It is also noteworthy that we were able to keep inflation at single-digit levels in spite of record high oil prices and sustained economic growth.
In response to the recommendation, in May 2015, the Reserve Bank had issued instructions to banks to do away with the Calendar of Reviews, replacing it with the seven critical themes prescribed by the Nayak Committee and had left it to the banks' Boards to determine other list of items to be deliberated and periodicity thereof.