With increasing complexity of the financial system, the focus of financial stability has moved beyond commercial banks and providing them liquidity during bank runs, to other segments like non-bank financial institutions, financial markets, payment systems, etc. The focus area has thus widened to several other pressure points to prevent financial instability.
Not surprisingly, therefore, preservation of financial stability has steadily evolved to become a major objective among central banks,  1  Bakhtiar K. Dadabhoy: Sugar in Milk: Lives of Eminent Parsis, Rupa & Co., Page 359  2  implicitly or explicitly, alongside traditional and evolving goals of monetary policy. 6.