Monetary, Banking and Financial Developments in India

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1 Monetary, Banking and Financial Developments in India to Incorporating A Comprehensive Description and Review, of the Post-Independence Evolution and Present Structure of India's Monetary System, Banking Institutions and Financial Markets with Focus on Post-1991 Developments The Major Areas Covered Include: Monetary Policy and Monetary Management, Credit Policy, Reserve Bank of India (RBI), Commercial Banks, Co-operative Banks, Development Finance Institutions (DFIs), Non-banking Financial Companies (NBFCs), Mutual Funds, Money Market, Government Securities Market, Capital Market, Insurance Market and Foreign Exchange Market Global Financial Crisis and the Indian Economy Summary of Monetary Policy Statement of the RBI for the Year Summary of Developmental and Regulatory Policies of the RBI for the Year Policy Measures by the RBI from September 2008 to March 2009 to Mitigate the Adverse Impact of Global Economic Crisis on the Indian Economy Annual Review of Money and Prices in India: to Annual Review of Banking and Financial Developments in India: to Glossary of Money, Banking and Financial Terms By Niti Bhasin Senior Lecturer, Department of Commerce Delhi School of Economics University of Delhi NEW NC IENTUIT New Century Publications New Delhi, India

2 Contents Author's Note on the Book vii-xxxii Part I: Money, Monetary Policy and Reserve Bank of India 1. Money and Monetary Policy Forms of Money Fiat Money versus Fiduciary Money Electronic Money (E-money) % 1.2 Functions of Money 1.3 Monetary Management by Central Banks History of Central Banks Changing Objectives of Central Banks Central Banks in Developed and Developing Countries Functions of a Central Bank 1.4 Monetary Policy Objectives 1.5 Monetary Policy versus Fiscal Policy 1.6 Globalisation and Monetary Policy 2. Reserve Bank of India and Monetary Management Establishment and Early History of RBI 2.2 Pre-Independence Activities of RBI 2.3 Functions of RBI Sole Currency Authority Banker to the Governments Bankers' Bank and Lender-of-the-last-resort Controller of Money and Credit Controller of Foreign Exchange Source of Economic Information Promotional Role of RBI 2.4 Post-Independence Review of the Role and Responsibilities of RBI Partition, Disruption and Devaluation Nationalisation of RBI in Five Year Plans and the RBI RBI as Institution Builder Nationalisation of Banks in 1969 and 1980

3 xl Monetary, Banking and Financial Developments in India Sukhamoy Chakravarty Committee and Monetary Policy Initiatives during the 1980s 2.5 Post-1991 Reforms and Responsibilities of RBI Financial Sector Reforms External Sector Reforms Deregulation of Interest Rates Short-term Liquidity Management Payment and Settlement Systems Regulation and Supervision 2.6 Measures of Money, Supply in India 2.7 Electronic Money (E-money) in India Recommendations of the Working Group on Electronic Money (Chairman: Zaire J. Camas), Monetary Transmission Mechanism 2.9 Monetary Policy-Fiscal Policy Interface in India 2.10 Conclusion 3. Monetary Policy and Prices Relationship between Money and Prices 3.2 Definition and Measurement of Price Rise 3.3 Need to Monitor and Moderate Price Rise 3.4 Causes of Price Rise Excess of Demand Lack of Supply Other Factors 3.5 Effects of Price Rise 3.6 Determinants of Price Policy 3.7 Constituents of Price Policy Fiscal Policy Monetary Policy Commercial Policy 3.8 Role of Buffer Stock Operations 3.9 History of Price Controls in India 3.10 Price Stability as an Objective of Monetary Policy in India 3.11 Price Policy of the Government Demand Side 3. VT2 Supply Side 3.12 Fiscal Deficits, Monetary Expansion and Price Rise 3.13 Conclusion

