While the second component has been in place for almost 60 of the past 70 years, our inflationtargeting regime was implemented in 1991 and the current specification has existed since 1995. This framework has served Canada well in the face of significant movements in commodity prices and Canada’s terms of trade, as well as other shocks, including the Great Recession.
The topic assumes great importance considering the fact that the Banks in India today are faced with major challenges on the talent front. Currently our Banks employ close to ten lakh people (9.44 lakh). Of these, around 7.5 lakh people are employed by the Public Sector Banks.