the guidelines for account aggregator ( aa ) in 2016, are examples rbi's proactive developmental role. the focus of the digital lending guidelines ( dlg ) on fair treatment of customers demonstrate the prioritisation of innovation with suitable guardrails. it is important to recognize that regulation plays a crucial role in managing the pace of change and allows the financial system to adapt to new innovations without threatening the stability of the system. self - regulation as regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, self - regulatory organizations ( sros ) could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards. these industry - led bodies establish guidelines and codes of conduct that foster transparency, fair competition, and consumer protection. sros can facilitate collaboration between fintech firms, regulators, and stakeholders, creating a framework for innovation with guardrails. by proactively addressing issues like market integrity, conduct, data privacy, cybersecurity, and risk management, sros help build trust among consumers, investors, and regulators. their voluntary compliance mechanisms contribute to a more sustainable and reputable fintech ecosystem, ensuring growth while minimizing potential risks and negative outcomes. in the context of a new and evolving sector like fintech, it is the industry participants who possess the deepest understanding of the processes and practices within the trade. therefore, they are bestsuited to establish common rules, enforce them, and effectively handle disputes that may arise from non - compliance with these rules. conclusion in conclusion, it is crucial for fintechs to continue collaborating and innovating to enhance the effectiveness of the financial sector. collaborating and competing with fintechs is essential for traditional financial entities too, in order to adapt. while innovation is vital, it should also support social and economic goals. regulation should play the role of guiding the sector to those goals. self - regulation needs to play a far more active role too. together, industry participants – fintech and banks alike -, regulators, and self - regulatory organizations can work harmoniously to shape a vibrant and resilient financial landscape that promotes inclusivity and progress for all. 3 / 4 bis - central bankers'speeches thank you for your attention and wish you all the best. 1 chapter 7 : extracting value through the innovation economy in the value of everything by mariana mazzucato 4 / 4 bis - central bankers'speeches

system ( cgfs ). 11. in india, analysis of monetary policy transmission was constrained due to absence of effective lending rate data of banks. in this context, in a research paper, the department provided a comparable annual time series data on weighted average lending rates ( walr ) bis central bankers ’ speeches for bank credit for major sectors in india for the period 1992 – 2010 based on the comprehensive account level bsr database. this information bridged an important data gap for empirical assessment of the bank lending rate channel of monetary transmission. 12. in the current macroeconomic scenario, the issue of wage price spiral and inflation has resurfaced and has been a topic in public discourse. in this context, the department compiled a long time series data on rural wage rate based on the data contained in the labour bureau journal for 18 occupations for all the major states as well as at all india level. this is a monthly data base starting from july 1995 to november 2012 ( latest ) and is available to the public in a user - friendly format in the data warehouse. 13. regional market intelligence or statistical intelligence plays a pivotal role in providing important inputs to monetary policy and many central banks have established statistical system for gathering regional information. with its reorganised structure and wider presence of regional offices in major centres, the department has put in place a similar system of gathering relevant statistics and market intelligence, particularly in the area of prices of essential commodities. this system is potentially useful to gauge an early signal of price pressure across commodities before the official data release. also this data is useful in validating the price trends as available in official price indices like wpi and cpi. 14. the reporting of purpose code under foreign exchange transactions electronic reporting system ( fet - ers ) was extended to all foreign exchange transactions, including small receipt transactions, on a census basis from april 1, 2012, as suggested by the central board. the resultant transition helped india to become one among the pioneer countries to implement bpm6 standards for bop reporting. information on international investment position, co - ordinated direct investment survey ( cdis ), co - ordinated portfolio investment survey ( cpis ) ( for mutual funds, insurance and private corporate sector ) are dissemination as a part of the commitment in adherence to the sdds framework of imf and g - 20 data gaps initiatives. 15. the xbrl project under the high level steering committee ( chairman : shri anand sinha, deputy governor ) on standard