It is just as important to have an operational safety net, including a deposit insurance system and resolution framework that prevents a failure of a financial institution from developing into a systemic crisis. In this regard, the completion of the Basel III regulatory reforms that began following the onset of the global financial crisis is a significant achievement.
*  *  *  Respected Professor Vyas, distinguished participants, ladies and gentlemen, I am indeed thankful to the Institute of Development Studies and Professor Vyas for providing me this opportunity to share my thoughts with you today on the “Evolving role of the Reserve Bank of India: Recent Developments”.