While Central Government restated its commitment to fiscal consolidation as per FRBM Act, several state governments have enacted legislation on similar lines while some others are in the pipeline. An important issue, specifically relating to the banking sector, is consolidation. Despite the liberalisation process, the structure of the Indian banking system has continued without much change though development finance institutions were merged with banks.
*** Doctor Ulrich Volz of School of Oriental and African Studies University of London; Department of Environment and Natural Resources Licenses, Patents, and Deeds Division Chief Alvin Joseph Constantino; Asian Development Bank Southeast Asia Department Officer-In-Charge Winfried Wicklein; of course, our friends from the banking sector-I see Bankers' Association of the Philippines (BAP) President Tony Moncupa there; my dear colleagues in the Monetary Board and our Deputy Governors and Assistant Governors - my partners in doing what Bangko Sentral ng Pilipinas (BSP) has to do for the country - and of course, all of the guests, allies in sustainable finance, good afternoon.