5 Forward guidance also constitutes an important element of QQE. I will first explain the forward guidance used under the current  4  See, for example, Bank of England, “Monetary Policy Trade-Offs and Forward Guidance,” 2013.
Some of today’s premier development and market institutions such as the National Bank for Agriculture and Rural Development (NABARD), the Industrial Development Bank of India (IDBI) and the Unit Trust of India (UTI) had their beginnings as specialized departments and divisions within the RBI. The context and circumstances that culminated in the path-breaking economic reforms of 1991 are by now standard fare.