In the period ahead, we will monitor very closely all incoming information on economic and monetary developments and assess any impact on the outlook for price stability. Let me now explain our assessment in greater detail, starting with the economic analysis. Real GDP contracted by 0.2% in the first quarter of 2013, following a decline of 0.6% in the fourth quarter of 2012.
I am happy to share with you that within a period of last five months, we have issued license to 8 StCBs and 105 CCBs. 2  BIS Review 60/2010  However, 9 State Co-operative Banks and 191 Central Co-operative Banks still remain unlicensed. With recapitalization of these institutions, many of them would be eligible for a license.