Financial Innovations and Credit Market Evolution Kishor Samal V V BHAT's article on 'Financial Innovations and Credit Market Evolutions' (EPW, Review of Management, May 30) examines the nature and characteristics of financial innovations and evolution of credit markets. But the paper is incomplete, though Bhatt claims that his paper is based on the "vast and varied literature" on the subject. He has not at all mentioned the present-day financial innovations. Nor does his paper clearly discuss the evolution of the credit market. The main focus of his paper is the historical background of various steps taken by the Syndicate Bank, including innovative deposit schemes such as pigmy deposits with a low transaction-cost.
