The Reserve Bank of India (RBI) organised a two-day “High-Level Policy Conference of Central Banks from the Global South” in Mumbai, Maharashtra, on 21 and 22 November 2024.

The Conference was part of a series of international conferences organised by the Reserve Bank of India to celebrate the 90th year of its foundation under its flagship programme, RBI@90.

This was the third international conference to be organised by the Reserve Bank of India under its RBI@90 celebration.

The first international conference to be organised by the RBI was the “Global Conference on ‘Digital Public Infrastructure and Emerging Technologies’ in August 2024 in Bengaluru, Karnataka.

The second international conference was organised in New Delhi in October 2024 under the theme High-Level Conference on ‘Central Banking at Crossroads.’

The Reserve Bank of India was established on 1 April 1935 under the provisions of the Reserve Bank of India Act 1934. The RBI’s headquarters is in Mumbai, Maharashtra.

Who inaugurated the Conference?

RBI Governor Shaktikanta Das inaugurated the High-Level Policy Conference of Central Banks from the Global South on 21 November 2024.

Theme of the High-Level Policy Conference of Central Banks from the Global South

The theme of the High-Level Policy Conference of Central Banks from the Global South was “Building Synergies” across the central banking fraternity of the Global South”.

The conference seeks to strengthen the voice of the Global South and build synergies in shaping the global policy agenda.

At the conference the leaders of the central banks will share their experience in dealing with global crises . The confernce will also aim to develop synergies among the central banks to develop an efficient policy response to future crises.

What is Global South?

‘Global South’ term was first time used by Carl Oglesby, a political activist, in 1969, in an article published in the journal “Commonweal”.

The term loosely refers to the poor, underdeveloped, and developing countries of Asia, Africa, and Latin America, excluding South Korea, Singapore, Japan, Australia, and New Zealand.

It is used in contrast to the Global North, which refers to the rich, industrialised countries of North America, Europe, South Korea, Singapore, Japan, Australia and New Zealand.

Participants of the High-Level Policy Conference

Eighteen countries of the Global South attended the Conference.

They were represented by Central Bank Governors, Deputy Governors and other central bank officials.

From Reserve Bank of India- Directors of the Reserve Bank’s Central Board, Deputy Governors and senior management were present.

Also present were experts from multilateral institutions, top executives from commercial banks, financial market participants, academicians, economists and eminent personalities.