shaktikanta das : keeping the financial system resilient, future ready and crisis resistant inaugural address by mr shaktikanta das, governor of the reserve bank of india, at the second global conference on financial resilience, organised by the college of supervisors ( cos ), mumbai, 20 june 2024. * * * professor sheri markose1 ; dr. hiroko oura2 ; deputy governor shri swaminathan ; shri arijit basu, chairman, academic council, college of supervisors ; dr. rabi n. mishra, director, college of supervisors ; distinguished speakers and panelists ; members of the academic council, college of supervisors ; my colleagues from the reserve bank ; ladies and gentlemen. namaskar. i am delighted to be here to inaugurate the second edition of the global conference on financial resilience organised by the college of supervisors ( cos ) of the reserve bank of india. the first edition of the conference was held last year in april and i had participated in the same. since its establishment in the year 2020, the cos has made significant contributions to strengthen supervisory capacity of not just the reserve bank, but also the supervisors from a few other countries who have participated in the various programmes3 organised by the college. my compliments to the team cos for their dedication in successfully carrying forward the objectives of the organisation. i am also happy to note that the conference has participation of eminent speakers, panelists and academicians from around the world. this three - day event would cover diverse topics of interest to the global financial community. the theme of the conference,'keeping the financial system resilient, future - ready and crisis - immune ', is one which will never lose relevance, no matter which side of the economic cycle we are in. in fact, the ethos of being future - ready and resilient against crisis needs to be built into every financial institution. it has to be a key element of their organisational culture. it has to be developed proactively when the system is healthy rather than reactively when there may not be enough headroom to strategise and implement. 1 / 6 bis - central bankers'speeches fortunately, all stakeholders in india, namely, the reserve bank, the banks and nonbanking financial companies ( nbfcs ), and the government have made tangible efforts in this direction. india's domestic financial system is now in a much stronger position

extend my best wishes for successful deliberations during this three - day conference and commend the organisers for their efforts. may the next three days be filled with fruitful exchanges, innovative ideas, and collaborative solutions that would contribute to the process of keeping our financial system resilient, future ready, and crisis resistant. 1 dr sheri marina markose, professor of economics, university of essex, colchester, uk & cbdc academic advisory group, bank of england & uk hm treasury. 2 dr. hiroko oura, head, financial sector assessments and policies division, mission chief, fsap, india, imf, washington dc, usa. 3 through a combination of training programs, workshops, seminars, and conferences, the college equips supervisors with the knowledge, skills, and tools necessary to fulfil their responsibilities effectively. 4 the gross non - performing assets ( gnpa ) ratio for the scheduled commercial banks ( scbs ) was 2. 74 per cent at end march 2024 ( provisional ), down from 3. 87 per cent as on march 31, 2023 and 5. 82 per cent as on march 31, 2022. the capital to risk weighted assets ratio ( crar ) at 16. 8 per cent at end march 2024 is also much above the minimum regulatory requirement. the gnpa ratio of nbfcs was 3. 96 per cent at end march 2024 ( provisional ), down from 5. 03 per cent at end march 2023, and 6. 29 per cent at end march 2022. the capital to risk - weighted asset ratio ( crar ) at 26. 58 per cent at end march 2024 is also well above the minimum regulatory requirement. 5 the erstwhile departments of banking supervision, non - banking supervision and cooperative banking supervision were merged to form a single unified department of supervision. 6 refer paragraph 2 of governor's monetary policy statement dated june 7, 2024 ( https : / / www. rbi. org. in / scripts / bs _ pressreleasedisplay. aspx? prid = 58049 ) 5 / 6 bis - central bankers'speeches 6 / 6 bis - central bankers'speeches