Prudential indicators such as NPLs stood at 16  5.4 percent in November 2021, while the CAR remained above 15 percent indicating continued resilience of our banking system. Response of the Monetary Authorities 21. The impact of the COVID-19 pandemic provided many lessons that has helped to shape subsequent actions by the Monetary Policy authorities.
Globalization of finance, by amplifying the risk of contagion, and thereby constraining the policy space for effective regulation, has added to the difficulty of this task. As a regulator of various market segments such as money markets, G-sec, forex and interest rate derivatives, the Reserve Bank has followed calibrated, sequenced and careful approach to develop and integrate these markets.