I am happy to say that judged by this criterion, negative rates have been highly successful. Let me turn to the wider implications of negative policy rates. Negative rates have affected the financial sector as well as the broader economy. First consider the banking sector.
All standards and codes are not equally relevant to all segments of private sector and further they do tend to evolve over a period reflecting concerns of both public policy and market participants. 1.9 It is gratifying to note that currently there is a better appreciation of India’s stand in the international fora as compared with the past. II.