The launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) program in 2014, one of the world’s largest financial inclusion initiatives to date that promotes no-frills accounts, is one prominent example of India’s national-level commitment to advancing financial inclusion. Foreign Exchange Reserves Management 26.
Official foreign exchange reserves are maintained in any country in order to achieve a set of objectives such as support and maintain confidence in the monetary and exchange rate policies, limit external vulnerabilities by maintaining foreign currency liquidity to absorb shocks during times of crisis, to provide a level of confidence to markets, demonstrate the backing of domestic currency by external assets and meeting its foreign exchange needs and external debt obligations.