Attention is paid both to the inefficiencies of the State and to those of the market. In monetary policy, this explains recourse to unconventional measures; in banking supervision, it explains the effort to achieve an equilibrium – which does not mean laxity – between microprudential intervention at individual institutions and macroprudential considerations relating to the overall stability of the financial system.
*  *  *  Your Excellency Sibabrata Tripathi, High Commissioner of India to Kenya; Dr. Manu Chandaria, Chairman, Bank of India Local Advisory Committee; Mr. Maganbhai Dhodia, Chief Executive, Bank of India, Kenya; The Local Advisory Committee Members; Management and Staff of Bank of India, Kenya; Distinguished Guests; Ladies and Gentlemen: It is my pleasure to join you on this auspicious occasion celebrating Bank of India’s 105th foundation day.