Central banks are like wicketkeepers; always in spotlight during failures: RBI DG
Reserve Bank of India Deputy Governor Swaminathan J has likened central banks to wicketkeepers in cricket or goalkeepers in football who often go unnoticed in successes but are always in the spotlight during failures. In his address at the RBI@90 High Level Conference on 'Central banking at Cross Roads' on Monday said over the years, the role of central banks has significantly evolved.
Initially seen as the lender of last resort, today, central banks are equipped with a broad range of tools — regulatory, supervisory, and monetary — to ensure the stability of the financial system.
The financial sector, he said, is the backbone of the economy, enabling efficient allocation of resources, managing risks through various instruments, and ensuring smooth payments and settlements. It performs crucial functions that support investments and drives economic growth.
Therefore, the financial sector becomes the cornerstone of a well-functioning economy.
However, the financial sector is vulnerable to risks — especially systemic ones that, if left unchecked, can have far-reaching consequences, the deputy governor said.
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