In this session, we turn to the foundational architecture of India's financial system: Monetary policy and Government bond markets. As credit markets have evolved, the mechanisms through which monetary policy transmits to the real economy have also transformed. This dialogue will examine how government bond markets function as the anchor for interest rate formation and liquidity across all market segments.

Manish Singh, Harsh Vardhan and Amrita Agarwal will explore this intersection through three lenses:

Market Structure: The role of government securities markets in monetary policy transmission, liquidity management, and benchmark rate formation in an evolving financial landscape.

Regulatory and Institutional Framework: How central bank operations, market microstructure, and regulatory arrangements shape price discovery, market depth, and the effectiveness of policy transmission.

Systemic Implications: The interconnections between sovereign debt markets, banking system liquidity, and credit market dynamics—examining how stresses or inefficiencies in bond markets can cascade across the financial system.

The event will be held in a hybrid format; however, in-person attendance is strongly encouraged to participate in the discussion. Registration is mandatory.