Financial stability: the Indian context  In India, prior to the crisis, no agency had explicit mandate for financial stability though the Reserve Bank acted as the implicit systemic regulator for the country.
The Reserve Bank of India Act, 1934 provides a broad legal mandate to the Reserve Bank to secure monetary stability and generally to operate the currency and credit system of the country to its advantage. In practice, this meant the dual objective of growth and price stability, the relative emphasis being dependent on the context.