The framework and conduct of policy would also be specific to the country or society concerned and would vary, over time, in response to changing economic developments, in general, and financial sector developments, in particular.
My comments today would, therefore, be confined to the Indian experience and capture the changing role of financial sector policies of Reserve Bank of India (RBI) in the context of ongoing economic reforms. Monetary policy In India, the objectives of monetary policy have been clearly enunciated as price stability along with provision of adequate credit for productive purposes.