If we had relied on effective macroprudential oversight and policy instruments back then, one can argue that the social and economic costs of the crisis would have been much lower. Crucial improvements to the financial system were needed, and are still needed, to prevent and mitigate systemic risk.
From March 27, 2020 the RBI unfurled a panoply of measures numbering more than a hundred in total, some conventional and others out-of-the-box,  to  address  pandemic-induced  dislocations  and  constraints, both system level and also specific to sectors, institutions and financial instruments. 4  More recently, interest rates have fallen even below zero to the negative zone.