Predictability, parsimony, precision, and clarity of communications all would seem to argue in favor of focusing policy on a single active tool that is most familiar. In short, it makes sense to focus policy on the tool whose effects are better understood by both policymakers and the public in circumstances where the tools are largely substitutes for one another.
Again, congratulations to the management of Bank of Baroda for adding this ninth branch to your network. I have no doubt that you will do your utmost to serve the best interest of the community. Thank you. BIS central bankers’ speeches  3