In addition, the Financial Stability Forum (FSF), an international body under the auspices of the (BIS) has established a Working Group on Market and Institutional Resilience. 6. Concluding comments We have been relatively fortunate in that the Bank did not have to deal with the same financial stability issues that confronted central banks in Europe and the United States.
While doing all these, we need to be watchful of the risks associated with certain technological innovations. That being said, while we are working on introducing a digital version of the fiat currency, the Reserve Bank is also assessing the financial stability implications of introducing such a Central Bank Digital Currency (CBDC).