By implementing drastic monetary easing, the Bank has sought to avert the risk that a vicious cycle, involving the translation of price declines into reduced corporate profits, depressed economic activity, and hence further price declines, could impair the monetary policy goal of price stability over the medium to long term.
There is as much need for a Mr. Pai today, as it was then in putting across consumer issues to the fore in an effective manner. In my address today, I intend to share my perspective on the evolving nature of banks' relationship with its individual customers and the new challenges in this regard.