Chennai, 2026:
The Southern India Chamber of Commerce and Industry (SICCI), in association with the Madras School of Economics, successfully organised the 12th G. Ramachandran Memorial Lecture today in Chennai, bringing together eminent leaders from the banking and economic policy ecosystem.
The lecture featured distinguished speakers including J. Swaminathan, Deputy Governor of the Reserve Bank of India; C. Rangarajan, Former Governor of the Reserve Bank of India and Chairman of Madras School of Economics; Mr. V. N. Shiva Shankar, Senior Vice President, SICCI; and N. R. Bhanumurthy, Director, Madras School of Economics.
In his keynote address, J. Swaminathan described banking as a continuous journey of learning, spanning practical experience at the customer interface to broader supervisory responsibilities. He emphasized that while operational exposure builds foundational understanding, the role of a supervisor demands a system-wide perspective anchored in public interest and governance. Referring to banks as a “bundle of promises,” he underscored their responsibility to safeguard public deposits, ensure fair credit delivery, and maintain regulatory accountability. He highlighted that financial stability must remain central, with long-term success defined by trust and credibility rather than profitability alone.
C. Rangarajan, in his address, reflected on the importance of balanced policymaking, noting that effective administrators must present both advantages and drawbacks of decisions to enable informed governance. He stressed the continued relevance of theory in shaping policy, alongside experience and historical insights. Highlighting rapid advancements in payment systems, he called for a regulatory approach that supports innovation without compromising stability, cautioning against excessive regulation.
V. N. Shiva Shankar noted that the theme “Learning, Judgement, and Public Purpose” is particularly relevant in today’s dynamic economic landscape, where strong leadership, continuous learning, and sound judgement are essential to ensure resilience and sustainable growth.
The event concluded with recognition of contributions to the field, reinforcing the importance of knowledge-sharing platforms in shaping the future of banking and economic policy.
