10  BIS central bankers’ speeches  Introduction of credit default swaps Further, the introduction of Credit Default Swaps (CDS) would help banks to manage exposures while increasing credit penetration, and lending to infrastructure and large firms without being constrained by the extant regulatory prescriptions in respect of single borrower gross exposure limits.
The savings deposit rate, however, continued to be regulated; it remained unchanged at 3.5 per cent since March 1, 2003 (revised to 4 per cent in May 2011) even as other deposit rates moved in either direction in response to the Reserve Bank’s policy rate calibration. 33. The advisability of deregulating this last vestige of administered interest rate structure continued to be debated.