swaminathan j : safe banking practices – protecting the young speech by mr swaminathan j, deputy governor of the reserve bank of india, at the global money week 2024, paris, 18 march 2024. * * * mr. yoshiki takeuchi, deputy secretary general, oecd, ms. mairead mcguiness, european commissioner for financial services, ms. magda bianco, chair of oecd infe and g20 gpfi, mr. connor graham, youth representative from enactus, assembled regulators from across the world, ladies and gentlemen. a very warm good morning to all of you. it gives me immense pleasure to speak to you today on a highly relevant topic - safe banking practices and protecting the young. as we are all aware, the covid - 19 pandemic accelerated digitalisation in financial services, prompting a swift transition to online mode by service providers and customers. accompanying this surge in digitalisation was also the proliferation of fintech platforms. often operating outside the regulatory envelope and unconstrained by legacy systems that typically encumber traditional banks, fintech companies exhibit remarkable agility and adaptability in offering customised financial products. these developments are indeed welcome. however, while they offer immense benefits such as accessibility and hyper - personalization, they also heighten the risk of misuse and fraud. they can expose consumers to risk of cyberattacks, data breaches, and often times, some financial harm. consumers may struggle to resolve disputes or obtain compensation due to lack of transparency on the part of such players. these new risks must be addressed through robust regulatory frameworks, enhanced cybersecurity measures, and increased consumer awareness initiatives. in this context, i would like to share some of the approaches adopted in india through regulation, supervision and most importantly, enhanced consumer awareness. regulation and supervision in india, regulated entities are required1 to implement multi - factor authentication for all payments through electronic modes and fund transfers, except for some explicitly exempted small value transactions. at least one of the authentication methodologies should be generally dynamic or non - replicable such as one - time password, mobile device binding, biometric, etc. regulated entities are required to put in place security controls for internet banking, mobile payments application and card payments security. regulated entities are also required to conduct risk assessment of the safety of digital payment products as well as suitability and appropriateness of the same vis - a - vis

narayana kocherlakota : economics at the federal reserve banks opening statement by mr narayana kocherlakota, president of the federal reserve bank of minneapolis, at the panel discussion, american economic association annual meeting, philadelphia, pennsylvania, 4 january 2014. * * * i thank dave fettig and sam schulhofer - wohl for their helpful comments. i ’ d like to use this opportunity to talk about the role of economic research and economists within a reserve bank. my main theme is that, to be successful at their host of responsibilities, reserve banks need economists with a wide range of perspectives and skills. conversely, economists in a variety of fields can enjoy fulfilling and successful careers at reserve banks. i ’ ll illustrate my points by using examples from my own institution, the federal reserve bank of minneapolis. the views that i express today are my own and not necessarily those of others in the federal reserve system, including my colleagues on the federal open market committee. my first observation is that, just like economists who work at universities and colleges, many economists within reserve banks spend a great deal of time on independent research. many reserve banks – including the minneapolis federal reserve bank – have found that, especially over the longer term, this self - directed research has the power to create valuable new insights into important public policy questions. for example, back in the 1990s, harold cole and lee ohanian – then at the minneapolis fed – developed an exciting and important new way to think about the slow recovery during the great depression. 1 this work in economic history has turned out to be a valuable resource for many who are thinking about the current slow recovery. over the past four decades in minneapolis, we have found that, to be effective, independent research should follow the usual rules of academic economics. more specifically, economists must be free to pursue any question, use any available tools and arrive at any answer. the quality of those answers is ultimately measured by rigorous academic peer review, not by internal managerial judgment. so, university and reserve bank jobs are not all that different in terms of the role of independent research. what distinguishes academic jobs from reserve bank jobs for economists is how they spend their non - research time. economists with academic jobs spend most of their non - research time teaching. economists with reserve bank jobs spend most of their non - research time supporting public policy work. as i stated at the outset, my main theme today is that public policy work in a reserve bank relies on a much wider variety