ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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A Retrospect and Prospects

Central Banking in India

The flow of events and ideas behind central banking in India, in four distinct phases since independence—1950–70, 1970–90, 1990–2010, and post 2010—is narrated. The 1950–70 period is characterised as one of planned fiscal dominance, while the 1970–90 period has seen the dominance of the fiscal and financial sector with an inward-looking bias. Although there was partnership in crisis management and reform between the Reserve Bank of India and the government during 1990–2010, the period witnessed some differences between the government and the RBI in the areas of monetary management and external sector. The period since 2010 is broadly categorised by the rebalancing and adoption of a new framework, like inflation targeting.



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Updated On : 29th Mar, 2019

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