, the conference planners have organised a deep dive session on day - 2 on india's upi, especially for the international delegates. i would request all delegates to participate and derive benefit from the various sessions and also share their experiences which could provide learnings for all. i also invite you to the conference exhibition, showcasing some of india's innovations relevant to this conference. 24. as you may recall, the theme of india's g20 presidency in 2023 was " one earth, one family, one future ". it underlies india's thought process in how it sees the world and itself as being part of one family with a common future. at the reserve bank of india, we look forward to the journey towards rbi @ 100 with considerable optimism. we are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer centric. with these words, i wish you all a pleasant stay and productive discussions. i wish this conference all success. thank you and namaskar. 1 https : / / uidai. gov. in / aadhaar _ dashboard / 2 in such savings bank accounts, there is no requirement of maintaining any minimum balance. such accounts also offer certain minimum facilities, free of charge. 3 https : / / pmjdy. gov. in / 4 https : / / www. trai. gov. in / release - publication / reports / telecom - subscriptions - reports 5 infinet ( indian financial network ) : a closed user group network comprising of rbi and financial institutions. this provides the communication backbone for the indian banking and financial sector. sfms ( structured financial messaging system ) is a secured financial messaging 6 / 7 bis - central bankers'speeches system which is used for both inter - bank and intra - bank communications in india. rtgs ( real time gross settlement ) is a 24x7x365 electronic fund transfer system for large value transactions ( 2 lakh and above ) in which transactions are processed continuously on a gross basis ( i. e. transaction by transaction basis ). neft ( national electronics fund transfer ) is a 24x7x365 retail electronic fund transfer system in which the transactions are processed in batches. 6 the pilot was launched by sbi on august 16, 2024 in the states of odisha and andhra pradesh. 7 indusind bank piloted the same in maharashtra 7 / 7 bis - central bankers'speeches

of payment and had confidence in those who issued them. a further stage in the development process was reached when it became possible to issue money without the back - up of reserves in the form, for example, of gold and silver. instead, the value of the notes was set, for instance, by royal decree, that is the king or queen simply decreed what value the notes should have. such money is sometimes called ” fiat money ”. this is money that has no link whatsoever to metals or other material objects. faith in such money must thus be created in some other way. we can view money as a " good " with special properties. it can be used to pay for things and it has a special information value, it is a measuring stick that makes it possible to compare prices. it also acts as a means of preserving value, it can be stored and saved to be used for future consumption. it is in this context that price stability comes into the picture. if inflation rockets, the money we have saved loses purchasing power. it was therefore quite natural that the central banks – when they were eventually given the monopoly for issuing notes – were also given the task of safeguarding price stability. in sweden, the state, in the form of the riksbank, first acquired the sole right to issue notes in 1903. one of the reasons the riksbank was given this sole right was the desire to create a uniform and stable payment system. previously, the banks had been able to fund their operations by issuing their own notes. however, when a bank went bankrupt its notes became worthless. here we can discern the two core tasks that the riksbank still has : to maintain price stability and to promote a safe and efficient payment system. banks are of central importance nowadays, a very large part of what we normally refer to as money consists of funds in accounts at the banks, and a very large proportion of the payments made take the form of transfers between the accounts provided by the banks. the banks therefore play a central role in the financial system. although banks in various forms have existed for many centuries, it was not until the 19th century that the financial sector began to develop on a large scale. the emerging industries needed funding. there was also a need for major infrastructure investments, for example in the railways. the banks acted as credit intermediaries, thus enabling the investments to be made. they gathered together our savings surplus and converted it into loans. even though the financial markets are much