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Two types of paper: the case for Federal Reserve independence

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Perspective on impact of Banking Sector Reforms �PAGE � First R.K. Talwar Memorial Lecture – 2007 By Dr. C. Rangarajan Chairman, Economic Advisory Council to the Prime Minister & Former Governor, Reserve Bank of India on “ The Indian Banking System – Challenges Ahead” July 31, 2007 Indian Institute of Banking & Finance Financial and Banking Sector Reforms in India C Rangarajan Distinguished ladies and gentlemen, I deem it a great honour to be invited to deliver the first R.K. Talwar Memorial Lecture. Shri. R.K. Talwar was one of India’s most distinguished bankers who became a legend in his own time. He was a man of skills, vision and courage. His chairmanship of the State Bank of India was marked by several outstanding achievements. As early as 1970s, he had the foresight and vision to understand the importance of organizational structure and instituted a study for this purpose. The organizational structure of SBI that was adopted in his period has stood the test of time, even though it has undergone further changes in keeping with the needs of the time. Another area which received his major attention was human resources development. His pioneering work in the area of financing small-scale industries earned him the title of the Father of SSI Finance. The one dominant characteristic of his entire professional career was his courage. He stood by certain values with which he was not willing to compromise and this had not made life easy for him. In short, for any one entering the banking career, there can be no better role model than that of Shri R.K. Talwar. I deem it a great privilege to deliver this lecture. I congratulate SBI and IIBF in instituting this commemorative lecture. It is a fitting tribute to an illustrious son of India. India has presently entered a high-growth phase of 8-9 per cent per annum, from an intermediate phase of 6 per cent since the early 1990s. The growth rate of real GDP aver

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