professional and personal lives you will come across volumes of information and that is why i want you to be information literate. try to be aware of the things happening around you. you should be hungry to learn more and constantly update yourself by keeping alive your quest for knowledge. information literacy envisages not just seeking information, but developing the ability to assimilate the same and to apply it in decision making. my second message to all of you is to never be complacent in life. think positive and avoid complacency. it is all the more important for the people who ply their trade in the area of finance as moments of complacency can bring disastrous results. my third and final message is, be prepared for bad times. in your career you are bound to encounter tough situations. during such situations, lie low and pray to god. do not get desperate, as good times will surely come back. you will always be successful in your life and professional career, if you follow the above three commandments. the knowledge that you have acquired in india ’ s most premier academic institution, will open the doors of success for you in whichever field you choose. i leave you with a quote from francis bacon which aptly sums up the power of young men and women like you. “ young men are fitter to invent than to judge ; fitter for execution than for counsel ; and fitter for new projects than for settled business ”. i hope many of you will nurture your ideas into entrepreneurial ventures and truly contribute to the economy and the nation. i once again thank the organizers for inviting me to this seminar which provided me an opportunity to engage with the brightest minds in the country. i wish you a very fruitful and engrossing two days of interaction ahead. i hope you would find time to ponder over the point i made about narrowing the courage gap during your deliberations which is so very crucial to ensure that not only ideas are generated, but also find their way into execution. if good ideas could be incubated and acted upon, india would soon return to the higher growth trajectory and gain its rightful place in the world order. thank you! bis central bankers ’ speeches

lending to nbfcs / mfis / housing finance companies for on - lending purposes. to my mind, this is an example of lazy banking and no one gets benefitted at the end - neither the banker nor the ultimate borrower. so can we develop a regular co - origination model? banks and nbfcs / mfis can join together in origination of loans in a certain agreed structure of risk sharing and various covenants around the loan. this will provide a good avenue to banks to expand their portfolio and diversify their risk. it will be remunerative also and at the same time will help banks ’ priority sector compliance as well. this is under discussion in rbi and we will take a final view in some time. b. priority sector lending certificate ( pslc ) the response to the pslc trading has been encouraging. in the first year itself, about 1, 26, 549 crore worth of offers were put on the pslc platform, out of which roughly 49, 800 crore worth of offers were settled, which is a good beginning. among the four categories under pslc trading, 5 / 7 bis central bankers'speeches higher trading is observed under pslc - small and marginal farmers and pslc - general category. among the four categories, the transaction volume is about 23, 000 crore under small and marginal farmers, 20, 000 crore under general category and rest of the amount under other two categories. as expected, most of the trading occurred especially at the end of the quarters, since the priority sector lending targets are currently monitored quarterly. the pslcs which were traded in the first quarter were traded at higher premium and this is obvious because the psl rights get extinguished by march 31st. pslc platform is an order matching platform but a disquieting feature that we have observed is that some entities strike a bilateral trade and then put it on the platform which vitiates the spirit of anonymous order matching. pslc should be used as it is designed and meant to be used and not merely as a reporting platform. 21. before concluding, i would quickly mention a few things, which are relevant to all categories of banks - public sector, private sector, regional rural banks and small finance banks. ( i ) low cost housing and sanitation within priority sector, low cost housing is emerging as a high potential area and banks should focus on that. in the last revision, we have allowed lending to individual sanitation infrastructure to qualify as priority sector.