First, while in the advanced economies the switchover was from conventional monetary tools to unconventional measures due to policy rates approaching zero, in many EMEs, unconventional foreign exchange easing and domestic liquidity augmenting measures  5  Mohanty, Deepak (2011), “Lessons for Monetary Policy from the Global Financial Crisis: An Emerging Market Perspective”, RBI Bulletin, April.
We do all these because every stakeholder is a valuable partner in the policymaking process. This participative process has surely enriched our understanding and appreciation of the needs of the poor, the unbanked and the financially excluded. It has also made us more aware of our strategic role in enabling market players to best serve these needs.