4 Contents, xli 4. Monetary Policy Reforms Since Economic Reforms and Monetary Management 4.2 Constituents of Monetary Reforms Ways and Means Advances (WMA) Replace Treasury Bills Reactivation of the Bank Rate Deregulation of Interest Rate Deregulation of Credit 4.3 RBI's Internal Group on Liquidity Adjustment Facility (LAF) Recommendations Regarding Day-to-day Liquidity Management Recommendations Regarding Sterilisation 4.4 Changing Monetary Policy Paradigm in India % 4.5 Recent Challenges 4.6 Operating Procedures of Monetary Policy Liquidity Adjustment Facility (LAF) Market Stabilization Scheme 4.7 External Sector Openness and Conduct of Monetary Policy 4.8 Monetary Policy Assessment 5. Credit Policy Significance of Credit Policy 5.2 Credit Policy in India Allocation of Credit between Government and the Private Sector Inter-sectoral Allocation of Institutional Credit Inter-regional Allocation of Credit 5.3 Flow of Credit to Agricultural Sector Advisory Committee on the Flow of Credit to Agriculture and Related Activities from the Banking System (Chairman: V.S. Vyas), NABARD and the Co-operative Sector Credit Extended by NABARD 5.5 Agriculture Credit in the Union Budget Part II: Commercial Banks and other Financial Intermediaries 6. Commercial Banks Meaning and Role of Commercial Banks

5 xlii Monetary, Banking and Financial Developments in India 6.2 Functions of a Commercial Bank 6.3 Balance Sheet of a Commercial Bank Liabilities of a Bank Assets of a Bank 6.4 Classification of Commercial Banks in India Scheduled and Non-scheduled Banks Indian and Foreign Banks Public Sector and Private Sector Banks Regional Rural Banks Pre-Independence History of Commercial Banks in India Presidency Banks Paper Currency Act, Banking Crisis, Reserve Bank of India Act, Indian Companies (Amendment) Act, Bank Failures and Remedial Measures Regulation and Supervision 6.6 Post-Independence Developments in Commercial Banking Pre-nationalisation Period Post-nationalisation Period 6.7 Banking Sector Reforms since What Triggered Banking Sector Reforms? Objectives of Banking Sector Reforms Contents of Banking Sector Reforms 6.8 Credit Flow from the Banking System: Sector-wise Review Credit to Agriculture and Allied Activities Credit Flow to Small-scale and Medium Industries Export Credit 6.9 Regulation and Supervision of Commercial Banks Need for Regulation and Supervision Regulatory and Supervisory Policy during the 1950s Regulatory and Supervisory Policy during the 1960s Nationalisation of Banks and Shift in Focus Regulatory and Supervisory Policy during the 1980s Post-liberalisation Period (1991 onwards) 6.10 Recent Initiatives Concerning Commercial Banks Strengthening of Prudential Framework Road Map for Foreign Banks in India Payment of Dividends

6 Contents xliii Managerial Autonomy for Public Sector Banks Mergers and Amalgamation of Banks Restructuring Regional Rural Banks (RRBs) Exposure Norms Implementation of the New Capital Adequacy Framework (Basel II norms) Income Recognition, Asset Classification and Provisioning v Investment Norms ~-" Capital Adequacy-Norms Transparency and Disclosures Securitisation of Standard Assets Management of NPAs by Banks Anti-Money Laundering Guidelines Customer Service Banking Codes and Standards Board of India Remittance Facility to NRIs/PIOs Shifting of Branches/Offices: Procedural Rationalisation Board for Financial Supervision Implementation of Risk Based Supervision (RBS) Off-site Monitoring and Surveillance Supervision of Financial Conglomerates Credit Information Bureau of India Ltd. (CIBIL) Monitoring of Frauds Outsourcing by Banks Compliance Function 6.11 Indian Banking and Modern Technology Information Technology E-Banking Ensuring e-security 6.12 Current Issues in Indian Banking Effective Implementation of Basel II Framework and Migration to Advanced Approaches 6.13 Summing up 7. Co-operative Banks Introduction 7.2 Classification of Co-operative Banks Urban Co-operative Banks (UCBs) Rural Co-operatives

