4  BIS central bankers’ speeches  On the issue of alternate sources of credit, dedicated Exchange for MSMEs, marketing, technology up-gradation and infrastructure, the PM’s Task Force has examined the issues and has made several recommendations to address the bottlenecks. The implementation of the recommendations in a time bound manner are being monitored by the GOI.
We have proven that a carefully calibrated package of non-standard policy measures, including our targeted long-term refinancing operations, asset purchases, forward guidance and negative rates, can successfully overcome even significant causes of heterogeneity, such as the impairment of the bank lending channel across large parts of the single currency area in the wake of the euro area’s sovereign debt crisis.