Financial stability is not a mandate of the Reserve Bank of India as per its statute. Financial stability considerations have, however, always been taken note of by the Reserve Bank in its  11  ADBI Working Paper Series No. 259 and “Small Customers, Big Market:Commercial Banks in Microfinance” by Malcolm Harper and S S Arora (2005).
12  On harnessing the potential of financial inclusion by Peter Dittus and Michael Klein: BIS, May 2011. 8  BIS central bankers’ speeches  policy making process. This is particularly so in the period since the balance of payments crisis in the early 1990s.