During a speech at the FIMMDA-PDAI Annual Conference in Amsterdam, Sanjay Malhotra (Governor of the Reserve Bank of India) stressed the importance of market makers balancing their privileges with responsibilities. He highlighted that while entities like banks and primary dealers have exclusive access to liquidity facilities, they must ensure fair and transparent access for all users in financial markets. Malhotra's remarks come after the Indian currency depreciated over 4% in March due to speculative activities amid the West Asia conflict, prompting the RBI to impose limits on net open positions in rupee derivatives. He also pointed out the underutilization of credit derivatives, which are vital for a developed corporate debt market, and emphasized the need for banks to enhance usage of the FX Retail platform for better retail user access. On a positive note, he reported that the Indian economy remains resilient with strong domestic demand, supported by consumption and public investment, and that the foreign exchange reserves stand at $698.5 billion as of April 24, 2025, ensuring a sustainable current account deficit despite challenges from elevated energy prices.