Shri Sambamurthy, Director, IDRBT; Shri Prabhakar, Chairman and Managing Director, Andhra Bank, Shri Rao, Managing Director, SBH, Shri Siva Kumar, member of faculty, IDRBT, distinguished fellows of IDRBT; other members of the faculty; and directors on the Boards of banks. Wish you all a very good morning.
Just as households, businesses and governments are adjusting to higher global interest rates, so must the financial sector. As this adjustment unfolds, participants in the financial system, regulators and central banks must all be vigilant. The recent banking stresses in the United States and Switzerland are a reminder that risks can materialize and spread quickly.