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

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Non-Banking Deposits- Abdication of Responsibility

thesis about the potential threat to monetary policy arising from rapid expansion of the activities of non-banking financial intermediaries (NBFIs) and the need to extend to them central banking controls applicable to banking companies, central banks in many countries have attempted to regulate their activities in one way or the other. In this country the Reserve Bank has pretended to control not only financial intermediaries but also non-financial companies. The objectives of such control are supposed to be, first, "more effective supervision and management of the monetary and credit system" and, -second, "adequate protection to depositors".

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