Thus, in due course, the recommendation of the Narasimham Committee to have only banks and the restructured NBFCs in the system, could be operationalised. Accordingly, in April 2001, the FIs were advised several operational and regulatory issues relevant in evolving their transition path to a universal bank and for formulating a road map for the purpose. 23.
I want to take a moment to describe just two of these initiatives. The first is a student competition called The Fed Challenge, a program designed to teach students about monetary policy and the national economy.