21 Changes to the PTA have tended to reflect actual Bank practice at the time, but have also often been initiated by the government of the day. The Bank has seen several government reviews of its framework, often in response to macroeconomic developments. And this is 18 See for example Rogers (2013) and Dunstan (2014). 19 Kamber et al.
It is a good venue for inter-regulatory cooperation, and its benefits are further augmented by personal interactions. For instance, Chairman SEBI and I try to get together once every month to note and resolve issues.