They can provide the signal that the monetary policy stance needs to be tighter well before the business cycle reaches its peak, in order to ensure price stability over the medium term. Second, a monetary policy which is appropriate for price stability might not suffice to ensure financial stability.
RBI and technology Some mention of the RBI’s work with regard to technology will be in order in this forum. An important contribution of the RBI to the development of technology is indeed the establishment of this Institute. The major achievement in the last one-year is the Real Time Gross Settlement (RTGS).