The Committee on Financial Sector Assessment recommended that no unlicensed co-operative banks should be allowed to function beyond 2012. Reserve Bank took a decision to license those cooperative banks which have Capital to Risk Weighted Assets Ratio (CARA) of 4% and above. The revival package also helped in this regard.
In terms of the baseline scenario of the outlook for prices, the medians of the Policy Board members' forecasts presented in the July Outlook Report for the year-on-year rate of change in the CPI less fresh food are 2.3 percent for FY2022, 1.4 percent for FY2023, and 1.3 percent  5  for FY2024 (Chart 1).