In the above background, the need for banks in India to adopt ‘stress tests’ as a risk management tool has been emphasised in the Annual Policy Statement announced by the Governor in April 2006.
* * * Professor Scott, and our hosts from Harvard and the Program on International Financial Systems, thank you for the chance to participate in today’s meeting. Looking around the room, I see a mix of past and current colleagues, from academics, to supervisors and central bankers, to researchers and practitioners in industry.