country. minimum capital requirements the minimum capital prescribed in the banking regulation act for banks is too low and reserve bank is prescribing the minimum capital requirement in case of private sector banks from time to time ( currently banks should have a minimum networth of rs. 300 crores ). minimum capital requirements prescribed under the “ ownership and governance ” guidelines and that prescribed / being prescribed for new banks in private sector are way above the current provisions of the act. it would, therefore, be more appropriate to empower reserve bank to stipulate the capital requirements and other quantitative parameters from time to time, instead of prescribing quantitative limits in the respective acts. migration to ifrs as part of the efforts to ensure convergence of the indian accounting standards ( ias ) with the international financial reporting standards ( ifrs ), the formats of financial statements will undergo changes consequent to the introduction of ifrs. further, whenever banks introduce new types of capital instruments, etc. these will have to be appropriately incorporated in the format. therefore, reserve bank should be empowered to prescribe the format of the balance sheet, profit and loss account, etc. given in third schedule of the b. r. act. bilateral netting issues various banks had requested rbi to allow bilateral netting of counterparty credit exposure, in respect of interest rate and foreign exchange derivatives, and gold. the legal position regarding bilateral netting is not unambiguously clear in case of banks established by special statutes [ like sbi act, banking companies ( acquisition and transfer of undertakings ) act, etc. ]. amendments to a large number of enactments particularly in a synchronised manner may be practically difficult. enacting a single legislation which covers all aspects of banks ’ functioning, while possibly providing differential legislative framework for corporate governance issues on account of ownership differences may make the legislative framework more efficient. bank resolution the significance of effective resolution mechanism for promoting financial stability as well as consumer protection cannot be underestimated. the legal framework should address the resolution mechanism from a practical point of view and must have at least the following characteristics : early intervention before insolvency speed of intervention / resolution ability to transfer or merge operations effective write - down of shareholders ’ rights protection of on - going business bis central bankers ’ speeches in addition to banks, the resolution mechanism should address resolution of other systemically important financial institutions ( sifis ) also. post crisis, globally, there have been initiatives to strengthen the resolution framework of

deepak mohanty : statistics and the reserve bank of india remarks by mr deepak mohanty, executive director of the reserve bank of india, at the statistics day conference, mumbai, 30 august 2013. * * * governor dr. subbarao, prof. bimal roy, prof. richard smith, prof. b. l. s. prakasa rao, prof. subhashis ghoshal, deputy governor dr. patel, deputy governors, colleague executive directors, shri a. b. chakraborty, distinguished guests from the financial sector and academia, members of the press, colleagues from the department of statistics and information management ( dsim ) and friends. i extend a warm welcome to all of you to this 7th statistics day conference. since 2007, we in the reserve bank have been celebrating statistics day in the honour of prof. p. c. mahalanobis. professor mahalanobis was not only an outstanding statistician, but a great visionary. he is regarded as the father of the indian statistical system. while we honour the sterling contribution of prof. mahalnobis, this event has turned out to be an important occasion for focusing on further development of statistics in the reserve bank. prof. mahalanobis was the founder director of the indian statistical institute ( isi ). we are happy that two isi directors – prof. bimal roy and prof. b. l. s. prakasa rao – are here with us today. prof. mahalanobis studied and spent his early years in cambridge. we are delighted that prof. smith, a leading econometrician from cambridge is with us today. we also have with us prof. ghoshal from north carolina university who represents the new generation of statisticians. i once again welcome our guest speakers. the year 2013 has added significance for statistics as it has been declared as the international year of statistics. primary objectives of this worldwide event, supported by several organizations, are to increase public awareness of the power and impact of statistics on all aspects of society, to nurture statistics as a profession, especially among young people, and to promote creativity and development in the sciences of probability and statistics. in the reserve bank, we treat statistics as a public good. it is necessary not only to aid our decision making but also for empowerment of citizens. our statistics department is playing an important role by making available macro - financial statistics in the public domain, conducting forward looking surveys and generating forecasts