Financial system and financial institutions in India Kunjukunju, Benson

Includes bibliographical references and index.

Finance is the mainstay of any development strategy. The financial system promotes savings by providing a wide variety of financial assets to the general public. Savings collected from the household sector are pooled together and allocated to various sectors of the economy for
raising production levels. If the allocation of credit is judicious and socially equitable, it can help achieve the twin objectives of growth and social justice. In India, financial institutions (intermediaries), which provide a meeting ground for the savers and the investors, form the core of the country's financial sector. Through mobilization of resources and their better allocation, financial intermediaries play an important role in the development process of underdeveloped countries. This book examines the changes which have swept India's financial sector since Independence in 1947, with a focus on the post-1991 period. It looks at the functioning of financial institutions, such as: the Reserve Bank of India, commercial banks, development finance institutions, state level financial institutions, regional rural banks, venture capital companies, insurance organizations, and more. The book will serve the needs of legislators, business executives, entrepreneurs, investors, and others interested in financial sector developments in India.