MUMBAI, India, July 27 -- Reserve Bank of India issued the following speech:

Mr. C.S. Setty, Chairman, State Bank of India, Mr P D Singh, CEO, Standard Chartered Bank, India & South Asia, distinguished guests, senior leaders from across the financial sector, ladies and gentlemen.

2. It is a pleasure to join you this evening. I thank Standard Chartered Bank for the invitation extended to me and for bringing together such a wide cross-section of institutions that participate in, intermediate, and shape India's financial markets.

3. We often measure progress of financial markets through visible indicators-market size, trading volumes, new products, new participants and international recognition. These are important. But they do not tell us ...