Central Banking in India:Retrospect and Prospects

It is my privilege and great honour to be invited to deliver Kale Memorial Lecture. Shri RR Kale has done great service to the country by founding the Gokhale Institute of Politics and Economics in 1930. The Institute is a product of his vision, foresight and generosity. It is not a mere research or academic institution believing in excellence in scholarship. It is much more than that. It stands for service, courage and dedication to social and ethical values that are cherished in India. I have known and worked with some of its products. They believe in simplicity in personal lives also. I take this opportunity to pay a tribute to the founder, and to the institution.