* * * Accompanying slides "I should like to thank the organizers of the conference for inviting me to participate and share with you Israel’s experience with inflation targeting, and particularly our recent experience which is not unlike that of many other small open economies except perhaps in a more accentuated form: solid growth, rising wages, strong currency and inflation not only below its target but mostly in negative territory for 3 consecutive years.
30. UCBs have high aspirations of competing with commercial banks despite their restricted ability to raise capital and they expect RBI to provide relaxation in various regulatory restrictions. However due to weak resolution regime and non-availability of powers to RBI to regulate and supervise UCBs at par with commercial banks, RBI faces constraints in making such relaxations.