These are pursued inter alia through ensuring credit availability, with stability in the external value of the rupee as well as overall financial stability, all being reflective of pursuit of the overall objectives. The relative emphasis among the objectives is governed by the prevailing circumstances.
Targets The conduct of monetary policy in India has traditionally proceeded with the help of an intermediate target, which the central bank could influence directly and which bears a reasonably close relationship with the ultimate objectives. The particular mode of central bank intervention is the operating instrument.