5.6 trillion (10.5 per cent of GDP). 16. There are, however, some key differences between the actions taken by the Reserve Bank of India and the central banks in many advanced countries: •  First, in the process of liquidity injection the counter-parties were banks; even liquidity measures for mutual funds, NBFCs and housing finance companies were largely channeled through the banks.
With these in mind, let me structure the rest of my presentation as follows: Since I began with the GFC, let me continue with our global outlook and the risks and challenges we see from global impulses. Then I’ll move to our own domestic market dynamics, and conclude with the policy thrusts of the BSP to address these concerns.