RBI plays crucial role in directing credit to rural areas: PM

The Prime Minister Manmohan Singh said that the Reserve Bank of India has served the country with great distinction in shaping the monetary and credit policy, especially in directing credit to rural areas but its best is yet to come.

Releasing the fourth volume of the RBI's history, Singh said, "It goes without saying that the history of the Reserve Bank is the history of the growth of our country since independence. The Reserve Bank has done the country proud - the role which it has played in shaping the monetary policy, in shaping the credit policy, and, if I remember correctly, in also influencing, particularly, the supply of credit to rural areas."

With this volume, the RBI has now updated its history up to 1997. The Reserve Bank had initiated the process of preparation of this volume in 2009 under the guidance of an Advisory Committee chaired by Dr. Bimal Jalan, former Governor of the Reserve Bank.

The volume documents the institutional history of the Reserve Bank based on official records, publications and discussions with persons closely associated with the functioning of the Reserve Bank during the period.

Published in two parts, Part A and Part B, Volume 4 covers transformation of the Indian economy from restrictions to progressive liberalisation and captures the implementation of structural an financial sector reforms.

Dion Global Solutions Ltd.

Read more about: rbi, rbi history, credit
Story first published: Monday, August 19, 2013, 9:10 [IST]
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