The crisis has thrown up some critical issues relevant to risk management policies, said Usha Thorat, a deputy governor of the Reserve Bank of India.

The first of these was that the business model matters, she noted. "Banks that were extremely aggressive in the trading books were clearly more affected. Those that had a fair degree of traditional banking were less affected," she said.

Second, "There has to be an intuitive approach to risk, she said." Complex risk models threw up measures of risk