, 29 november 2024. * * * distinguished guests, ladies, and gentlemen, good morning. let me, at the outset, thank the organisers for inviting me here to share my thoughts on climate change, one of the most critical issues we face, not just as individuals, but as the collective global community. as per the latest report from the copernicus climate change service's1, the year 2024 will be the warmest year in the era5 reanalysis dataset, going back to 1940. this was also estimated to be the second - warmest october globally, after october 2023 with the average temperatures 1. 65ºc above the pre - industrial level while also marking it the 15th month in a 16 - month period where average temperatures were above the 1. 5ºc threshold set by the paris agreement. thus, the writing on the wall seems to tell us that unless we collectively take strong action, a grim future lies ahead. the recent tragic events, be it in valencia, spain, wayanad, kerala, or back - to - back hurricanes in usa, are stark reminders of the perils of climate change that the world at large is exposed to. it impacts our day - to - day lives in one form or other be it through heavy rainfall, flash floods, cyclones, droughts, melting of glaciers, loss of biodiversity, etc., and that too with increased frequency and severity. there can be no doubt therefore that climate change is going to be a major risk for the financial system, economy, and society at large with risks of severe catastrophic events putting at stake our very survival. the financial system not only needs to brace up and equip itself to the present and future impacts arising from climate change, but should also play a catalytic role by overcoming the consequent challenges that arise. the biggest challenge faced by us and the emerging markets and developing economies is lack of adequate financing for development of sustainable technologies and requisite infrastructure to mitigate and adapt to climate change and build a robust sustainable financial system. india looks to be particularly vulnerable to climate change given its geographic location. it is estimated