12th G. Ramachandran Memorial Lecture Highlights Trust, Governance, and Innovation in Banking
Chennai: The Southern India Chamber of Commerce and Industry (SICCI), in association with the Madras School of Economics, hosted the 12th G. Ramachandran Memorial Lecture in Chennai, bringing together key figures from India’s banking and economic policy ecosystem.
The event featured prominent speakers including J. Swaminathan, Deputy Governor of the Reserve Bank of India; C. Rangarajan, former RBI Governor and Chairman of Madras School of Economics; V. N. Shiva Shankar, Senior Vice President, SICCI; and N. R. Bhanumurthy, Director, Madras School of Economics.
Delivering the keynote address, Swaminathan described banking as a continuous learning process, evolving from frontline customer engagement to broader supervisory responsibilities. He noted that while operational experience builds core understanding, effective supervision requires a system-wide perspective grounded in public interest and governance.
Referring to banks as a “bundle of promises,” he emphasized their responsibility to safeguard deposits, ensure fair credit delivery, and uphold regulatory accountability. He stressed that financial stability must remain central, with long-term success defined by trust and credibility rather than short-term profitability.
Rangarajan highlighted the importance of balanced policymaking, stating that administrators must present both benefits and risks of decisions to enable informed governance. He underscored the continued relevance of economic theory in policymaking, alongside practical experience and historical context.
Pointing to rapid advancements in payment systems, he called for a regulatory framework that supports innovation while maintaining stability, cautioning against overregulation.
Shiva Shankar noted that the theme “Learning, Judgement, and Public Purpose” is especially relevant in today’s evolving economic landscape, where strong leadership and informed decision-making are critical to sustaining growth and resilience.
The lecture concluded with acknowledgements of contributions to the field, reinforcing the role of such platforms in fostering dialogue and shaping the future of banking and economic policy.
