Of the four, the Federal Reserve, the ECB, and the BOE apply forward guidance mainly to their respective short-term policy interest rates – the operational target for monetary policy – and provide guidance to the markets and the public about how long they expect to keep the current low interest rates.
As IBA is aware, Master Circulars have replaced hundreds of earlier circulars and these will be updated annually. Third, setting up of Credit Information Bureau in which some members of IBA had taken initiative. Fourth, banks’ foray into insurance business, which has been carefully crafted.