Monetary policy transmission could be weakened by the headwinds that may arise in the aftermath of balance sheet recessions. Likewise, inherent non-linearities could kick in when interest rates are persistently low and may dampen their impact on spending. The law-and-order case for banning cash also wilts under scrutiny.
(iii)  The enhanced Central Securities Depository system is expected to go live by June this year, this will provide among other functionalities, e-bidding in primary auctions, automated repo auctions and online secondary market trading. (iv)  The debt reforms that will lead to the introduction of non bank Broker/Dealers in the debt market are on going.