risk management structures in nbfcs. urban co - operative banks 16. let me now turn to co - operative banks. they contribute significantly in credit delivery and in bringing other financial services to the people. the performance of some of these institutions, however, has been hampered due to operational and governance issues. the recent unearthing of fraud in one of the urban co - operative banks ( ucbs ) has brought up issues relating to their governance, prudent internal control mechanisms, and adequacy of checks and balances to the forefront. 17. turning back to history, the urban co - operative banks were brought under the ambit of the banking regulation ( br ) act, 1949 with effect from march 1, 1966. certain provisions of the br act, however, were not made applicable to them, limiting the scope of regulation and supervision over them1. broadly speaking, banking - related functions of cooperative banks are regulated by the reserve bank and management - related functions are controlled by the concerned state / central government. the reserve bank ’ s regulatory control over ucbs is affected due to this duality of control. rbi has made concerted efforts in the past to mitigate the adverse impact of dual regulation in the form of mous with state / central governments and setting up of a statelevel task force for co - operative urban banks ( tafcub ). however, challenges still persist. at present, the reserve bank is working with the government to amend the act governing cooperative banks. we have suggested several legislative changes to the central government for better regulation and supervision of ucbs. on our part, we are reviewing the existing architecture of regulation and supervision of ucbs and shall carry out necessary changes in sync with the evolving requirements. 18. going forward, ucbs are likely to increasingly face competition from players such as small finance banks ( sfbs ), payments banks, nbfcs and micro - finance institutions ( mfis ). it is, therefore, necessary for them to adopt robust technology to enable them to provide banking services at lower costs and with adequate safeguards. the reserve bank has been taking proactive steps to assist these institutions to adopt a robust it infrastructure. the proposed national level umbrella organisation ( uo ) is expected to provide liquidity and capital support to member co - operative banks, and will therefore contribute to the strength and vibrancy of the sector. new frontiers of banking 19. the emergence of new banking models, in the form of payments

elizabeth genia : the papua new guinea economy and managing fx demands in papua new guinea's domestic foreign exchange market speech by ms elizabeth genia, governor of the bank of papua new guinea, at the australia - png business forum, gold coast, australia, 14 may 2024. * * * daba namona, morning tru, and good morning olgeta. i would like to recognise the traditional owners of the land on which we meet, the yugambeh [ yug - um - bay ] people, and pay respect to their elders, past, present and emerging. i extend this acknowledgement to all indigenous leaders here today, from australia, papua new guinea and beyond. i also thank the australia png business council for your exceptional efforts in arranging this forum every year. i am delighted to be part of this session and to be sharing the stage with professor chand for this discussion. let me start with a quick review of the economy and recent developments. the latest estimates from the imf and the world bank anticipate growth for png of 4. 6 percent and 4. 8 percent respectively for 2024. this growth is expected to be driven by agriculture prices and, importantly, by the reopening of the porgera mine. but the slow return of porgera to pre - production levels and the civil unrest in january have moderated the otherwise positive expectations of growth. agricultural exports continue to receive a boost from the increase in global commodity prices in 2022. while prices moderated in 2023, cocoa prices are experiencing significant increases this year following a drought in west africa, a region that normally supplies up to 80 % of global cocoa demand. coffee prices have also risen sharply, in part due to excessively dry conditions in brazil impacting on coffee harvests and supply from that region. the climate will continue to impact the prices of key food crops, and climate change will see changes in producing regions. this is something png will need to monitor, as we will be affected just as surely as other growing regions, and this underscores the need for sustainable farming practices and green finance initiatives. 1 / 7 bis - central bankers'speeches but for now, we are benefitting from negative climate outcomes in other regions. we know that at least 80 percent of our population are directly affected by the performance of our agricultural sector, which in turn makes up 20 percent of papua new guinea's gdp. our agriculture exports are the life