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Since April 1, 1935, the Reserve Bank of India (RBI) has been protecting India’s economy. Printing currency, managing banks, controlling inflation, and handling the Rupee — the nation’s central bank has been doing it all. But the inner workings of this carefully guarded institution has remained an enigma.
In this episode of What India Needs, Shutapa Paul is joined by Alpana Killawala, former Principal Advisor at the Reserve Bank of India, and an insider who gives us a ‘fly on the wall’ view of the RBI.
From UPI scams and fintech regulation to inflation control and autonomy debates, this conversation sheds light on what the RBI can and cannot do. Alpana shares her personal experiences from landmark events, including demonetisation, the Harshad Mehta scam, and the shift to digital banking, offering unmatched insight into an institution that shapes every Indian’s economic reality.
Watch it now on YouTube or listen to it on Spotify.
#WhatIndiaNeedsPodcast #RBI #UPI #cyberfraud #fintech #inflation #demonetisation #centralbank #indianeconomy #publicpolicy #financialregulation
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00:00:00 - Intro
00:02:18 - India’s economic challenges
00:04:15 - The skipped manufacturing phase
00:06:56 - Responsible innovation & regulating fintech
00:10:18 - UPI’s rise and the scam problem
00:14:20 - Idle youth and job creation
00:15:40 - View on Rupee value and exchange Rate
00:20:12 - The Tussle within RBI
00:24:56 - AI in RBI’s supervisory process
00:26:09 - The Harshad Mehta Scam
00:31:22 - Learnings from six RBI Governors
00:44:20 - What made her write the book
00:48:08 - Recalling the demonetisation days
00:56:32 - What it’s like to work at the RBI
00:59:33 - The compartmentalised RBI
01:06:17 - Stress and pressure in banking career
01:10:28 - Is RBI’s autonomy at risk?
01:12:11 - Advice for future RBI aspirants
01:13:23 - Outro
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#CyberThreats #FinancialFraud #RBIInsights #FinancialInnovation #FintechRegulation #DigitalIndia #Demonetisation
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