Introduction of a comprehensive regulatory framework for NBFC-MFIs with a mandate of providing credit to low-income households meant that fundamental structure for provision of credit to the excluded section was in place. But this addressed only part of the problem. On one hand, we had commercial banks which were providing savings products to the poor but were a bit wary in providing small-ticket loans.
•  On Tuesday, the Bank reaffirmed its conditional commitment to maintain its target for the overnight rate at the effective lower bound of 1/4 per cent until the end of June 2010 in order to achieve the inflation target.