My own view is to the contrary, indeed, in retrospect a more granular disclosure of the basis for the PCAR2010 projections for non-NAMA losses could have been more effective in allowing the market to infer how uncertain future loan losses remained. b.
Consequently, the Reserve Bank was set up, and it commenced operations from April 1, 1935 with the Reserve Bank of India Act, 1934 providing the statutory basis for its functioning. It was originally set up as a shareholder’s bank, which was nationalised later in 1949.