We had a studied stance and we preferred to err on caution based on the simplicity or complexity of the product or service. While we said “Yes” to micro finance, we said “No” to complex derivatives. In some other cases, we looked for risk mitigants and permitted them only after they are available.
However, even taking these special factors into account, the underlying rate of monetary expansion remains strong. Moreover, the sustained expansion of loans to the domestic private sector, which grew at an annual rate of 11.2% in October, points to the  2  BIS Review 145/2007  continued vigour of underlying monetary dynamics.