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ReBIT’s SPECIAL SESSION WITH Dr VIRAL ACHARYA

ReBIT’s SPECIAL SESSION WITH Dr VIRAL ACHARYA

Highlights of the interaction

It happens quite so often that we tend to lose sight of the big picture in the quest to complete day-to-day tasks in work life. Interacting with senior leaders in the organization and partaking their vision helps us align to the right goals, tapping our hidden potential and enhancing our contribution in the process. ReBITians made the best use of a session as exclusive audience with Dr Viral Acharya, Deputy Governor, Reserve Bank of India during his visit to ReBIT office last month.

While welcoming Dr Acharya, Mr Nandkumar Saravade, CEO, ReBIT recalled the initial days of the formation of the company, the RBI leadership’s idea in setting-up an entity specializing in IT and cyber-security to support the central bank and the company’s quick growth in a short time span. He expressed his specific gratitude for Dr Acharya’s active role as a ReBIT board member, in shaping the vision and providing the impetus to its plans.

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Dr Acharya started on a humorous note, recalling his student days and his subsequent shift from computer science to economics and academia to the regulatory field. The importance of finding one’s calling could not have been explained better. The new-comers as well as the old-timers in ReBIT listened avidly when Dr Acharya pointed to the incorporation of ReBIT, its idea, evolution and expectations from RBI. He stressed that an employment stint in an organization like ReBIT would help one to maximize one’s professional development and serve the organizational purpose. The speed at which government organizations have transformed by embracing technology and offering superior user-experience was emphasised by Dr Acharya.

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Behavioral economics, cryptocurrency, and the role of technology in policy making were some of the intriguing subjects on which ReBITians sought the views of Dr Acharya. “The value of money should not fluctuate and hence cryptocurrency should not be allowed,” said Dr Acharya as he echoed RBI’s long standing stance on this topic and expressed his personal reservations on cryptocurrency as a financial instrument. During his response to nudge economics theory, Dr Acharya opined that it is difficult to devise nudge strategies on a national scale. Instead, it could help derive good results if implemented with pilots and on the basis of favorable region specific considerations.

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Mr Jayaraman Pazhamalai, Senior Vice President and Head of Systems Audit Vertical thanked Dr Acharya for sparing time to visit the ReBIT office and to share his thoughts on a wide range of subjects from behavioral economics to technology disruptions.

Ms Shikha Pathak, Associate Manager – Policy Research, ReBIT, conducted the programme in a lively manner.

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It was a memorable day for ReBITians, to get to meet a world-renowned expert and central banker, enabling them to move ahead with renewed vigor and direction. Dr Acharya’s speeches are known for his in-depth-knowledge of economics, clear thinking and witty remarks. ReBITians got a taste of all these, and went home with an extra smile on that day.