risks. in this context, i would like to highlight five key expectations from auditors to help ensure robust financial oversight and regulatory compliance. firstly, auditors must apply due rigor in their audit processes to mitigate any potential for divergence, under - provisioning, or non - compliance with statutory and regulatory requirements. further, a critical aspect of the auditor's role is the careful evaluation of internal financial controls over financial reporting. by maintaining meticulous standards and adherence to regulatory guidelines as well as auditing standards, auditors can minimise the need for supervisors to intervene. secondly, as regulatory frameworks and accounting standards increasingly shift towards principles - based approaches, the role of auditors'judgment becomes increasingly critical. in executing their responsibilities, auditors must exercise prudent judgment, prioritising substance over form. this implies that auditors must go beyond mere technical compliance. instead, they should discern the intent of the regulations and assess its application in practice so as to enhance the credibility of audit outcomes. thirdly, auditors can play a significant role in identifying and promptly reporting incipient vulnerabilities to both the bank management and the rbi. as you would be aware, a system of exception reporting has been implemented which requires reporting to rbi as soon as an issue of concern is observed. early detection of risks such as operational inefficiencies, liquidity concerns, or evolving irregular market trends enables proactive management strategies and mitigation measures. this not only safeguards the bank's interests but also reinforces systemic resilience and enhances overall financial stability. 3 / 4 bis - central bankers'speeches fourthly, auditors should deploy competent staff equipped with the necessary training, skills, and experience, particularly in critical areas such as information technology ( it ) and cyber security. in today's digital age, where cyber threats are increasingly sophisticated, auditors with specialized expertise are essential to assess and mitigate it risks effectively. by ensuring audit teams are well - versed in emerging technologies and security protocols, auditors can contribute significantly to safeguarding sensitive financial data and maintaining robust cybersecurity frameworks. finally, and most importantly, upholding the highest standards of integrity, auditors must ensure there are no conflicts of interest that could compromise the objectivity and independence of their audits. transparency and impartiality are of the utmost importance in fostering trust among stakeholders, including regulators, investors, and the public. auditors

were made for appropriate credit delivery to farmers to enable them to buy these inputs. the nationalization of banks, the creation of regional rural banks, and the creation of national bank for agriculture and rural development ( nabard ) to govern the rural cooperative banks were all directed towards this massive change in the delivery of credit to fuel the green revolution. most of these activities were done on a national basis with appropriate coordination with state governments and other public sector agencies. given the highest priority that was attached to this programme, it delivered. need for a second green revolution the need now is for a corresponding second agricultural revolution, but one that will have to be much more heterogeneous. with the increasing diversification of the indian diet, there is great potential for acceleration of growth in the production of all non cereal foods, though in varying degrees. there is need for a new agricultural revolution in all areas such as : dairying, horticulture ( covering both fruits and vegetables ), aquaculture and pisci - culture, poultry, meat, and even wineries. there is also similar potential for acceleration in growth in non - food agriculture. the potential in all these areas is massive for income and employment generation on a well distributed basis ; for generation of a host of new activities ; and for widespread innovation. how can this be achieved? a key common feature behind the success of the national programme related to both the green revolution and the white revolution ( milk production ) was the relatively homogeneous nature of cereal production and of milk. it was thus possible to design national programmes that were broadly applicable country wide with relatively easy regional variations. the difficulty in designing programmes for the new agricultural activities is that these products are very heterogeneous and which, moreover, exhibit great regional differences. even for each activity, say poultry production, it will be difficult to design the kind of national programmes that helped the green and white revolutions. the need is now for decentralized packages for the many different activities that will have to be regionally disaggregated. the broad approach can be similar. each package will need to make simultaneous provision for technology inputs, infrastructure, supply of inputs and associated credit delivery. whereas the packages will need to be diverse and decentralized, it is unlikely that they will be developed without the initiation of a nationwide coordinated programme on a mission basis. such a programme could form expert teams for each activity and location. it will be essential to bring together high level expertise, both domestic and international