These reforms reflect two clear trends: first, a decisive shift towards giving increased responsibility for both macroprudential oversight and microprudential regulation to central banks; and second,  8  BIS central bankers’ speeches  institutionalisation of collegial arrangements involving the central bank, other regulators and the Government, with the primary responsibility of identifying threats to financial stability.
The councils can make recommendations for appropriate prudential standards in the interest of safety of the financial system, but notably, not for forbearance. How have we, in India, responded?