. this, in turn, necessitates a broader mix of financial instruments. both infrastructure funds and bonds have great potential. the better and more widespread securitisation of bank loans seems desirable to diversify risks. it may also assist the development of transparent capital market instruments. for emerging markets, financial market development, trusted legal frameworks, and the development of a long - term investor base are pertinent ” this is what we should work for. hopefully, banks would soon move towards credit enhancement, so that other players are willing to subscribe to bonds issued by corporates executing infrastructure projects. it is also necessary that those with long maturity liabilities are encouraged to provide funds to the infrastructure projects. this apart, i feel there is a huge potential to raise money by way of issue of green bonds. india ’ s commitment to the paris climate accord, makes it all the more important to work towards implementing infrastructure projects that are environmentally sustainable because it is both the need of the hour and there could be alternative sources for raising funds for projects that are environment friendly. we will have to set benchmarks for evaluation / rating of the emission prevention / avoidance / reduction that a project brings and harness the financing potential for such projects. let me end by once again thanking assocham for giving me the opportunity to share my thoughts on the subject and i am sure that the deliberations during the day will throw up new and actionable ideas to facilitate flow of funds for the infrastructure sector. 1 special mention account 2 – where principal and / or interest is overdue for more than 60 days. 5 / 5 bis central bankers'speeches

importers, fiis, corporates and banks with external liabilities to hedge their risks, but often forward premia may not be in alignment with interest rate differentials. demand supply mismatches over different tenors, and the associated incentives / disincentives to keep forex positions open, can impact the decisions of the concerned entities. offshore market activity in the indian rupee ( inr ) could also amplify inr volatility in the domestic market, and along with divergent ois market expectations, it could distort the transmission of domestic monetary policy. conclusion i realise i have stretched your patience enough. these are not the best times for central bankers to wax eloquent. from being knights in shining armour during the pandemic, they have become much maligned and are held responsible for the darkening outlook globally. the story is told of a man stuck in a traffic jam in the capital of a major economy. he asks a policeman about what is going on, and is told that the governor of the central bank of the country is so depressed about the economy that he wants to douse himself with gasoline and set himself on fire. so, in sympathy, the crowd has decided to take out a collection for him. " how much has been collected? " asked the man. the answer : " 40 gallons ". at a time when central bankers seem impervious to the imminent recession and job losses that loom ahead as they make their rational and cool - headed jumbo rate hikes, a famous central banker's favourite joke comes to mind. a man needs a heart transplant. the doctor offers the heart of a five - year old boy. " too young! " says the man. " how 7 / 9 bis - central bankers'speeches about the heart of a 40 - year old treasury head? " " he doesn't have a heart ". then how about the heart of a 75 - year old central banker? " " i will take it! " " but why? " " it's never been used! " yet, perhaps the only subject about which central bankers get emotional and abandon their rationality is financial markets, the plumbing of the operational architecture of monetary policy. it is for this reason that the rbi engages not only in their regulation, but also in their development. both activities are undertaken with a view to galvanising monetary policy transmission. through open market operations, forex interventions and provision of liquidity