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CommsCast | Alpana Killawala (with Manibalan Manoharan) on Powering Reputation at the RBI and Beyond

• Mediabrief.com and Manibalan Manoharan, Alpana Killawala • Season 1 • Episode 5

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How does a central bank earn and maintain public trust over decades? What is the real art of crisis communication in the financial world? And how can communications leaders shape narratives in an institution as opaque and mission-critical as the Reserve Bank of India?

In this insightful episode of CommsCast – The Reputation Podcast powered by Adfactors PR, host Manibalan Manoharan, Senior Group Head – Digital at Adfactors PR, is joined by Alpana Killawala, veteran communicator and former Head of Communications at the RBI, who, for the past four years and more, serves as Strategic Advisor at Adfactors PR.

Alpana shares her learnings from working with six Governors of the Reserve Bank of India, shaping the RBI’s external and internal communication strategy during some of India’s most significant economic transitions. Drawing from her book A Fly on the RBI Wall, she offers stories, lessons, and behind-the-scenes insights on what it takes to communicate for a central bank that balances confidentiality with credibility.

Tune in to learn about:

  • RBI’s evolving communication strategy
  • How media relations were managed across governors
  • Best practices in financial PR and strategic communication
  • Transitioning from journalism to institutional communications
  • Reputation management in high-stakes policy environments

Whether you're a communications professional, financial analyst, journalist, or student of public affairs, this episode offers a rare view into the storytelling and transparency that shape India's financial messaging.

Mani:

Hello and welcome to CommsCast, the reputation podcast powered by Adfactors

Alpana:

Thank you, Mani. Pleasure entirely mine to join the show.

Mani:

Thank you. Alpana, I read this book. This is an excellent book. I must tell my

Alpana:

Sure Mani, I began very young. At 21, I applied for my first job and got it.

Mani:

Interesting. You switched from journalism – breaking stories – to shaping

Alpana:

When you say A Fly On The RBI Wall, an insider's view of central bank

Mani:

And I structured it this way mainly because I could have done it thematically

Alpana:

… and he absorbs different lessons in different themes of PR easily. So

Mani:

During this conversation, you mentioned about the six governors that you

Alpana:

Let's see. I began with Mr. Venkatramanan. He was the first person to

Mani:

And this was the time when they were also looking for some lateral positions,

Alpana:

Not really, not really in that sense – that they were not really looking

Mani:

Wonderful! That was about Governor Venkatramanan. What about the other RBI

Alpana:

Dr. Rangarajan was very erudite and he believed in giving speeches. So, in

Mani:

Next was Dr. Jalan, and one day he called me in and he said, “Alpana,

Alpana:

Dr. Reddy was a different person. He said, “No public opinion-making through

Mani:

Following him was Dr. Subbarao. Subbarao was a very open person. He

Alpana:

And what about the rock star RBI governor? That's what the media called him

Mani:

Raghuram Rajan, yes, yes. How can one forget him? Media had just fallen in

Alpana:

So we had to control the photography initially – like with his

Mani:

But one thing common to all was – all were superbly brilliant. Two, all had

Alpana:

Before they did anything, public speaking or anything, they would ask me

Mani:

I mean, they were so brilliant that they just could not make such mistakes.

Alpana:

Hi, I'm Mani on CommsCast. With me is Alpana Killawala, who has written this

Mani:

Thanks, Mani, for sharing it – because this question virtually asks me to

Alpana:

Mr. Venkatramanan – he was a very forward-looking person. So, I learned to

Mani:

Dr. Rangarajan – speeches we started using as a major tool for communication to

Alpana:

After that was Dr. Jalan, and with him, we learned how to innovate in

Mani:

Whatever central bank says moves the market. And the media started following

Alpana:

Dr. Reddy – the most important lesson I learned in his time was: keep

Mani:

Alter the timeline if required.

Alpana:

Dr. Subbarao – for him, each word that he communicated was important, along

Mani:

Art of listening is another thing that I learnt from him, because

Alpana:

And Dr. Rajan, of course – what he did was he used his status to communicate

Mani:

So, that's the long answer to your short question.

Alpana:

Alpana, we as comms professionals advise our clients not to answer any

Mani:

First, instant communication was true for a central bank–like institution

Alpana:

This you're saying in the timeframe of?

Mani:

This was in Dr. Reddy's time.

Alpana:

WhatsApp, as I said, was just developing, evolving in personal

Mani:

We had to intervene – because the bank wasn't insolvent, really. It’s just

Alpana:

Got it. So, Alpana, what you're trying to say over here is like, even the

Mani:

Yes. So I think that's again something that we have been also seeing. A

Alpana:

Very, very important. Because I remember in a recent time also, one

Mani:

So, listening – social listening – is a must in today's time.

Alpana:

So, to all my listeners also – I think keeping your ear to the ground, I

Mani:

I think that’s how it is. Even at that time, we used to do some kind of

Alpana:

Got it.

Mani:

And he used to mark some portions in the newspaper clipping and send it down to

Alpana:

Great.

Mani:

Alpana, you spent 26 remarkable years at the Reserve Bank of India. When

Alpana:

Good question, Mani. Madanji and I go long years back – almost 25 years we

Mani:

So, after retirement, I was sitting at home trying to settle my house –

Alpana:

Madanji’s style.

Mani:

Exactly. So, I came here and met him. And he said…

Alpana:

So I said, “I haven’t thought about it.”

Mani:

And I said, “What will I do?” He said, “Do whatever you want.” And that was

Alpana:

The moment he said that – “Do what you want” – I had settled in my mind that

Mani:

And after coming here, I realized that I haven’t made a wrong decision at

Alpana:

What I learned in RBI, I didn’t realize that that was one world. Here I’m

Mani:

This I would not have learned had I not come to Adfactors PR. And the amount

Alpana:

And we are like one of the biggest beneficiaries, because we walk into your

Mani:

Alpana, I love this book. I think you should, in fact, tell all our viewers

Alpana:

Thank you, Mani. It’s a kind of playbook in corporate communication – very

Mani:

And the other thing is, it works on two or three levels. It tells you about

Alpana:

And of course, it’s written in first-person singular. So 250 pages won’t

Mani:

Wonderful! Wow, Alpana. This has been a really great conversation. The

Alpana:

Thank you for your time. And like I had fun having this conversation – share

Mani:

Thoroughly, thoroughly enjoyed, Mani– with a co-traveller on the journey of

Alpana:

Thank you.

Mani:

So that was this episode of CommsCast, the reputation podcast powered