Hence, there was a case for the public sector to cushion the impact of the shock and provide insurance ex post. Massive public policy interventions stabilised the situation and prevented a spill-over from the real economy to the financial sector.
Y V Reddy: Banking sector in global perspective Inaugural address by Dr Y V Reddy, Governor of the Reserve Bank of India, at Bankers’ Conference 2004, New Delhi, 10 November 2004. * * * Distinguished guests, Ladies and Gentlemen, It is indeed a pleasure and privilege to be amidst this august gathering of eminent bankers, experts and policymakers.