The Reserve Bank of India: Volume 5: Volume 5, 1997-2008

Description

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.

Tirthankar Roy is Professor of Economic History at London School of Economics and Political Science. His recent and forthcoming books include A Business History of India: Enterprise and the Emergence of Capitalism since 1700 (Cambridge University Press, 2018); An Economic History of Colonialism (with Leigh Gardner, Bristol University Press, 2020); and Law and the Economy in a Young Democracy: India since 1947 (with Anand Swamy, University of Chicago Press, forthcoming). He has published extensively on South Asian history and development and has taught South Asia and Global History courses.