Another study of UNDP (from a sample of 88 countries) observed that an increase in literacy rate from 20 per cent to 30 per cent was associated with an increase in economic growth between 8 to 16 per cent.
As the funding situation of banks has improved significantly since then, banks have this year opted to repay about 40% of the initially outstanding amount. Accordingly, excess liquidity in overnight money markets has been gradually receding. We are monitoring the potential impact of these developments on our monetary policy stance. We are ready to consider all available instruments.