While it was around 7-8 per cent during the first forty five years, it has fallen to around five per cent in the recent period since the late 1990s. External sector reforms It was the balance of payment crisis in 1991 that was the key trigger for reforms. Consequently, actions on the external sector have been of the greatest importance.
Role of RBI in maintaining Financial Stability 25. This brings me to the role that RBI plays in maintaining financial stability. In this regard, I would like to share certain interesting facts. I touched upon it briefly in the press conference post monetary policy, but I would like to highlight a few points again.