59. The Dufrenoy Prize was awarded to the Reserve Bank for its calibrated approach to the introduction and regulation of financial products. Let me quote from the citation: “The responsible character of the Reserve Bank of India’s commitment in the financial services industry lies in an original and innovative regulatory approach of financial products.
One of the Bank’s priorities has been to calibrate the introduction of specific financial innovations in order to assess their behaviour before larger scale diffusion, a pioneering approach at a time when the idea of considering markets as real scale testing sites for financial innovation with the necessity of implementing specific protocols is not yet prevalent in the financial area.