*  *  *  Distinguished Guests; The Chief Executive Officer, Indian Institute of Banking and Finance; Members of the Institute; All Protocols Observed; Ladies and Gentlemen: I am delighted and honoured to have been invited to preside over the opening ceremony of this Conference organized by the Indian Institute of Banking and Finance.
As far as price developments are concerned, inflation as measured by the harmonised consumer price index (HICP) is estimated to have risen slightly in April, to 1.4%, but has not increased further in May. Output growth has remained strong in recent quarters, with annual growth rates close to or even exceeding 3%.