The financial stability policy development process is more open and consultative than the operational, supervisory process. Public engagement in prudential policy development is a cornerstone of our approach – we consult regularly with the public and financial sector on major policy innovations before finalising our intended policy approach, which we publish.
Use of Rupee for transactions between non-residents would be a decisive vote of confidence in Rupee’s internationalisation, but that is a step which belongs to the final stages of Rupee internationalisation, and not a priority at this stage. 14. Why do I think internationalisation of the Rupee is a desirable objective of public policy?