policy, process, and service touchpoint. more so when it comes to treating your customers fairly and in a transparent manner. as i have said before, this is an area where we are significantly focussing to enhance the customers'trust in the system and will not hesitate to act in case a supervisory intervention is considered necessary. 5. talent retention and upgradation as many of you know, the attrition rates1 in the private sector banking industry have been significantly high. in fy24, the average attrition rate in the private sector bank group was around 25 per cent, with certain banks experiencing even higher levels over the past three years. post our interactions on this matter last year with select entities, we do see an improvement but it is still a long way to go. the attrition numbers are not merely statistics ; they are indicators of deeper challenges in the bank's approach to employee engagement and retention. if banks lose talented employees, especially at the junior and frontline levels, you are not just losing people - you are losing experience, customer relationships, and operational continuity. this may have a significant impact in the customer ownership and result in less than satisfactory experience at the frontline counters. therefore, reducing attrition is not just an hr function ; it is a strategic imperative. as directors, i would urge you to explore and support initiatives that emphasize career development, mentorship programs, competitive benefits, and a supportive workplace culture that makes employees feel valued. by prioritizing employee stability, boards are 3 / 5 bis - central bankers'speeches setting the foundation for long - term growth and building a bank that attracts and retains talent, and nurtures it for future leadership roles. 6. cybersecurity and resilience in the digital age now, i would like to draw your attention to one of the biggest concerns of the digital eracybersecurity. as we know, each digital channel, partnership, or customer - facing app introduces potential vulnerabilities. a robust it and cybersecurity infrastructure is therefore fundamental to a bank's resilience. cyber risks don't wait, so preparedness and real - time response capabilities are essential. regular audits and simulated exercises can help assess vulnerabilities and improve resilience. operational resilience goes beyond just cyber risks. think about your third - party dependencies and cloud - based services, too. a single vendor failure could disrupt critical functions. each third -

deepak mohanty : efficacy of monetary policy rules in india speech by mr deepak mohanty, executive director of the reserve bank of india, at the delhi school of economics, dehli, 25 march 2013. * * * the assistance provided by abhiman das and binod bhoi in preparation of this paper is acknowledged. i thank professor pami dua for the opportunity to interact with this distinguished gathering of professors and young scholars. the delhi school of economics has a formidable reputation world over in teaching and research in economics. i will be speaking on the subject of monetary policy rules, not only because it relates to my area of work, but it offers considerable scope for research. my scheme of presentation is as follows. first, i begin by giving you a snapshot of the evolution of monetary framework in india to contextualise how short - term interest rate has emerged as the key operating objective of monetary policy. second, i briefly focus on the debate on rule versus discretion in the conduct of monetary policy. third, i present simple taylor rule estimates for india covering the recent period of 2001 – 2013 reflecting greater use of interest rate as an instrument of monetary policy. i will conclude with some thoughts on the way forward. monetary policy operations let me briefly highlight the evolution of monetary policy operating framework in india, to place our discussion on interest rate rules in perspective. in india, as in most countries, monetary policy framework has evolved in response to and as a consequence of financial developments, openness and shifts in the underlying transmission mechanism. the evolution of monetary policy framework in india can be seen in phases. in the formative years during 1935 – 1950, the focus of monetary policy was to regulate the supply of and demand for credit in the economy through the bank rate, reserve requirements and open market operations ( omo ). in the development phase during 1951 – 1970, monetary policy was geared towards supporting plan financing. this led to introduction of several quantitative control measures to contain consequent inflationary pressures. while ensuring credit to preferred sectors, the bank rate was often used as a monetary policy instrument. during 1971 – 90, the focus of monetary policy was on credit planning. both the statutory liquidity ratio ( slr ) and the cash reserve ratio ( crr ) were used to balance government financing and the attendant inflationary pressure. subsequently, structural reforms and financial liberalisation in the 1990s shifted the financing paradigm for the government and commercial sectors with increasingly market - determined interest rates and exchange rate