As I write this Statement, polymer bank notes in three denominations of Rs25, Rs50 and Rs500 are circulating in parallel with paper bank notes. In the wake of the global financial crisis, banking has become a 24-hr operation. Banks are evolving in an extremely dynamic and competitive environment.
Financial institutions are more and more stretching regulations to outwit regulators; and we regulators, need to continuously strive to keep ahead of them. The demands on the Bank are becoming more and more exacting by the day. The restructuring of the Bank, which I initiated in 2007, is ongoing.