Consideration of macroeconomic and financial stability is also subsumed in the articulation of policy. The RBI is also entrusted with the management of foreign exchange reserves, which are reflected in its balance sheet. While RBI is essentially a monetary authority, its founding statute mandates it to be the manager of public debt of the Government of India and banker to the Government.
My third and final message goes out to financial institutions: Be a real driver of the economic transformation! If and when capital flows more strongly into climate-friendly economic activities, the financial system can play a pivotal role in changing the real economy. This is the spirit of the Paris Agreement.