In India, the RBI has always followed a cautious and gradualist approach towards complex exotic financial products and has taken steps to reduce and contain the regulatory arbitrage between the banking and the shadow banking sectors (mainly the Non Banking Financial Companies i.e. NBFCs) by considerably upgrading the prudential rules for NBFCs. 22.
He was also a visiting professor at Stanford University in 2000. The title of his speech is “Beyond the crisis – sustainable growth and a stable international monetary system” – a highly relevant and interesting topic to all of us. I am looking forward to hearing your insights. The floor is yours. 2  BIS Review 103/2009