This calls for safeguarding financial stability at the macro level through what has now come to be called macroprudential regulation of the system as a whole. 12. Today, RBI is an active participant in several important international institutions that seek to promote more effective regulatory structures, and financial and systemic stability.
We have, for some time now, been shareholders of the Bank for International Settlements (BIS) and member of the Committee on Global Financial System the Committee on Payment and Settlement Systems and the Markets Committee. Post-crisis, we have also become members of the Financial Stability Board and the Basel Committee on Banking Supervision (BCBS).