been high, particularly in straight bonds. growth in monetary aggregates in terms of m2 + cds year - to - year average outstanding has continued at around 3. 0 per cent. 3. looking at individual components of final demand, public - sector investment will be supported by implementation of public works included in the government ’ s supplementary budget for fiscal 1996 for the time being, but it is expected to follow a declining trend. net exports, on the other hand, are likely to continue to be steady even after the recent large increase. this reflects the robust increase in overseas demand, and the recovery in the price competitiveness of japan ’ s manufacturing industry supported by the yen ’ s depreciation until early spring. in these circumstances, corporate profits on the whole are expected to continue improving in fiscal 1997 although with varied strength across sectors. business fixed investment is also expected to continue increasing, mainly reflecting 1 ) increases in corporate profits, 2 ) further progress in capital stock adjustments, and 3 ) the rise in information - related investment. however, because of the remaining balance - sheet adjustment pressures and the absence of leading industries, the increase in business fixed investment is unlikely to gather significant momentum for the time being. the growth in the employees ’ income has been rising gradually owing to the increase in bonus payments and the moderate recovery in employment growth, reflecting the improvement in the labor market conditions. this shows that the recovery in the business sector has spread to the household sector. thus, recovery in personal consumption is expected to continue after the reaction to the rise in demand ahead of the consumption tax hike subsides in the near future. however, the pace of recovery is likely to be moderate considering the increases in the tax burden, such as the rise in the consumption tax. meanwhile, housing investment, which is in a generally favorable environment including low interest rates, is expected to recover somewhat in the second half of fiscal 1997, although it has recently been weak reflecting the reaction to the surge in demand ahead of the consumption tax hike. 4. with respect to price developments, the downward pressure on domestic prices from the increase in manufactured imports has weakened, as the rise in import penetration rate has paused. on the other hand, the upward pressure on import costs from materials prices has also subsided owing to the decline in crude oil prices since spring 1997 and the appreciation of the yen. thus, import prices are not exerting significant upward nor downward pressure on domestic prices. meanwhile, final demand will continue to recover on the whole,

mahesh kumar jain : the fintech revolution in india - innovation, inclusion and regulation speech by mr mahesh kumar jain, deputy governor, of the reserve bank of india, at the international research conference on fintech " innovation, inclusion, and regulation ", jointly organised by the indian institute of management ( iim ), ahmedabad and the centre for advanced financial research and learning ( cafral ), ahmedabad, 10 march 2023. * * * shri injeti srinivas ( chairperson, ifsca ), shri b. p. kanungo ( director, cafral ), faculty members of iim ahmedabad and cafral, and distinguished participants of this conference, a warm greeting to you all! 1. i am delighted to be present here at this international research conference on fintech. the theme on'innovation, inclusion, and regulation'in the context of the fintech revolution in india is indeed very topical and relevant to the times we live in. 2. new technology often reinvigorates and reshapes economies. in the last few decades or so, information technologies perhaps had the most transformative effect on the economy and particularly in financial services. the interlinkage of finance and information technology, which is now known as fintech, has played significant role in the evolution of finance. 3. over the years, technology has led to globalisation of financial services, initiated a tectonic shift in the efficiency and speed of these services and increased convenience as well as better experience to consumers. what makes the ongoing fintech revolution different? 4. the current fintech revolution, which started soon after the north atlantic financial crisis of 2007 - 08 is unique in many ways. this revolution is defined by the increased computing power, use of new technologies such as artificial intelligence and machine learning, apis that leverage big data in providing financial services. further, there is an emergence of new entrants and new business models. 5. prior to current fintech revolution, digitalisation of financial services allowed banks and financial institutions to have structured data on their consumers which was used to have better understanding of the customer's risk profile. however, with the emergence of big data analytics, even better insights on customer preferences and behaviour, can be obtained using alternate semi - structured and unstructured data. moreover, the analytics, rather than being performed by the financial institution themselves is being outsourced to new age fintechs. in fact, the financial sector is benefit