developments in the us financial markets are a prime and sobering example of what happens when investor trust evaporates. in fact, consumer protection should be seen as a key pivot around which all regulatory and supervisory initiatives are required to evolve. 29. let me conclude by saying that much progress has been made in maintaining a stable financial system. however, as we have seen, the financial landscape is continuously changing, and new challenges are emerging. the reserve bank is continuously harnessing the regulatory and supervisory framework to better adapt to the evolving scenario. the iba, its members and other stakeholders should, therefore, be active partners in ensuring that such a process evolves successfully. 1 garry, j. s. ( 2004 ). defining financial stability. imf working paper, 2004 : wp / 04 / 187. 2 financial stability report, june 2019, reserve bank of india. 6 / 6 bis central bankers'speeches

michael debabrata patra : fifty years of indian banking through the lens of basic statistical returns keynote address by dr michael debabrata patra, deputy governor of the reserve bank of india, at the conference on " bsr @ 50 ", organised by the reserve bank of india, mumbai, 28 october 2022. * * * dr. r. b. barman, former chairman, national statistical commission, shri s. h. saoji, dr. a. k. nag and other former colleagues who contributed richly to the basic statistical return ( bsr ) system, senior officials from banks – i am glad to see many chief compliance officers ( ccos ) of banks participating today – executive directors and other colleagues from the reserve bank, ladies and gentlemen, 2. today, we celebrate the 50th year of the bsr system and pause to reflect on the way forward. any system which has served us for half a century would surely have inherent strengths and depth. i believe that as an exhaustive data collection system, the bsr has endured the test of time. the development and maintenance of such a large system is demanding, to say the least, and it calls for constantly adapting to emerging realities. for this, i compliment my colleagues from the department of statistics and information management or dsim. the reserve bank has always strived to ensure that its policies are data - driven and, in fact, data - intensive. accordingly, the reserve bank forms a significant part of the national statistical system. our early publications, most of which have now been digitised and placed on our website, profile the emphasis that the reserve bank has placed for decades past on information gathering systems, censuses and surveys to secure meaningful inputs for policy making as well as to disseminate a wide and rich pool of information as a'public good '. the bsr is a central feature of this hallowed history. in fact, the bsr has been a silent sentinel watching over the transformation of india banking, and that is theme of my address today. 3. for india, banking services serve as the lubricant that turns the wheels of the economy. in the early years, agricultural finance became a priority for the reserve bank, but comprehensive information for fashioning policies with the chisel of objective assessment was a yawning gap. way back in august 1943, the reserve bank wrote to all the state governments about and i quote from that correspondence, " having sample enquiries