Don't "waste this crisis. We should learn from it, find out what went right and take appropriate corrective action," the RBI Governor said in his message.
"It is now clear that the global recession will be deeper, and the recovery longer than we had earlier anticipated," he said.
Appropriate corrective action should be taken, he said, adding that this was what would distinguish winners from losers. "It should be our endeavour to see that we are among the winners," Subbarao said.
The apex bank was facing an extraordinary challenge and the present global financial crisis had turned into a full-blown global economic crisis, he said.
Describing the on-going crisis as both a challenge and an opportunity, the RBI Governor said that while the challenge was because a lot was expected from the apex bank, the
opportunity lay in the fact that here was a chance for the bank and its employees to show that they could rise to the occasion, think out of the box and act effectively.
"I am confident I will get best of analysis, advice and co-operation from each and every one of you in meeting this challenge head-on," he said.
The RBI Governor said that no crisis could last for ever and that the present one too would pass but one needed to learn lessons from it.
Striking a personal note, Subbarao said that he believed in being open-minded, admitting to mistakes and correcting them.
He said that both the appreciation and criticism of the RBI's actions were only to be expected and fair.
Subbarao thanked his deputy governors and other officials for their co-operation and expressed his appreciation of their expertise.