the same thing? talent management describes the process through which employers of all kinds – companies, banks, government, non - government organizations, etc., – anticipate their human capital needs and set about meeting them. getting the right people with the right skills into the right jobs, a common definition of talent management, is the basic people management challenge in organisations. while the focus of talent management tends to be on management and executive positions in most organisations, we do not necessarily need all talented people in an organisation. we need to spot the people with the right kind of talent to innovate, to lead, etc. for me, it, therefore, also includes on - boarding new workers, and developing and retaining current workers to meet current and future business objectives. talent acquisition 9. as they say, it takes talent to spot talent. in the context of banking, what kind of talent are we looking at? people here would have heard of 3 - 6 - 3 rule of banking. the 3 - 6 - 3 rule describes how bankers would give 3 % interest on depositors ’ accounts, lend the depositors money at 6 % interest and then be off to playing golf at 3 p. m. this alludes to how a bank ’ s only form of business was lending out money at a higher rate than what it is paying out to its depositors. did this require any talent? but this is not going to stay for long, for in these times of intense competition, only those who can acquire and nurture the right kind of talent are going to survive. this applies not only to banks within the country and outside, but to all the organisations across the globe, as globally, shortage is not just of talent but of manpower itself. fortunately, in our country, we have no dearth of manpower. 10. “ absurd bonuses for excessive risk taking ” and “ an explosion of exotic socially useless product development ” had been causes of the recent global crisis, fsa chief lord turner has said. post financial crisis, studies undertaken have showed that bank executives bis central bankers ’ speeches are more likely to carry out potentially unstable takeovers and mergers if they receive substantial bonuses for successful results. 11. do we, in banks, need highly aggressive, over ambitious people? when financial inclusion is a major national objective being partnered by banks, don ’ t we need people who would be closer to the ground realities on the indian country side? if yes, then why should we be rushing to b

. the recent developments in fintech have given a fresh impetus to financial inclusion process in the country. taking cognisance of exponential growth of digitisation and online commerce in india, policy efforts have been directed in recent years to put in place a state of the art national payments infrastructure and technology platform. the reserve bank is continuously aligning its regulatory and supervisory framework so that the evolution of fintech can be leveraged to widen and ease the financial access by the excluded population. in view of the growing significance of fintech innovations and their interface with the financial sector as well as financial sector entities, the reseve bank is strengthening its surveillance framework and has also issued draft guidelines on “ enabling framework for regulatory sandbox ” for obtaining the comments of stakeholders. mr. carstens ’ s talk today will surely give us relevant insights in this direction. let me now invite mr. carstens to deliver his lecture. 2 / 2 bis central bankers'speeches