(vii)  Since the monetary policy and countercyclical policies have operated in tandem, it is difficult to isolate the effect of countercyclical policies from that of monetary policy. Dealing with cross-sectional dimension of systemic risk 26.
To address systemic risks arising out of inter-connectedness among banks and between banks and NBFCs (shadow banks) and from common exposures, some of the important measures taken are as under: 27.