7 xliv Monetary, Banking and Financial Developments in India 7.3 Urban Co-operative Banks (UCBs): Recent Policy Initiatives Vision Document and Medium-Term Framework (MTF) for UCBs Strengthening of the Supervisory System Related to UCBs Know Your Customer (KYC) Guidelines Priority Sector Lending Mergers/Amalgamations of UCBs Relaxation of Investment Portfolios of UCBs Disclosure Norms Restructuring of Scheduled UCBs with Negative Net Worth 7.4 Rural Co-operatives: History and Recent Policy Measures Asset Classification for State Government Guaranteed Advances Additional Provisioning Requirement for NPAs Task Force on Revival of Rural Co-operative Credit Institutions (Chairman: A. Vaidyanathan), Prudential Guidelines on Agricultural Advances Inspections Management of Co-operatives 7.5 Primary Agricultural Credit Societies (PACS) 7.6 Micro Credit Programme Graduation of Mature SHGs into Micro-enterprises Micro-finance and the Government Micro-finance and the RBI 7.7 Kisan Credit Cards 7.8 NABARD and the Co-operative Sector Resources of NABARD Rural Infrastructure Development Fund (RIDF) Credit Extended by NABARD Interest Rates charged by NABARD 7.9 Summing up 8. Development Finance Institutions (DFIs) Introduction 8.2 All-India Financial Institutions (AIFIs) All-India Development Banks Specialised Financial Institutions Investment Institutions Refinance Institutions 8.3 State Level Institutions

8 Contents xlv 8.4 Working Group for Harmonising the Role and Operations of Development Finance Institutions (DFIs) and Banks (Chairman: S.H. Khan), Development Finance Institutions (DFIs): The Changed Scenario 8.6 Regulation and Supervision of Financial Institutions 8.7 Recent Policy Initiatives Regarding DFIs 8.8 Conclusion 9. Non-banking Financial Companies (NBFCs) Meaning and Importance of NBFCs 9.2 Regulation and Supervision of NBFCs) Guidelines for Mergers/Amalgamations 9.3 NBFCs in Insurance Business 9.4 Policy Initiatives Regarding NBFCs in Recent Years 9.5 Conclusion 10. Mutual Funds Introduction 10.2 Bifurcation of UTI 10.3 Role of Mutual Funds in the Stock Market Part III: Financial System and Financial Markets 11. Financial System and Economic Development Meaning and Importance of Financial System 11.2 Emerging Financial Paradigm From Financial Neutrality to Financial Activism From Financial Volatility to Financial Stability Role of the Government in Financial Development 12. Financial System of India: An Overview Pre-Independence Financial System 12.2 Post-Independence Developments Nationalisation of Imperial Bank of India (1955) Nationalisation of Life Insurance Business (1956) Nationalisation of Commercial Banks (1969 and 1980) Nationalisation of General Insurance Business (1973) Rethinking on Government Domination of Financial Sector

9 xlvi Monetary, Banking and Financial Developments in India From Financial Repression to Financial Liberalisation (1991 onward) India's Approach to Financial Sector Reforms Strategy of Financial Sector Reforms Achievements and Areas of Concern 12.3 Reserve Bank of India (RBI): New Role 12.4 Recent Initiatives to Strengthen Financial System Payment and Settlement Systems "" Technological Developments Legal Reforms Consultative Process in Policy Formulation International Security Standards Migration to Basel II Norms' 12.5 Future of India's Financial Sector Vision Document for Payment Systems, Financial Sector Technology Vision Document Road Map for Foreign Banks in India 12.6 Conclusion 13. Money Market Meaning and Functions of Money Market 13.2 Reserve Bank of India (RBI) and the Money Market 13.3 Evolution of Money Market in India Pre-Independence Period Post-Independence Period 13.4 Developments in the Money Market since Components-wise Analysis of Money Market in India Call/Notice Money Market Commercial Paper (CP) Certificates of Deposit (CDs) Repos 13.6 Report of the Technical Group on Money Market Follow-up Action 13.7 Areas of Concern 13.8 Conclusion 14. Government Securities Market Introduction RBI and the Government Securities Market

