In addition to the considerable impact on peoples’ lives, there has been substantial damage to assets, as well as disruption to economic activity. The total cost of damage has been estimated at $ billion – approximately 8 percent of annual nominal gross domestic product.
The Reserve Bank has been at the forefront in nurturing institutions and developing financial markets in India – the money market, the foreign exchange market and the government securities market. Efforts in recent years have focussed on enhancing the depth, integrity, transparency and efficiency of these markets. 6.