Second, the measures entailed no dilution of collateral standards and ensured that the central bank remained cushioned from counterparty risks. Third, most of the measures this time around were time-bound and expired as per their originally defined maturity.
Illustratively, the GSAP was discontinued, relaxations with respect to CRR were allowed to normalise and the liquidity management framework was tweaked in April 2022 to operationalise the standing deposit facility (SDF). This approach has enabled us to get out of a potential liquidity trap, the Chakravyuh. 15.