Prospects, challenges and strengths  Short term prospects For monetary policy purposes, the Reserve Bank, in its Annual Policy Statement, placed real GDP growth for 2007-08 at around 8.5 per cent, assuming no further escalation in international crude prices and barring domestic or external shocks.
The purpose of the 1919 Act was to prevent bank managements from losing people's money and then applying to the government for help so that innocent depositors would not be ruined. With the Commercial Banking Act, the banking inspector was also introduced; this was the first supervision of commercial banks. Savings banks had been supervised since 1880.