%A R Nagaraj %T Reimagining Development Banks %! Reimagining Development Banks %X The RBI’s “Discussion Paper on Wholesale and Long-term Finance Banks” is a welcome initiative for its familial resemblance to development banks—an indispensable institution in most late-industrialising economies. The success of development banks critically hinges on: (i) access to assured sources of low-cost, long-term funds; (ii) public ownership and/or management; and (iii) the quality of institutional governance. As development banks invariably incur quasi-fiscal costs with potential social benefits, their operations often are kept off-budget, insulating the investments from short-term budgetary negotiations.