and quickly adopt them. as you can see, there is a great deal to do and central banks, governments and other public institutions play a major role here, because the past has shown that without their input no major and sustainable improvements can be achieved. let me draw to a close here. payments and payment systems, although often remaining unnoticed, inevitably affect everyone. they will always be driven by innovation and despite huge geographical distance, we face similar challenges when it comes to digitalisation in the financial sector. ultimately, the same holds true for both brazil and germany : a digital economy needs efficient, quick and competitive digital payment methods. thank you for your attention. 1 1. quote in the context of an event with febraban ( brazilian federation of banks ) in december 2019. see www. latinamerica. tech / 2019 / 12 / 12 / the - president - of - the - central - bank - of - brazil - highlighted - the - importance - oftechnology - in - a - meeting - with - the - brazilian - federation - of - banks / 2 2. fis / worldpay ( 2021 ) : global payments report. offers. worldpayglobal. com / rs / 850 - joa856 / images / 1149143 _ gpr _ digital _ all _ pages _ singles _ rgb _ fnl8b. pdf 3 3. lincoln, a. ( 2021 ) ; a look into brazil ’ s booming fintech www. forbes. com / sites / forbestechcouncil / 2021 / 08 / 09 / a - look - into - brazils - booming - fintech - scene /? sh = 27845aa672b0 scene. 4 4. furquim, c. ( 2019 ) : brazilians are more likely to choose electronic payments and here ’ s why. labsnews. com / en / articles / business / adoption - of - electronic - payments - in - brazil / 5 5. bloomberg ( 2021 ). brazil ’ s central bank built a mobile payment system with 110 million users. www. bloomberg. com / news / articles / 2021 - 10 - 06 / pix - mobile - payment - how - brazil - s - central - bank - launchedplatform 6 6. this refers to girocard, a national debit card system. 7 7. z. b. 8 8. scene. bargeldloses zahlen – girocard - zahl

, i joined the george washington university for getting a taste of education in a foreign university. i took a course in management services. the professor emphasised various aspects of organisational behaviour. i found that the best interest of the organisation that one serves was missing in the analysis. when i queried, he said : “ it is your boss who interprets to you, what is good for the organisation ”. when i persisted, he added, “ we deal with the corporate behaviour in the context of north american male in the u. s. a. ” i must confess that i continue to be old - fashioned. any institution has, and in any case, should have a character, culture and interest that are worth pursuing even if they appear to be at variance from the sum of the interests of the individual, or the minority or the majority stakeholders. i will leave this thought of viewing corporate governance in broader terms extending beyond its immediate constituent stakeholders on the few occasions when a divergence in interests might arise. with this, let me move on to what we have been doing in rbi on this subject. reserve bank ’ s approach the formal policy announcement in regard to corporate governance was first made by my distinguished predecessor, dr. bimal jalan in the mid - term review of the monetary and credit policy on october 21, 2001. pursuant to this announcement, a consultative group was constituted in november 2001 under the chairmanship of dr. a. s. ganguly : basically, with a view to strengthen the internal supervisory role of the boards. an advisory group on corporate governance under the chairmanship of dr. r. h. patil had earlier submitted its report in march 2001 which examined the issues relating to corporate governance in banks in india including the public sector banks and made recommendations to bring the governance standards in india on par with the best international standards. there were also some relevant observations by the advisory group on banking supervision under the chairmanship, shri m. s. verma which submitted its report in january 2003. keeping all these recommendations in view and the cross - country experience, the reserve bank initiated several measures to strengthen the corporate governance in the indian banking sector. in june 2002, the report of the ganguly group was transmitted to all the banks for their consideration while simultaneously transmitting it to the government of india for appropriate consideration. it may be noted here that there is a basic difference between the private sector banks and public sector banks as far as the reserve bank ’ s role in governance matters