I would like to reflect on a few other contemporary puzzles as well. Low consumer inflation in the presence of abundant liquidity and increasing asset prices First, we have been experiencing low global inflation despite abundant liquidity in the last few years, with little sign of change. Is this a result of globalisation or effective worldwide monetary policy?
Let me present some data on staff expenses of various bank groups: Table: Staff expenses (Payments to and Provisions for employees) of Public Sector Banks versus Private Sector Banks Year  Public Sector Banks Staff  Cost per employee (Rupees)  Private Sector Banks Staff  Cost per employee (Rupees)  1998–99  8,83,648  1,67,940  60,777  1,69,307  2002–03  7,57,251  2,70,426  59,374  3,54,532  2003–04  7,52,627  2,97,903  81,120  3,17,308  2006–07  7,28,878  3,81,449  1,37,284  3,83,439  2007–08  7,15,408  4,00,611  1,58,823  4,47,920  2008–09  7,31,524  4,72,493  1,76,339  4,83,501  2009–10  7,39,646  5,55,874  1,82,520  5,16,491  2010–11  7,57,535  7,15,914  2,18,679  5,63,154  The above table suggests that Public Sector Banks are no longer the major employment provider in the financial market and also that their per employee expenses have gone above that of Private Sector Banks.