ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Whom Did Reserve Bank Squeeze

assistance continues to be poor and certainly docs not bear out the statement by the Corporation's Chairman, P N Damry, that unlike in earlier years when ARC was constrained to point out defects in the policies and procedures of Government authorities and financing banks dealing with agricultural projects, "this year there is more to commend than to criticise". If the cumulative percentage of drawals to commitment rose to 64 per cent at the end of 1969-70, this was only because of suc- cessive "rephasing" of programmes to suit the low disbursement in each year. Even in 1909-70, against expected disbursement of Rs 62 crores actual drawals were only Rs 29 crores, or 46 per cent.

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