................“If there's one default, it will set off a chain reaction and would do a lot of damage to the economy,” Virmani added. He was at the Indian Institute of Management, Bangalore, to give a talk to participants of the first-ever programme on monetary policy being held in India. He spoke to them on capital flows. The programme aims to explain how the Reserve Bank of India, as a regulator and supervisor of the banking system, operates its monetary policy instruments through the banking system........
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