BIS central bankers’ speeches  7  By the end of this period, the liquidity in the system turned into deficit as was evident from banks borrowing from the LAF of the Reserve Bank. Therefore, effective policy rate showed an additional increase by the width of LAF interest rate corridor, i.e., 100 basis points, as the repo rate became the policy rate.
The long and the short of it is that there is still much more work to be done in many firms to meet minimum regulatory standards and legitimate supervisory expectations.