It can thus help us understand to what extent the crisis has affected microeconomic behavior, in particular by inducing greater price and wage flexibility, and to what extent such changes impact on the transmission mechanism.
Today, banks in India are permitted to facilitate funds transfer between bank accounts through a mobile phone. To enable such transfers in a cost-effective manner particularly for the small ticket transactions, we have waived the need for end-to-end encryption for transactions of value up to Rs.