The Reserve Bank also brought down the SLR to its statutory minimum of 25 per cent by October 1997, while CRR was brought down from 15 per cent of net demand and time liabilities (NDTL) of banks to 9.5 per cent by November 1997. The automatic monetization of deficits was also phased out in April 1997.
  We would maintain a strategic presence in the FX market, while keeping the value of the exchange rate essentially market-determined.   We could implement targeted macroprudential measures.   In addition: 1. Timely and clear communication with market players would quell anxieties. 2. The careful and regular surveillance of risks would allow for prompt and appropriate responses. 3.