However, other key financial safety nets were introduced belatedly after Japan faced and dealt with the financial crisis caused by the burst of the bubble. The main examples of these safety nets included the resolution mechanism for financial institutions, the mandatory disclosure scheme on nonperforming loans, accounting standards for the adequate write-off of nonperforming loans, and the prompt corrective action framework (Slide 14).
  All of us of course know the contributions of our Hon’ble Prime Minister Dr. Manmohan Singh who, after deftly steering the Reserve Bank as its Governor, went on to become India’s Finance Minister and put India on a path of historic and path breaking economic reforms.   Dr. R.N.