In the end analysis, this policy turned out to be more interesting than was being anticipated by any market participant. True, there was no rate reduction, as was being broadly expected, and the stance also stayed unchanged. But the boring part end here as the RBI unleased a host of measures on the regulatory perspectives that seeks to strengthen the resilience and competitiveness of the banking sector, some measures to improve flow of credit and ease of doing business, one more step forward towards internationalization of the INR etc.

On the piece of resilience and the competitiveness of the banking sector, there were four specific measures that could have a wide-reaching impact over the medium to long term. The Expected Credit Loss (ECL) framework requires banks to highlight potential c

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