various services provided by the rbi regulated entities like banks, nbfcs and payment system operators. the existing ombudsman schemes are being integrated into a single scheme which will offer the benefit of a single platform to customers for getting speedy resolution of their grievances. this integrated scheme will reinforce confidence and trust in the financial system. 6. the launching of these two citizen centric initiatives today will provide further impetus to our journey towards a more inclusive and responsive financial system. i once again extend a warm welcome to all the dignitaries, participants and viewers. thank you. 1 / 1 bis central bankers'speeches

t t mboweni : globalisation and implications for monetary policy in south africa speech by mr t t mboweni, governor of the south african reserve bank, at the gala banquet of the independent news & media international advisory board, cape town, 6 february 2002. * 1. * * introduction in december last year, i was invited to give evidence on globalisation before the economic affairs sub - committee of the house of lords, westminster. i was naturally pleased with the invitation and took advantage of the occasion to engage the lords and ladies about how globalisation impacts on the fortunes of developing countries or the so - called emerging markets. all of us use the term globalisation everyday and so do the lords and ladies at the house of lords. everyone has their understanding of what the term is all about and how globalisation impacts on all of us. the lords and ladies wanted to know from me what the positives and negatives of globalisation were on south africa. this evening, at this gala banquet for such a gathering of eminent persons of the international advisory board of the independent media group, i can only highlight certain aspects of globalisation in order to contribute to the table discussions, fully aware that after such intensive meetings all of us want a relaxed evening. i have of late often wondered what the difference in substance is between globalisation and imperialism. after some casual analysis, it seems that the two differ with respect to colonisation, division of the world into spheres of influence and the intensity and level of the dominance of finance capital in the world economy. globalisation could generally be taken to encompass the more liberalised and increased flow of goods, services, capital and finance across national economies. globalisation is therefore not a new phenomenon. the degree of economic integration in the world has been rising over time. technological progress has improved transportation and communications, enhanced information awareness and information processing, and has set the stage for new products and innovations. these developments make it much easier for national markets to be globally integrated. although these markets still do not form a global village, they have become so interdependent that they are changing the environment in which economic activity takes place. this new economic environment has, however, also brought about certain disadvantages, such as large reversals in international capital flows and financial contagion even on those countries with sound economic fundamentals. these developments have led to protests against " global capitalism ". demonstrations against globalisation are particularly strong at meetings of the imf, world bank