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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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