changing environment. transformational leadership allows dramatic improvements in management effectiveness. transformational leaders make subordinates bis central bankers ’ speeches aware of how important their jobs are by providing feedback to the worker ; enable subordinates become aware of their own need for personal growth and development ; and motivate subordinates to work for the good of the organization, not just themselves. transformational leaders are charismatic and have a vision of how good things can be. they are excited and clearly communicate this to subordinates. transformational leaders openly share information with workers. everyone is aware of problems and the need for change. transformational leaders engage in development of workers. these qualities make a transformational leader an effective change agent to transform the organization in response to the internal and external changes, both current and anticipated. given these aspects of transformational leadership, it can succeed only if people will follow a person who inspires them, who has the vision and passion to achieve great things and are willing to become enthusiastic and energetic. the typical aspects of a transformational leadership are : developing the vision, selling the vision, finding the way forward and leading the change. thus, the transformational leader seeks overtly to transform the organization, and promise the followers that they also will be transformed in some way, perhaps to be more like this amazing leader. in some respects, then, the followers are the product of the transformation. my dear students! before i conclude, let me suggest certain important steps to develop your leadership skills : • integrity : integrity means alignment of words and actions with inner values. it means sticking to these values even when an alternative path may be easier or more advantageous. a leader with integrity can be trusted and will be admired for sticking to strong values. they also act as a powerful model for people to copy, thus building an entire organization with powerful and effective cultural values. • dedication : spending whatever time and energy on a task is required to get the job done, rather than giving it whatever time you have available. • openness : openness means being able to listen to ideas that are outside one's current mental models, being able to suspend judgment until after one has heard someone else's ideas. • creativity : means thinking differently, being able to get outside the box and take a new and different viewpoint on things. creativity provides the ability to think differently and see things that others have not seen, and thus giving reason for followers to follow • magnanimity : crediting the people with success and

accepting personal responsibility for failures. • humility : humility is the opposite of arrogance and narcissism. it means recognizing that you are not inherently superior to others and, consequently, that they are not inferior to you. it does not mean diminishing yourself, nor does it mean exalting yourself. humble leaders do not debase themselves, neither falsely nor due to low self - esteem. they simply recognize all people as equal in value and know that their position does not make them a god. history books are filled with leaders who are soft - spoken, introverted and quiet. a quiet and simple gandhi or a soft - spoken peanut farmer named jimmy carter, who became the president of the united states and won a nobel peace prize, have been just as effective world leaders as a loud and flamboyant churchill, or the tough leadership style employed britain ’ s iron lady, margaret thatcher. bis central bankers ’ speeches • be a giver : leaders are givers. the more you give, the more you get. if you want more love, respect, support, and compassion then give love, give respect, give support, and give compassion. as sir winston churchill once said, " we make a living by what we get, we make a life by what we give. " in conclusion, let me leave you, with four types of knowledge that i feel are imperative for weaving together the ideas subsumed in the theme of today ’ s seminar : ( i ) self - knowledge or personal values and goals ; ( ii ) social network knowledge that involves those who surround you daily ; ( iii ) organizational knowledge that extends to knowing and understanding people at all levels at the work - place ; and ( iv ) contextual knowledge which engages myriad other stakeholders that your organization directly or indirectly works with. finally, you are the future captains of industry and i exhort you to be transformational leaders and be the catalysts who will lead your teams and organizations to greater heights. i wish the seminar all success and compliment the mfm students for choosing a theme which is so relevant today. thank you bis central bankers ’ speeches