, because of the difficulty in getting employment. though over time, considerable employment opportunities have come up across various sectors, especially the services sector, finding a fulfilling job remains as big a challenge as ever. however, i am confident that this venerable institution has prepared you to face and surmount all challenges that life throws at you. i am privileged to share this special day with a bright set of youngsters, who, i hope, would turn out to be the highly successful financial and social entrepreneurs of the future. 3. this convocation ceremony marks a major milestone in your career. it not only indicates the culmination of the hard work you have put in over the years, but also marks your transition from students to professionals. i know only too well the time, effort and dedication that are needed to acquire such important academic qualifications. i would also like to take this opportunity to congratulate members of your families who are present here on this very important day in your lives. i am sure they have contributed greatly to your success and fully share your moment of glory. you should always remember that, but for the support and love of your parents and families and the dedication and commitment of your faculty members here, it would not have been possible for you to reach this milestone in your lives. 4. in a country like ours, education is not only the key to a brighter future ; it is, often, also a key to survival. using education as a primary strategy, our visionaries and pioneers have aimed to harness, particularly the potential of girls and women, to learn, lead and act on their vision of change for themselves, their families, their communities and the nation. pandit nehru famously remarked, “ you can tell the condition of a nation by looking at the status of bis central bankers ’ speeches its women ”. the beijing declaration at the fourth world conference on women ( 1995 ) noted that, “ women ’ s empowerment and their full participation on the basis of equality in all spheres of society, including participation in the decision - making process and access to power, are fundamental for the achievement of equality, development and peace ”. in india, there has been a perceptible increase in literacy rate amongst women from 53. 67 per cent ( census 2001 ) to 65. 46 per cent ( census 2011 ). however, there is still a large gender gap in literacy at 16. 68 per cent which needs to be bridged. in this context, it is extremely gratifying to

balance sheets. they were too thin on equity and the balance sheet was too precariously placed to withstand write - down on their investments in complex derivate instruments. the situation was somewhat better in the developing world, but even the banks in these markets got impacted as the pains of the real economy slowly started to inflict the financial economy. it was in this background that the regulatory reform process was set in motion by the multilateral standard setting bodies to undo the excesses of the pre - crisis era. the major elements of the reform process that have been implemented / currently under negotiation are as under : • basel - iii capital prescriptions including capital conservation and countercyclical buffers • liquidity coverage ratio ( lcr ) and net stable funding ratio ( nsfr ) • leverage ratio • total loss absorbing capacity ( tlac ), a work - in - progress, which aims at a higherloss absorbency requirements and resolution framework for g - sibs / g - siiis / gnbnis • regulation of the shadow banking sector • reforms of the otc derivatives market and resolution of ccps • a standardized, non - modeled approach for calculating regulatory capital to resolve the problem of excessive variability in banks ’ regulatory capital ratios ( a thought ) bis central bankers ’ speeches • compensation – alignment with prudent risk taking, claw back provisions • transparency in benchmark setting 15. the underlying objective of these reform measures is to avoid the dependence on taxpayers ’ money to bailout financial institutions in the event of stress. indian position 16. being a bank dominated economy, a healthy banking sector is imperative for india ’ s economic growth. rbi has been proactively working towards development of a strong and efficient banking system through its regulations. as member of the international standard setting bodies, we are not only implementing the globally agreed regulatory reforms now, but have also been proactive in introducing macro - prudential measures like higher risk weights for real estate exposures of banks, measures for dealing with risks emanating from derivatives and securitization transactions and spiraling unhedged forex exposure of corporates, much before the global attention was drawn to such risks. at rbi, we have always been conscious of the need for the regulation to evolve quickly for addressing incipient risks and it is in this spirit that many of the recent reform measures have been set in motion. recent measures taken by rbi 17. an important pre - condition for banks to be able to meet their lending