These measures are, however, intended to serve more a microprudential rather than a macro-prudential objective. 25. Concluding observations on countercyclical policies  (i)  View regarding the implementation of countercyclical policies was based on tracking of various indicators in the economy, notably the general credit growth and the sectoral credit growth.
This was complemented with market intelligence and some feedback from the Annual Financial Inspections of banks. No detailed statistical analysis or modelling was used. The decisions were judgmental based on constant monitoring of macroeconomy and were not rule based. (ii)  RBI, being the monetary authority as well as the regulator and supervisor of banks, NBFCs and important segments of markets i.e. forex, Govt.