LEADER 06688oam 22013334 450 001 9910162925003321 005 20230810001938.0 010 $a1-4755-7020-1 010 $a1-4755-7022-8 035 $a(CKB)3710000001045054 035 $a(MiAaPQ)EBC4800283 035 $a(IMF)WPIEA2017007 035 $a(EXLCZ)993710000001045054 100 $a20020129d2017 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aIndian Financial Sector : $eStructure, Trends and Turns /$fRakesh Mohan, Partha Ray 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2017. 215 $a1 online resource (36 pages) $cillustrations (some color), graphs, tables 225 1 $aIMF Working Papers 311 $a1-4755-7016-3 320 $aIncludes bibliographical references. 330 3 $aThis paper traces the story of Indian financial sector over the period 1950?2015. In identifying the trends and turns of Indian financial sector, the paper adopts a three period classification viz., (a) the 1950s and 1960s, which exhibited some elements of instability associated with laissez faire but underdeveloped banking; (b) the 1970s and 1980s that experienced the process of financial development across the country under government auspices, accompanied by a degree of financial repression; and (c) the period since the 1990s till date, that has been characterized by gradual and calibrated financial deepening and liberalization. Focusing more the third period, the paper argues that as a consequence of successive reforms over the past 25 years, there has been significant progress in making interest and exchange rates largely market determined, though the exchange rate regime remains one of managed float, and some interest rates remain administered. Considerable competition has been introduced in the banking sector through new private sector banks, but public sector banks continue have a dominant share in the market. Contractual savings systems have been improved, but pension funds in India are still in their infancy. Similarly, despite the introduction of new private sector insurance companies coverage of insurance can expand much further, which would also provide greater depth to the financial markets. The extent of development along all the segments of the financial market has not been uniform. While the equity market is quite developed, activities in the private debt market are predominantly confined to private placement form and continue to be limited to the bluechip companies. Going forward, the future areas for development in the Indian financial sector would include further reduction of public ownership in banks and insurance companies, expansion of the contractual savings system through more rapid expansion of the insurance and pension systems, greater spread of mutual funds, and development of institutional investors. It is only then that both the equity and debt markets will display greater breadth as well as depth, along with greater domestic liquidity. At the same time, while reforming the financial sector, the Indian authorities had to constantly keep the issues of equity and efficiency in mind. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2017/007 606 $aBanks and banking 606 $aCapital market 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aInsurance$2imf 606 $aIndustries: Financial Services$2imf 606 $aMacroeconomics$2imf 606 $aMonetary Policy$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aInsurance Companies$2imf 606 $aActuarial Studies$2imf 606 $aEconomic Development: Financial Markets$2imf 606 $aSaving and Capital Investment$2imf 606 $aCorporate Finance and Governance$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aPublic Enterprises$2imf 606 $aPublic-Private Enterprises$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aInsurance & actuarial studies$2imf 606 $aCivil service & public sector$2imf 606 $aCommercial banks$2imf 606 $aStock markets$2imf 606 $aInsurance companies$2imf 606 $aFinancial institutions$2imf 606 $aFinancial markets$2imf 606 $aPublic sector$2imf 606 $aEconomic sectors$2imf 606 $aBanks and banking$2imf 606 $aStock exchanges$2imf 606 $aFinance, Public$2imf 607 $aIndia$2imf 615 0$aBanks and banking. 615 0$aCapital market. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aInsurance 615 7$aIndustries: Financial Services 615 7$aMacroeconomics 615 7$aMonetary Policy 615 7$aCentral Banks and Their Policies 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aInsurance Companies 615 7$aActuarial Studies 615 7$aEconomic Development: Financial Markets 615 7$aSaving and Capital Investment 615 7$aCorporate Finance and Governance 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aPublic Enterprises 615 7$aPublic-Private Enterprises 615 7$aBanking 615 7$aFinance 615 7$aInsurance & actuarial studies 615 7$aCivil service & public sector 615 7$aCommercial banks 615 7$aStock markets 615 7$aInsurance companies 615 7$aFinancial institutions 615 7$aFinancial markets 615 7$aPublic sector 615 7$aEconomic sectors 615 7$aBanks and banking 615 7$aStock exchanges 615 7$aFinance, Public 676 $a332.1 700 $aMohan$b Rakesh$0410537 701 $aRay$b Partha$01450444 801 0$bDcWaIMF 906 $aBOOK 912 $a9910162925003321 996 $aIndian Financial Sector$93649676 997 $aUNINA