Review of progress (1996-2001) The main objectives of the policy measures during 1996-2001 have been to increase operational effectiveness of monetary policy by broadening and deepening various segments of the financial market, to redefine the regulatory role of the Reserve Bank, to strengthen prudential and supervisory norms, to improve the credit delivery system, and to develop the technological and institutional infrastructure for an efficient financial sector.
These measures usually announced as part of Policy Statements help the market agents to appreciate the policy changes in offing and to prepare themselves to meet possible challenges. In evolving these measures, market participants are closely associated and consulted.