In closing, I will offer two thoughts with respect to financial crisis responses. First, it is necessary to make an objective assessment of what can be solved and what cannot be solved by policy responses to a financial crisis.
In addition, the Bank has put at the disposal of commercial banks a total of USD1 billion since March 2020 in the form of FX lines of credit and FX swaps. 35. The exchange rate of the rupee has more or less stabilised in the past few months. 36. I meet with bankers every fortnight to review and assess conditions on the FX market.