the partnership with the oecd and the world bank, we can make our financial literacy programme sharper so that we can make rapid progress in our pursuit of financial inclusion and financial literacy. i also thank dr. k. c. chakrabarty, deputy governor, reserve bank of india, for steering us through the process of hosting this conference and also agreeing to deliver the welcome address. sir, we thank you for your guidance and innovative thoughts. your address has clearly set out the essentials of effective financial inclusion and financial education and given a succinct account of the efforts taken by the government, the reserve bank, other financial sector regulators and financial institutions towards this cause. i thank all the delegates in this conference for making time to attend. i thank the distinguished invitees present here for attending the function with warm enthusiasm. i thank all my colleagues from the reserve bank for their participation. i also thank the media for covering this event. it would not have been possible to hold an event of such scale and magnitude without the wholehearted support and commitment of our colleagues in the reserve bank of india, new delhi office, ably led by the regional director. i thank them all for their support. thank you all, once again. bis central bankers ’ speeches

changing environment. transformational leadership allows dramatic improvements in management effectiveness. transformational leaders make subordinates bis central bankers ’ speeches aware of how important their jobs are by providing feedback to the worker ; enable subordinates become aware of their own need for personal growth and development ; and motivate subordinates to work for the good of the organization, not just themselves. transformational leaders are charismatic and have a vision of how good things can be. they are excited and clearly communicate this to subordinates. transformational leaders openly share information with workers. everyone is aware of problems and the need for change. transformational leaders engage in development of workers. these qualities make a transformational leader an effective change agent to transform the organization in response to the internal and external changes, both current and anticipated. given these aspects of transformational leadership, it can succeed only if people will follow a person who inspires them, who has the vision and passion to achieve great things and are willing to become enthusiastic and energetic. the typical aspects of a transformational leadership are : developing the vision, selling the vision, finding the way forward and leading the change. thus, the transformational leader seeks overtly to transform the organization, and promise the followers that they also will be transformed in some way, perhaps to be more like this amazing leader. in some respects, then, the followers are the product of the transformation. my dear students! before i conclude, let me suggest certain important steps to develop your leadership skills : • integrity : integrity means alignment of words and actions with inner values. it means sticking to these values even when an alternative path may be easier or more advantageous. a leader with integrity can be trusted and will be admired for sticking to strong values. they also act as a powerful model for people to copy, thus building an entire organization with powerful and effective cultural values. • dedication : spending whatever time and energy on a task is required to get the job done, rather than giving it whatever time you have available. • openness : openness means being able to listen to ideas that are outside one's current mental models, being able to suspend judgment until after one has heard someone else's ideas. • creativity : means thinking differently, being able to get outside the box and take a new and different viewpoint on things. creativity provides the ability to think differently and see things that others have not seen, and thus giving reason for followers to follow • magnanimity : crediting the people with success and