The results of the targeted reviews conducted in the third and fourth quarter of 1998 have been shared with each institution reviewed, and supervisory plans tailored to each institution’s particular circumstances have been developed. Supervisory staff is monitoring each bank’s management of hedge fund counterparty exposures as well as the bank’s efforts to address any identified risk management shortcomings.
More importantly, per capita income growth has witnessed a spectacular rise to about 5.5 per cent in the recent years as against a rise of around 1 – 1.3 per cent in the three decades after Independence. Reflecting this there has been significant decline in poverty in India.