Accordingly, over the last four years or so, several measures have been taken by the Reserve Bank and Government of India to ensure better banking penetration and outreach, particularly that the credit needs of agriculture and small enterprises are met while allowing sufficient flexibility to each bank to evolve its own policies and strategies for the purpose.
The South African approach has been to speak clearly to the monetary policy challenges we face and to highlight the constraints to better results, even if these lie outside the immediate span of monetary policy. This has not won us many friends, but it has helped to foster a better public discussion about the challenges holding back our economy.