3  While lessons are still being distilled from the crisis, the IMF assigned a central role to failure of risk management and weaknesses in regulation and supervision besides the global pattern of low interest rates and a build-up of leverage (World Economic Outlook, April 2009, IMF).
BIS central bankers’ speeches  1  Ours is a bank dominated financial sector: commercial banks account for over 60 per cent of the total assets of the financial system comprising banks, insurance companies, non-banking financial companies, cooperatives, mutual funds and other smaller financial entities.4 Banking expansion as reflected in the growth of total assets of banks was rapid till the intensification of the global financial crisis which affected the Indian economy through trade, finance and confidence channels.