a number of specialized initiatives. these included establishment of a well defined structure of credit institutions to promote savings and capital formation and to widen and deepen flow of agricultural and industrial credit. 12. apart from furthering the development of cooperatives to provide short - term credit to agriculture, the reserve bank established a separate institution, viz., the national bank for agriculture and rural development ( nabard ) for provision of medium - term and long - term refinance for agriculture and rural development as also for providing consultative service to the government and banks and generally coordinate its activities in area of agricultural credit with those of the agencies engaged in purveying such credit. further, in the absence of an active capital market, the reserve bank actively assisted in setting up of several specialized financial institutions at all india and also regional level, to widen the facilities for term - finance to industry and for institutionalization of savings. this included establishment of industrial finance corporation of india ( ifci ), state financial corporations, industrial development bank of india ( idbi ) and unit trust of india ( uti ). in order to provide a safety net for the small depositors and to encourage commercial banks and other financial institutions to grant bis central bankers ’ speeches loans to various categories for small borrowers, the reserve bank promoted the deposit insurance and credit guarantee corporation of india limited ( dicgc ) for providing insurance and guarantees against the risk of default in payment by the banks or to the banks. 13. further, the reserve bank also helped establish specialized institutions for specific type of financing, like national housing bank ( nhb ) and export import bank of india ( exim bank ). for ushering in market making in government securities and treasury bills, the reserve bank established the discount finance house of india ( dfhi ) and the securities trading corporation of india ( stci ). the reserve bank also helped promote market infrastructure institutions like the clearing corporation of india ltd ( ccil ) and the national payment corporation of india ltd ( npci ). expansion of the scope and reach of the indian banking system 14. even though, up to the late 1960 ’ s the indian banking system made reasonable progress, there were still many rural and semi - urban areas which were not served by banks. the large industries and the big and established business houses tended to enjoy a major portion of the credit facilities, to the detriment of the priority sectors such as agriculture, small - scale industries and exports. thus, with the primary objective

raises fears relating to immigration and cultural impacts. what then can be done to improve readiness for labor mobility thereby strengthening asean citizenship? for the benefit of further exploration, i would like to propose that we consider a threepronged strategy as part of a sustainable solution to this problem : first, we should try to reduce short and long - term obstacles to labor mobility. it is critical to recognize that greater labor mobility brings greater competition for local professionals. this means that, in the medium and longer term, the “ brain drain ” is usually offset by remittances and a “ reverse brain drain ”, which brings wealth, skills, experience, and their business and social networks back home. therefore, actions are needed to further enhance the free flow of labor through increased use of mutual recognition of professional qualifications. forging university and regional professional networks will surely be supportive of this endeavor. visa, work permits, and regulatory requirements on foreign employment are all important issues that need to be quickly addressed to ensure that the investment environment is competitive. over the longer term, i also see it as very crucial that we address obstacles to integration at the root cause, which is the weak integration mindset. this integration mindset means that we need to assess the benefits and costs of integration more deeply and strategize how they fit with the overall economic development plans of individual asean member countries. there are dangers in allowing such an important assessment to remain vague. my concern is that many key stakeholders of asean integration still view the aec with cynicism ; that life will go on, with few changes to the status quo. and this complacency is very dangerous because we may wake up and find that we are already too late to catch the rising wave of asean. distinguished participants, the second part of this three - pronged strategy deals with human capital development to meet global competencies. my personal opinion as a ceo in the financial industry is that we need people or our human resources in the next decade to be assertive, flexible, analytical and quantitative, technology competent, as well as having strong leadership, people skills, foreign language proficiency, and cultural awareness. ceos in other industries can add more qualifications to this list according to what they need to satisfy future business bis central bankers ’ speeches solutions. moreover, to promote mobility, our local talent competency should also aim for a better fit with regional and global competency. in the case of thailand, broad statistical profile points to above 50 percent share of education