y v reddy : a central bankera€™s perspective of the world economy statement by mr y v reddy, governor of the reserve bank of india and alternate governor of the fund for india, at the joint annual discussion of the boards of governors, on the occasion of the 2003 imf / world bank annual meeting, dubai, 23 - 24 september 2003. * * * world bank group international bank for reconstruction and development international finance corporation international development association international centre for settlement of investment disputes multilateral investment guarantee agency international monetary fund mr. chairman : since we met last in april 2003, there have been some signs of improvement in the global environment. recent economic data of some countries as well as some forward looking market indicators, particularly those relating to financial markets indicate that we may be seeing some signs of global economic recovery. while we share the view that this could indicate the beginning of a stronger recovery, we recognize that considerable risks still persist, though the upside risks appear to outweigh the downside risks. the outlook for the united states, euro area and japan presents a mixed picture. if current trends are any indication, global recovery in the near - term would be led by the united states. however, the widened and historically high twin deficits, in fiscal and current accounts, of the united states pose the threat of possible disruptive adjustment of the us dollar against other major currencies. we recognize this as a necessary short term trade - off for realizing medium - term gains. we, therefore, urge all the major currency areas to coordinate their policies and to carefully monitor currency market behavior to minimize potential adverse repercussions on financial markets and on sustainability of global economic recovery. the recent depreciation of dollar has, to some extent, minimized the possibility of such disruptive adjustment. further, continuing robust productivity trends support the strong prospect for recovery in the united states. in this regard, there is considerable merit in the u. s. evolving a medium - term fiscal framework to bring its fiscal position on to a sustainable path. the outlook for the euro area seems rather flat. as in the us, there is a comparable element of trade - off. while the monetary stimulus provided by the european central bank is encouraging, scope exists for using fiscal stimulus in a more countercyclical manner. in our view, the stability and growth pact should be applied in a flexible manner to allow the automatic stabilizers to run their courses in the short - term, even if that results in marginal

swaminathan j : safe banking practices – protecting the young speech by mr swaminathan j, deputy governor of the reserve bank of india, at the global money week 2024, paris, 18 march 2024. * * * mr. yoshiki takeuchi, deputy secretary general, oecd, ms. mairead mcguiness, european commissioner for financial services, ms. magda bianco, chair of oecd infe and g20 gpfi, mr. connor graham, youth representative from enactus, assembled regulators from across the world, ladies and gentlemen. a very warm good morning to all of you. it gives me immense pleasure to speak to you today on a highly relevant topic - safe banking practices and protecting the young. as we are all aware, the covid - 19 pandemic accelerated digitalisation in financial services, prompting a swift transition to online mode by service providers and customers. accompanying this surge in digitalisation was also the proliferation of fintech platforms. often operating outside the regulatory envelope and unconstrained by legacy systems that typically encumber traditional banks, fintech companies exhibit remarkable agility and adaptability in offering customised financial products. these developments are indeed welcome. however, while they offer immense benefits such as accessibility and hyper - personalization, they also heighten the risk of misuse and fraud. they can expose consumers to risk of cyberattacks, data breaches, and often times, some financial harm. consumers may struggle to resolve disputes or obtain compensation due to lack of transparency on the part of such players. these new risks must be addressed through robust regulatory frameworks, enhanced cybersecurity measures, and increased consumer awareness initiatives. in this context, i would like to share some of the approaches adopted in india through regulation, supervision and most importantly, enhanced consumer awareness. regulation and supervision in india, regulated entities are required1 to implement multi - factor authentication for all payments through electronic modes and fund transfers, except for some explicitly exempted small value transactions. at least one of the authentication methodologies should be generally dynamic or non - replicable such as one - time password, mobile device binding, biometric, etc. regulated entities are required to put in place security controls for internet banking, mobile payments application and card payments security. regulated entities are also required to conduct risk assessment of the safety of digital payment products as well as suitability and appropriateness of the same vis - a - vis