It gives me an immense pleasure to welcome you to the new home of the Centre for Advanced Financial Research and Learning (CAFRAL) in the heart of Mumbai. Today, the global landscape stands at a critical crossroads. We are witnessing a period defined by profound geo-political challenges and an intensifying trend toward geo-economic fragmentation. The traditional "maps" of global trade and finance are being redrawn, as nations increasingly prioritize strategic autonomy and bilateral realignments over multilateral integration. Against this turbulent global backdrop, the Indian economy has demonstrated remarkable resilience. Having entered a stage of robust growth and moderated inflation, India remains a beacon of stability. However, as I have often emphasized, there is no room for complacency. The external shocks, ranging from trade volatility, tariff barriers and the rapid disruption in financial technologies, enjoins upon us to ensure that our institutions always remain more agile, informed, and analytically rigorous than ever before. CAFRAL has been established in 2011 to be the ‘intellectual cornerstone’ of this journey. As the research and learning arm of the Reserve Bank of India, its mission is to bridge the gap between high-level policy dialogue and ground-level financial practices and innovations. In an era where "fragmentation" is the challenge, "collaboration" must be our response. I invite all stakeholders—researchers, practitioners, and policymakers—to deeply collaborate with CAFRAL where data-driven insights meet visionary thinking, ensuring that the Indian financial system not only withstands global shocks but continues to drive our national aspirations towards a ‘Vikshit Bharat’.

As a centre of excellence, CAFRAL seeks to bridge the gap between academic research and real-world policy challenges by fostering strong collaboration among regulators, financial institutions, academics, and market participants. In an increasingly complex and rapidly evolving financial landscape, the need for rigorous research, continuous learning, and evidence-based policymaking has never been greater. CAFRAL remains committed to addressing these needs by conducting impactful research, organizing specialized training programmes, and facilitating constructive dialogue on issues of national and global relevance to the financial system. Our focus extends beyond banking, financial markets, regulation, risk management and fintech which have potential to shape the future of finance. Through partnerships with domestic and international institutions, we aim to promote innovation, strengthen institutional capacity, and contribute meaningfully to achieve financial stability and inclusive growth. I invite all the stakeholders - policy makers, researchers, and financial sector practitioners to engage with CAFRAL’s initiatives and contribute to our shared mission of advancing knowledge and strengthening our financial ecosystem.