During the ten years of economic reform, Reserve Bank of India (RBI) has emerged as a respected and significant institution in public policy and its changing role as a central bank deserves to be appreciated.
It led to a worldwide slump in economic activity and, in 2010, sparked a serious sovereign debt crisis in some euro-area member countries. This course of events demonstrated the global character of the financial system – crises are no longer a purely national issue – and therefore underscored the need for an internationally coordinated reform of regulatory and supervisory frameworks.