A growing number of central banks have gradually introduced a set of new monetary policy measures – that are coined as ‘unconventional monetary policy tools’ – to continue to meet their inflation mandate (Table 1).
There was, thus, a need to moderate the pace of growth of this sector and it was, therefore, decided in June 2004 to stop issue of licenses for new banks and branches until a suitable framework for regulation and supervision was in place for the already large number of UCBs. B.