The Business World, a leading business weekly of India, has conferred “Award on M Narasimham, Chairman of the Administrative Staff College of India, in recognition of the immense contribution made by him to the development of India's financial services industry over decades of intellectual leadership.” 

The citation read:
 
Conferred in recognition of “the immense contribution made by M. Narasimham the development of India’s financial services industry over decades of intellectual leadership.”

After reading the Citation, the Organisers also made the following remarks:

"Very few names will spring to mind as easily as that of M Narasimham, former Governor of the Reserve Bank of India, when it comes to recognising contributions made to the development of our financial services industry. In his various capacities at the Reserve Bank of India and in government, M Narasimham has been at the forefront of intellectual and policy leadership. As chair of the Committee on Controls, the Committee on the Financial System and the Committe on Banking Reform, Mr Narasimham has paved the way for putting in place the foundations of a strong and resilient banking industry. His independence of thought and his unflinching commitment to the cause of economic liberalisation have been at the core of the progress the financial services industry has made in the last three and a half decades. This award is but a small recognition of a towering contribution."

In reply, Mr Narasimham said:

“I am deeply grateful to Businessworld for conferring this Award.  I am honoured by it and accept this Award in all humility.  I am particularly happy that this Award is being presented by the Honourable Finance Minister.  It was my pleasure and privilege to work closely with Mr Mukherjee in the Finance Ministry over two decades ago.

“As the speaker mentioned just now, I had some role to play in initiating the process of financial and banking sector reform, whose object was to enhance the functional autonomy and operational flexibility of the banking system to make it more productive, efficient and profitable.  Financial sector reform is a process and not an event.  It is still a work in progress but its main elements of strengthening the capital base of banks, enhancing risk management capacities, observing prudential norms with regard to income recognition and provisions – all under a rule based regulatory regime – have all contributed to the strengthening of the system.  This has enabled our banking system to withstand any impact from the East Asian financial crisis in the late Nineties and more recently the tremors in the international financial system.  Indian banks have been very little exposed to the toxic assets which have caused distress to banks in the US and Europe.  Indian banks have not required any bail-outs or emergency equity capital infusion by the Government to ward off the crises.  I venture to say that Indian banks today are stronger, safer and sounder than their comperes in the West.  There is still, of course, much more to be done in extending banking to the under-banked areas of the country and to reach out to those still beyond the pale of its operations.  Financial inclusion is the new mantra but given the growing reach of the banking system and its inherent strengths, I believe, our banks will rise to the challenge of financial inclusion.  There is indeed no contradiction between the objectives of social banking and the canons of sound banking.  I have great confidence that our banks will play their role in the continuing economic transformation of the country through their on-going quantitative expansion and qualitative improvement.

“Once again, I would like to thank Businessworld for this Award.”