BIS Review 83/2009  5  Implementation of 12th Finance Commission’s recommendations In order to operationalise the new arrangements, the Government of India constituted a Technical Group under my chairmanship, which submitted its report in December 2005 and made several recommendations. Accordingly, there has been progress in adoption of the auction method for borrowing by the States.
The Financial Policy Remit says there should be a low incidence of failure, but the financial system should be competitive, to ensure ongoing financial efficiency and inclusion, and the Remit sets out the benefits that the Reserve Bank should have regard to. 7  8  Financial inclusion Financial inclusion is another key component of wellbeing.