can lead to wrong interpretations and unintended consequences. recent statements from the us fed on tapering of the qe. communication should not be one way. we should also listen. • town hall meetings ( at least once every year. chandigarh, jaipur, pondicherry ) • june 29 – on illegal, unlawful financial schemes – ponzi, multi - level marketing schemes – cheating people. • media conferences • post - policy teleconference • pre - policy consultations • consultative : discussion papers on policy initiatives. on new bank licences, on subsidiarization of foreign banks, deregulating interest on savings bank deposits, white label atms, risk based supervision. 6th attribute : open minded, communicative and consultative. 7th attribute : outreach 33. knowledge institution – effort at outreach – to get exposed to the real world. • reserve bank cannot function in an ivory tower. • growth, inflation, interest rates and exchange rates are not mere statistics. they impact people ’ s everyday lives. • outreach programme to listen and understand. to explain. • chennai – town hall meeting ( 3 years ago on the steps of the egmore museum ) • • • – inflation ( middle aged people ) – growth ( young people ) village immersion programme for drs – how do the poor live? – how do they manage their finances? frontline managers conference – bc : bm makes me wait in the line – humiliated in front of clients. you learn stuff that meetings, seminars, conferences and reports do not give you. bis central bankers ’ speeches 34. 7th attribute : outreach. understand the world for which we make policy. 8th attribute : takes accountability seriously 35. 36. knowledge institution – takes accountability seriously • as rbi, we jealously guard our autonomy • “ rbi is independent. ” we know public interest. no one should interfere. • but the autonomy that we assert so vehemently has to be earned. not demanded. need to earn by rendering accountability. • we are an unelected body of officials making public policy with enormous implications for people ’ s everyday lives. • accountable for results – explain growth, inflation • open to be challenged • governor to go before the standing committee of the parliament 8th attribute : takes accountability seriously. 9th attribute : think positive 37. 38. knowledge institution – think positive • executive of a shoe company to explore the demand for shoes • nobody wears shoes. no demand. • rival company : nobody wears shoes.

duvvuri subbarao : looking at some of the reserve bank of india ’ s goals and aspirations speaking notes by dr duvvuri subbarao, governor of the reserve bank of india, for the golden jubilee celebration function of the reserve bank staff college, chennai, 8 july 2013. * * * 1. delighted to be participating in the golden jubilee of rbsc. • over the last 50 years, rbsc has established a formidable reputation for the quality of its training programmes, innovations in training techniques and for its commitment to be moving up the learning curve. • the rbsc can take pride in having trained generations of rbi staff who are known for their subject matter expertise, professional integrity, and value based conduct. • this is a tribute to the past chairmen of the governing council, principals, faculty and staff of the college over the last 50 years. • on the occasion of the college ’ s golden jubilee, i am privileged and delighted to place on record our homage to their contribution. • in particular, i want to acknowledge the past principals of the college who are present at the celebrations today : • 1. shri r. c. mody 2. shri o. p. sodhani 3. shri p. k. biswas 4. shri s. venkataraman 5. shri t. r. devarajan 6. shri m. jesudasan 7. smt. chitra chandramouliswaran 8. shri s. karuppasamy 9. dr. j. sadakkadulla 10. ms. uma subramanian ( present principal ) some past principals who are not able to be present here today are the following : 1. shri k. k. mukherjee 2. shri k. n. v. nair 3. shri k. hariharan 4. shri k. sivaraman 5. shri s. ganesh looking ahead – goals and aspirations 2. golden jubilee is an occasion to celebrate past achievements ; equally it is an occasion to look ahead to the challenges and to redefine goals and renew aspirations. bis central bankers ’ speeches looking ahead by looking back 3. what i want to do in my comments is to look ahead by looking back and give some broad contours of the reserve bank ’ s goals and aspirations which in turn should inform the role and responsibilities of rbsc. central banking is changing 4. over the last five years, the world has gone through an extraordinary financial and