out earlier make it imperative for deposit insurers and other financial safety net participants to put in place frameworks for crisis preparedness and management that enhance their ability to manage the failure of deposit taking institutions while mitigating potential contagion effects. crises tend to propagate quickly and hence must include augmented provisions of emergency liquidity assistance and pre - emptive interventions in troubled institutions. the iadi's core principle 6 on " deposit insurer's role in contingency planning and crisis management " suggests contingency planning and crisis management policies and procedures to ensure effective responses to bank failures and other catastrophic events. moreover, as pointed out therein, system - wide crisis preparedness strategies and management policies should be the joint responsibility of all safety net participants and co - ordination between them is essential. core principle 4 also emphasises the strengthening of relationships with other safety net participants. core principle 9 recommends that emergency funding arrangements for the deposit insurance system – 4 / 6 bis - central bankers'speeches including pre - arranged and assured sources of liquidity funding – may be explicitly set out ( or permitted ) in law or regulation, including market borrowing. deposit insurers should actively implement these guidelines and formulate toolkits to address emerging risks. 6. conclusion in closing, i would like to address the environment in which deposit insurance operates in india in the context of these new challenges. india has started a pilot for wholesale cbdc ( e - w ) starting november 01, 2022 and retail cbdc ( e - r ) starting december 01, 2022. india is also leveraging its digital public infrastructure to be in the forefront of the digital revolution sweeping the world. the unified payments interface ( upi ) provides immediate money transfer through mobile devices round the clock 24 * 7 * 365 and brings access to multiple bank accounts and various financial services under a single app. india is also engaged in interlinking upi with fast payment systems ( fps ) of other countries to make cross - border payments instant and efficient. the rbi has joined the project nexus, a multilateral international initiative conceptualised by the innovation hub of the bis to enable instant cross - border retail payments by interlinking fpss of malaysia, philippines, singapore, thailand and india. turning to the climate, the government of india has announced that the net zero target to be achieved by 2070 along with other climate goals ahead of net zero. the rbi has issued a framework for acceptance of green deposits and

, knowledge and experiences shared during the conference will shine light on the path that lies ahead for practitioners in this increasingly multi - faceted field. it is globally accepted that the deposit insurance function is critical to the design and effective functioning of a robust financial safety net in an economy. it operates in conjunction with and enhances the efficacy of the functions of prudential regulation, supervision, lender of last resort ( lolr ) / emergency liquidity assistance ( ela ) and resolution. together, they instil public confidence in the financial system and anchor financial stability on an enduring basis. this assumes critical relevance in the context of the hurtling pace at which the financial landscape is evolving across many dimensions. let me begin with deposit insurance crossing over the virtual frontier. 2. digitalisation of finance 1 / 6 bis - central bankers'speeches the digitalisation of financial services brings a variety of opportunities for deposit insurers to fulfil their mandate in more efficient and effective ways, including modernisation in reimbursement, supervision, resolution and in communication. digitalisation also goes hand in hand with significant economies of scale. yet as the experience with banking sector stress in some jurisdictions in march 2023 showed, it could also amplify and accelerate the materialisation of financial stability risks in the form of episodes of extreme volatility induced by the interaction of online banking and individual depositors coordinating through social media to fuel deposit outflows. in fact, digital financial products and services are confronting deposit insurers with fundamental questions regarding the fulfilment of their mandate – the potential coverage of new financial products ; assessing and pricing associated risks ; the increased relevance of beneficiary accounts through e - money issuers ; and the involvement of third parties. moreover, new business models give rise to new risks or may increase the relevance of existing risks. digitalisation also entails cybersecurity risk. the unavailability of essential technical infrastructure or unscrupulous activity against such infrastructure has the potential to significantly impair deposit insurers'business continuity. two digital innovations in currencies and payment systems merit special attention as both have implications for deposit insurance. the first one is central bank digital currency ( cbdc ) – legal tender or fiat currency issued by a central bank in a digital form. the major advantages of cbdcs are the finality of transactions ( settlement risks is eliminated as there is no bank intermediation ), and real - time and cost