In the same spirit, G-SAP operations were discontinued in October 2021 given “the existing liquidity overhang, the absence of a need for additional borrowing for GST compensation and the expected expansion of liquidity in the system …”. 23. As I proceed to conclude, let me briefly summarise how we have  been different from other central banks in our pandemic response.
First, we have undertaken unconventional measures even before exhausting the conventional policy space; i.e., even before reaching the zero lower bound of interest rates. Second, the counterparties involved in our operations were only banks and All India Financial Institutions (AIFIs) as liquidity provided to targeted sectors were channelised through them.