Trust, Governance and Innovation Take Centre Stage at 12th G. Ramachandran Memorial Lecture
Chennai: The 12th G. Ramachandran Memorial Lecture brought together leading voices from India’s banking and economic policy landscape, underscoring the critical role of trust, governance, and innovation in shaping the future of the financial sector.
The event featured eminent speakers including J. Swaminathan, Deputy Governor of the Reserve Bank of India; C. Rangarajan, former Governor of the RBI and Chairman of the Madras School of Economics; V. N. Shiva Shankar, Senior Vice President of the Southern India Chamber of Commerce and Industry; and N. R. Bhanumurthy, Director of the Madras School of Economics.
Delivering the keynote address, J. Swaminathan described banking as a continuous journey of learning, evolving from frontline customer engagement to broader supervisory responsibilities. He emphasized that while operational experience builds foundational understanding, the role of a regulator requires a wider, system-level perspective rooted in public interest. Characterising banks as a “bundle of promises,” he highlighted their obligation to protect public deposits, ensure equitable credit flow, and uphold regulatory discipline. He stressed that financial stability must remain paramount, with long-term success defined by trust and credibility rather than profitability alone.
C. Rangarajan, in his address, spoke on the importance of balanced and informed policymaking. He noted that administrators must objectively present both the benefits and limitations of decisions to strengthen governance frameworks. Emphasising the continued relevance of economic theory, he said it must work in tandem with experience and historical context. Referring to rapid advancements in payment systems, he advocated for a regulatory approach that encourages innovation while safeguarding stability, cautioning against excessive regulatory intervention.
V. N. Shiva Shankar highlighted the theme of the lecture — “Learning, Judgement, and Public Purpose” — as especially pertinent in today’s evolving economic environment. He observed that strong leadership, continuous learning, and sound judgement are essential to ensure resilience and sustainable growth in the financial system.
The lecture concluded with recognition of contributions to the field, reinforcing the importance of such knowledge-sharing platforms in guiding the future direction of banking and economic policy in India.
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