10 Contents xlvii 14.2 Evolution of Government Securities Market 14.3 Post-1991 Measures to Promote Government Securities Market Fiscal Responsibility and Budget Management (FRBM) Act, Technical Group on Central Government Securities Market, Negotiated Dealing System (NDS) Institutional Initiatives " Measures to Improve Market Functioning Other Measures 14.4 Challenges for the Future 14.5 Conclusion 15. Capital Market Meaning and Importance Stock Market 15.2 Capital Market in the Pre-reforms (i.e. Pre-1991) Period Establishment of Securities and Exchange Board of India (SEBI) 15.3 Reforms in the Capital Market since New Capital Issues: Introduction of Free Pricing Disclosure Norms Transparency and Efficiency Shortening of Settlement Cycle Strengthening Regulatory Framework Derivatives Market Other Reforms 15.4 Portfolio Investment Flows: Global and Indian Experiences 15.5 Capital Market in the Union Budget 15.6 Conclusion 16. Insurance Market Nationalisation of Insurance Business in India after Independence 16.2 Weaknesses of Insurance Industry Prior to Reforms of Late 1990s Low Productivity Lack of Information Technology Limited Availability of Insurance Products Poor Quality of Insurance Services 16.3 Committee on Reforms in Insurance Sector

11 xlviii Monetary, Banking and Financial Developments in India (Chairman: R. N. Malhotra), Indian Insurance Business: Towards Competition 16.5 Regulations and Controls 16.6 Post-liberalisation Developments in Indian Insurance Business New Initiatives From Monopolistic Exploitation to Customer-friendly Products Flexibility of Unit-linked Products Pension Schemes Participation of Banks in Insurance Business Rising Service Levels 16.7 Towards a Broad-based Insurance Sector Commercial Banks in Insurance Business Non-banking Financial Companies (NBFCs) in Insurance Business Co-operative Credit Institutions in Insurance Business 16.8 FDI in the Insurance Sector 16.9 Conclusion 17. Foreign Exchange Market Introduction 17.2 Evolution of Foreign Exchange Regulation/Management in India Pre-Independence Period Post-Independence Period 17.3 Foreign Exchange Policy Initiatives since Rupee Rate Adjustment Introduction of Liberalised Exchange Rate Management System (LERMS) Current Account Convertibility Capital Account Convertibility (CAC) Foreign Exchange Exposure Norms of Commercial Banks Foreign Exchange Reserves Technical Group on Foreign Exchange Market, Conclusion Part IV: Global Financial Crisis and the Indian Economy 18. Capitalism and Business Cycles: History and Views Views of Classical Economists

12 Contents xlix 18.2 The Great Depression 18.3 Keynesian Economics 18.4 Modes of State Intervention Direct Intervention Indirect Intervention 18.5 Contagious Nature of Business Cycles 19. India's Response to Global Meltdown Period Preceding the Present Crisis 19.2 Genesis of the Present Crisis Ninja Loans 19.3 Damage Control Measures 19.4 Contagious Nature of Crisis and the Rejection of De-coupling Theory Inter-sectoral Contagion Inter-country Contagion 19.5 Intensity of the Crisis 19.6 Impact of Present Crisis on India Impact on Indian Financial System Slump in Indian Stock Market Cash/Liquidity Crunch in Domestic Money Market Depreciating Rupee vis-a-vis Dollar 19.7 Government's Policy to Deal with the Crisis 19.8 Remedial Measures Taken by the Government Measures to Boost Demand Measures to Boost Exports Measures to Contain Price Rise Deviation from Fiscal Consolidation 19.9 Remedial Measures Taken by the Reserve Bank of India (RBI) Measures to Rupee Liquidity/Credit Delivery Measures to Encourage Flow of Credit to Hard-pressed/Priority Sectors Measures Aimed at Managing Forex Liquidity/Modulate Exchange Rate Movements Measures Aimed at Export Promotion Measures Taken by Securities and Exchange Board of India (SEBI) Outlook for India Positive Factors Negative Factors

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