The recent amendments in the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949 will facilitate our supervision processes with respect to NBFCs and UCBs, respectively. Response to the Pandemic 12. As a part of response to the pandemic, the RBI has undertaken a series of measures which are already in the public domain.
But engineering financial repression in order to facilitate balance sheet adjustment would clearly violate the mandate to maintain price stability as a primary objective conferred upon the ECB by the Treaty. Earlier in my remarks I referred to the central bank’s steering of inflation expectations as an illustration of the notion of control.