Concerns regarding an overvaluation of the rupee at the beginning of the year have receded substantially. You will recall that the IMF has mentioned in several of its Article IV Consultation Staff Reports that the rupee was overvalued. This seems to have been corrected. I wish to also highlight that the Bank has not intervened at all on the FX market since mid-August 2019.
This brings me to the second part of my speech which is about what WILL happen. I will now dwell on the core elements of the roadmap that the Bank has drawn to pave the way for a jurisdiction that fully embraces technology.