In January 2010, the Reserve Bank advised all public and private sector banks to submit a Board-approved three-year Financial Inclusion Plan (FIP) starting in April 2010. They were advised to devise FIPs congruent with their business strategy and comparative advantage and to make FIPs an integral part of their corporate plans.
There are a few other lessons we’ve learned about unconventional monetary policies in the past few years. Let me just touch on a couple. One lesson concerns when to use which tool. When we published our unconventional policy framework in 2009, there was an implied sequence to the various measures.