BIS Review 77/2010  1  At the Federal Reserve, we have been working to facilitate the flow of credit to viable small businesses. We helped in bringing capital from the securities markets to small businesses through the Term Asset-Backed Securities Loan Facility – the TALF program.
From the latter part of 1997, India moved to a cautious and well calibrated move towards capital account convertibility. These developments tested the exchange rate regime which proved conducive to growth while maintaining stability. India has been actively participating in the various initiatives in SAARCFINANCE and ACU arrangements.