Duvvuri Subbarao: Responsible innovation and regulation in the financial sector Keynote address by Dr Duvvuri Subbarao, Governor of the Reserve Bank of India, at the IDRBT (Institute for Development and Reasearch in Banking Technology) Banking Technology Excellence Awards Function, Hyderabad, 2 August 2013. *  *  *  1.
We intervened in the foreign exchange market by selling kroner for a larger amount than ever before in our history, and the benchmark monetary policy interest rate – the rate of interest on certificates of deposit – was reduced to –0.75 per cent.