The Committee recommended that a Banking Codes and Standards Board of India (BCSBI) be set up to evaluate and oversee the observance of a voluntary code of conduct by the banks. Consequently, the RBI and the banks decided to set up, as a collaborative effort, an autonomous body, which combines the best of self-regulation and statutory regulation.
At the same time, available indicators of inflation expectations over the medium to longer term remain firmly anchored in line with the Governing Council’s aim of keeping inflation rates below, but close to, 2% over the medium term. The outcome of the monetary analysis supports the assessment of moderate inflationary pressure, as money and credit growth have further declined on an annual basis.