markets in asia. currently, financial regulators are actively reviewing our payments and settlement system so that a harmonized domestic structure puts us in a viable position to be a strong node within the asean network. indeed, to the extent possible, we lend our voice in global and regional forums where market reforms are either being designed or discussed for cross - border application. to be sure, we will not forget our financial consumer. the financial consumer protection framework recently approved by the monetary board is a milestone in what can prudentially be expected by consumers and of financial service providers. the fact that a recent world bank - funded review describes our consumer protection framework as one of the best in the world is a major strength as we move forward. collaboration and cooperation ladies and gentlemen, much has already been put on our collective plate but the reality is that much more can be expected ahead of us. it is not our intention to push all of these to our supervised entities for them to deal with on their own. critical collaboration and cooperation is necessary because these are major developments that will dictate the market landscape for decades ahead. this extent of collaboration is an essential facet of how we got to this position of strength. now, we have to build upon that collaboration and that position of strength for us to move forward. the winds of change have brought both the global reforms and regional integration into their respective mature stages and it is now the challenge of execution that is before us. we may not always agree with the specific form of the global and regional changes but, perhaps, we can agree on the principles for which change is being espoused. borrowing from the website of the financial stability board, we continuously need to build resilient financial institutions, make markets safer, instill more effective supervision and institutionalize more effective resolution regimes. in other words, we need to uphold transparency, be mindful of contagion and concentration, and monitor simple risks that can subtly transform into systemic vulnerabilities. ladies and gentlemen, vigilance has been the seed for which we are now reaping the fruit of macro - financial strength. being continually cognizant of the need for such vigilance and adhering to the discipline of governance are the keys to continued resilience. these are the responsible investments we need to make and with contributions from all stakeholders, we can expect a better and stronger financial market ahead. thank you and good afternoon. bis central bankers ’ speeches

shift in the policy orientation from the exclusive focus on nutrition based approach towards poverty to cover broader perspectives of providing affordable housing to all. the scheme of affordable housing in partnership promotes various types of public - private partnerships – of the government sector with the private sector, the cooperative sector, the financial services sector, the state para - statals, urban local bodies, etc. it has the potential to provide a major stimulus to economic activities through affordable housing for creation of employment, especially for the construction workers and other urban poor who are likely to be amongst the most vulnerable groups in during the economic downturns. government bodies can consider single window clearance mechanism for the purpose of further simplifying the approval processes for low cost affordable housing along with reconsideration of the taxation policies. the public agencies and the state and local governments should work to bring efficiency in land market, approval processes, provision of efficient infrastructure and e - governance viz. introducing electronic record for land and bringing in more transparency in the record of land and houses, etc. it will add good value if the financing agencies can also connect into these developments and together drive the reforms at the state and local levels. in order to meet the enormous needs of the housing sector, short cuts through the subsidy approach are no longer sustainable over the long period. as subsidy based approach cannot be stretched beyond a point, a more viable and sustainable strategy has to be evolved. there is, therefore, a need for having a market oriented mechanism to meet the challenge of the affordable housing sector. source : annual report of the national housing bank source : annual report of the national housing bank bis central bankers ’ speeches state governments in the entire process for creating an enabling environment for affordable housing, the role of state government is extremely critical. state governments may contemplate forging public - private partnerships to ensure a fair return on investment to the private land owners / developers through guided development and availability of serviced sites for allotment to low income families at affordable prices. incentives and provision of infrastructure can induce private sector entrepreneurs to invest in housing including that for the poor. it can consider measures to control the spiralling increase of land prices and curb speculative activities for developing land and also check unregulated and environmentally damaging land development activities. another aspect which may be considered is the promotion of high density housing in selected areas in cities through appropriate amendments to zoning and land use regulations. this may obviate the necessity of costly land acquisition and avoid high infrastructure costs. state governments may