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Signs of Incipient Industrial Recovery

Vol. 37, Issue No. 29, 20 Jul, 2002
EPW Research Foundation

Reflecting the incipient and selective upturn in the industrial sector, there has been a sizeable turnaround in non-food bank credit in the first quarter of 2002-03. A major disappointment, however, has been the term-financing institutions whose sanctions and disbursements were sharply lower in 2001-02 than in the preceding year.

View from the Pavilion

Vol. 37, Issue No. 28, 13 Jul, 2002
Anand Chandavarkar

From Reserve Bank to Finance Ministry and Beyond: Some Reminiscences by M Narasimham; UBSPDA, New Delhi, 2002; pp 189, Rs 395.

Changing Financial Wind

Vol. 37, Issue No. 25, 22 Jun, 2002
EPW Research Foundation

For the last two years the Reserve Bank has enjoyed a congenial financial environment which has enabled it to manage the liquidity situation smoothly and successfully soften interest rates. However, there are now subtle signs of a change in the financial market.

Funding Urban Infrastructure: From Government to Markets

Vol. 37, Issue No. 25, 22 Jun, 2002
Abhay Pethe, Manju Ghodke

This paper argues for a role for newer financial instruments like 'municipal-bonds' for financing urban infrastructure. The paper also argues that for these initiatives to be successful, a thick and efficient secondary market in this segment of the debt market is crucial. It will impart liquidity and create an incentive for individual agents to invest in the muni-bonds.

RBI Intervention in the Forex Market

Vol. 37, Issue No. 24, 15 Jun, 2002
Soumya Kanti Ghosh

The use of a binary dependent variable framework for estimating the impact of daily forex market interventions by central banks is well known in developed countries. However, there are practically no such studies for developing countries, including India. This paper attempts to model the patterns and consequences of RBI's daily intervention in the forex market in a simple binary dependent variable framework

Cautious, but Flexible

Vol. 37, Issue No. 20, 18 May, 2002
EPW Research Foundation

The RBI's latest monetary policy measures fall neatly into the policy framework pursued for the last five years with the objectives of maintaining a stable financial environment and strengthening the financial system and improving the transmission of monetary policy signals.

Cooperative Banks Scam: Unlearnt Lessons

Vol. 37, Issue No. 20, 18 May, 2002

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India's Foreign Exchange Reserves

Vol. 37, Issue No. 20, 18 May, 2002
Y V Reddy

The questions addressed in this paper are: What are forex reserves? Why hold forex reserves and how did the policy evolve? What is the appropriate level of reserves? How does the current status appear in terms of indicators of adequacy of reserves? The author also focuses on several aspects of forex management such as the implications for quasi-fiscal deficit and communication policy of the RBI. The issues in regard to policy and management of forex reserves in India are posed in some detail. The concluding part contains some random thoughts from a futuristic perspective.

Weak Link and Systemic Danger

Vol. 37, Issue No. 19, 11 May, 2002

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Looking beyond Interest Rates

Vol. 37, Issue No. 18, 04 May, 2002

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Issues in Asset Liability Management - VII

Vol. 37, Issue No. 17, 27 Apr, 2002
A V Rajwade

Market determination of interest rates often leads to volatility which has particular relevance to management of the interest rate risk in general and management of fixed income portfolios in particular. Given the size of bank portfolios, volatility of interest rates and need for rigorous performance evaluation, appropriate management accounting systems are essential.

Banking: Missing Dynamism

Vol. 37, Issue No. 07, 16 Feb, 2002
EPW Research Foundation

Even as banks have come to possess a growing share of the community's financial resources, it is the absence of dynamism shown by them in expanding their credit base regionally, functionally and by the size of borrowers that continues to hurt the process of domestic investment and growth. It is necessary for them in a competitive environment to introduce more dynamic instruments of lending and enhance organisational capabilities to shoulder more nuanced lending practices, both of which are missing in the current banking scenario.

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