The fifth volume on the history of the Reserve Bank of India covers
the years from 1997–98 to 2007–08. During this period, it
introduced key institutional and financial market reforms in a
rapidly changing economic environment and facilitated faster
integration of the Indian economy. The Bank rationalised and
introduced innovative instruments of monetary control; strengthened
regulatory and supervisory processes for both banking and
non-banking sectors; adjusted its approach to achieve and sustain
financial stability; focussed on building financial market
institutions and infrastructure; and spurred legal and other
amendments in the larger public interest as also for achieving
flexibility with stability in the economy. It also worked to
improve the rural credit system, financial inclusion and customer
protection. This volume is a narrative history of the Bank and also
a rich resource for understanding how an emerging market central
bank manages change and shapes the economy to face future
challenges.
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