and tenors. the mibor - based ois remains the only major liquid product in the interest rate derivative market. a term money market remains absent, notwithstanding a host of facilitative policy measures. access of the retail segment to markets, especially derivative markets, needs to improve further. in the forex markets, while corporates benefit from the tight bid - ask spreads, smaller users continue to face pricing disadvantages notwithstanding regulatory requirements for fair and transparent pricing. likewise, there remains a need for improvement in ensuring liquidity for retail investors in the government securities markets. conclusion 26. the journey of indian financial markets through the last decade has been a story of steady progress with stability. we have been steadfast in our commitment and consistent in our approach to keep the ship stable while continuing to move ahead. going forward, greater challenges will emerge as the footprints of indian banks increase in the offshore markets, the range of products expand, non - resident participation in domestic markets grows and as capital account convertibility increases. market participants will have to prepare themselves to manage the changes and the risks associated with globally integrated markets. the achievement of desired outcomes is contingent on financial institutions and market participants taking forward the reform agenda so that we have more vibrant and resilient financial markets. thank you.

questions would determine whether you are in trouble or you are not making the shift. while some of these questions may not be relevant in the context of indian banking today, they will become so, soon. many, however, are already relevant for us. let me mention a few : • do you still require a signature card for account opening? • do you have a distinct head of social media in an executive role? • do you have a head of mobile, and do you have apps already deployed for your customers? • can you approve a personal loan application for an existing customer with a salaried account in real time, instantly? 4. i acknowledge that some of the banks present here can surely claim that they are making the necessary shift. they can move to other eleven questions while remaining ones can make a beginning to address these four questions. the predominant message from the foregoing is that digital innovation and disruption are progressing at a fast pace and are already a subject of huge debate. hence, i would not dwell any further on them but move to few other areas which can have equal or even greater impact on the way banking is conducted going forward. 5. so, let me now come to those issues that i want to highlight today. bis central bankers ’ speeches ( i ) account number portability : just consider the possibility of a dissatisfied or less than satisfied customer asking for shifting his banking relationship ; lock, stock and barrel to another bank. he / she would ask “ if i can switch my mobile service provider without changing my mobile number, why not banking service provider without changing my account number. ” this possibility can no longer be dismissed as a wishful thinking. this would need a “ shared ” payment system, regulated independently, where all account number and payment instructions are warehoused ( such as standing instructions / direct debit etc. ), an unique customer id and a central payment system. credits / debits would be linked to the unique id. interesting bit is that some international banks are already supporting the idea. with aadhaar as unique id and npci as a central payment system, we are quite well placed to translate this into a reality. our past record as a country of having swiftly embraced anonymous “ screen based ” bond trading or switching from “ open cry ” system on the bourses, should portend a much shorter timeline for this transition than a period of few years many in international arena are presently presuming for this to happen. why can ’ t we