Changing Role of RBI in Pre-reform and Post-reform Period: A Comparative Study
Author : Aniruddha Prasad and Anil Kumar Singh
Abstract :
Reserve bank of India is the Central Bank of India. It played a crucial role in the economic development of India. Since it began its operation in 1935 its role changed in accordance with the evolving needs of the economy. During the initial years RBI played an active role in strengthening the financial infrastructure, prioritizing credits in accordance with the needs of the Plans and management of public debt. It was also engaged in the regulation of interest rates. Later on as the economy was liberalized the role of RBI underwent change and it had to focus more on development of money market, foreign exchange market and setting up of an efficient payment system.
Keywords :
RBI, central bank, pre liberalization, post liberalization
