During a recent address, Reserve Bank of India Governor Sanjay Malhotra highlighted the dual nature of privileges enjoyed by banks and primary dealers (PDs) in financial markets, stressing that these come with significant responsibilities. He pointed out that while these entities have exclusive access to liquidity and act as market-makers in over-the-counter derivatives, they must ensure fair and transparent access for all market users. Malhotra noted that despite the maturation of Indian markets, challenges such as limited product diversity in interest rate derivatives persist. He called for banks to evolve into global market-makers and to enhance retail participation, particularly in the underutilized foreign exchange retail platform. The RBI is ready to implement appropriate policy measures to maintain market order, emphasizing that financial resilience is a collective responsibility involving all market participants. He expressed confidence that collaboration among institutions will further mature Indian financial markets, supported by initiatives like expanding central clearing in forex derivatives and improving transparency in OTC transactions. Despite global economic uncertainties, he affirmed India's macroeconomic resilience, characterized by strong growth and stable inflation.