Zusammenfassung
As India continues its journey towards a financially inclusive regime through innovative policies involving a multi-pronged approach balancing equitable distribution with efficiency, the country’s financial system has come a long way. It has evolved from being a financially repressive regime, especially in the 70s, to a modern financial sector where public sector financial institutions tend to compete with the private sector financial institutions. In the future, the Indian financial sector could focus on further privatization of banks and insurance companies for increased efficiency/profitability, expanding insurance and pension systems, increasing the penetration of mutual funds, and develo** domestic institutional investors leading to better domestic liquidity in capital markets. Policymakers could also weigh allowing full capital account convertibility in due course of time, in order to truly internationalize the Indian Rupee, which will help attract more foreign capital inflows further aiding India’s transformation into a post-industrial economy.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
DFIs development finance in India, C.P. Chandrasekhar. https://in.boell.org/sites/default/files/uploads/2014/03/development_finance_in_india.pdf. Retrieved October 2023.
- 2.
DFIs development finance in India. C.P. Chandrasekhar. https://in.boell.org/sites/default/files/uploads/2014/03/development_finance_in_india.pdf. Retrieved October 2023.
- 3.
Financial Market Reforms: Approach and Expectations, Shaktikanta Das, Governor, Reserve Bank of India at FIMMDA Annual Event, September 05, 2022.
References
Chandrasekhar, C. P. (2014). Development finance in India. https://in.boell.org/sites/default/files/uploads/2014/03/development_finance_in_india.pdf. Retrieved March 3, 2023.
Chandrasekhar, C. P. (2016). National development banks in a comparative perspective. Rethinking development strategies after the financial crisis,2, 21–30. https://unctad.org/system/files/official-document/gdsmdp20152chandrasekhar_en.pdf. Retrieved March 3, 2023.
Das, S. (2019). Opportunities and challenges of FinTech. RBI. https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/02SP_110419013B0A5E318445A6808165D62C74B971.PDF. Retrieved March 3, 2023
Das, S. (2022). Financial market reforms: Approach and expectations. RBI. https://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/GOVERNORFIMMDAAA359EF645304E9881D0E4E0D89BBDE2.PDF. Retrieved March 3, 2023
Javed, S. S. (2020). Demonetisation – A historical perspective. HSNC University Mumbai.
Kaur, N. (2018). The journey of Indian rupee from 1947 to present. International journal of research in engineering, IT and social sciences,8(6), 19–33.
LIC India. (2023). Life Insurance Corporation of India, history of insurance. Life Insurance Corporation of India. https://licindia.in/Top-Links/about-us/History. Retrieved Feburary 23, 2023
Mohan, R., & Ray, P. (2016). Indian financial sector: Structure, trends, and turns. Stanford Centre for International Development.
Nehru, B. K. (1997). Nice guys finish second. World affairs: The journal of international issues, 1(3), 125–128.
Payment system indicators’, National Payments Corporation of India NPCI. (2022). Statistics. https://www.npci.org.in/statistics. Retrieved March 3, 2023.
PIB, Press information bureau. (2022). Ministry of Finance, Government of India National Mission for Financial Inclusion, completes eight years of successful implementation. https://www.pib.gov.in/PressReleasePage.aspx?PRID=1854909. Retrieved February 23, 2023.
Prasad, E. (2021). New financial technologies, sustainable development, and the international monetary system. Asian Development Bank Institute.
Ram Mohan, T. T. (2019). Resolving India’s banking crisis. The Hindu.
RBI. (1946). Report of the Central Board of Directors for the year 1st July 1945-30th June 1946. RBI. https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/9032020AR_1946.PDF. Retrieved March 3, 2023.
RBI. (1955). The general report of the committee of direction All-India rural credit survey. RBI. https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/91951_DECEMBER1955D3AE6668DA614C8B99E6776BCF975DFC.PDF. Retrieved February 23, 2023
RBI. (2005). History of the Reserve Bank of India (1935–51). RBI. https://rbidocs.rbi.org.in/rdocs/content/PDFs/89630.pdf. Retrieved February 23, 2023
RBI. (2008). Evolution of banking in India. RBI. https://www.rbi.org.in/scripts/PublicationsView.aspx?id=10487. Retrieved March 3, 2023
RBI. (2023a). Medieval India coinage. RBI. https://rbi.org.in/Scripts/mc_medieval.aspx. Retrieved February 23, 2023.
RBI. (2023b). British India coinage. RBI. https://www.rbi.org.in/CommonPerson/english/currency/scripts/britishindia.aspx. Retrieved February 23, 2023.
RBI. (n.d-a). Financial market evolution and globalization. RBI. https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/69298.pdf. Retrieved March 3, 2023.
RBI. (n.d-b). Evolution of payment systems in India. RBI. https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/4452.pdf. Retrieved February 23, 2023.
RBI Monetary Museum. (2008). Mughal coinage. RBI Monetary Museum. https://web.archive.org/web/20080516085855/http://www.rbi.org.in/currency/museum/c-mogul.html. Retrieved February 23, 2023
Singh, R. R., & Bagchi, A. (2018). Demonetisation – A golden opportunity for widening the taxpayer base. Indian council of research on international economic relations, 351.
St. Louis Fed. (2019). Pension fund assets to GDP for India. https://fred.stlouisfed.org/series/DDDI13INA156NWDB. Retrieved March 12, 2023.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2024 Der/die Autor(en), exklusiv lizenziert an Springer Fachmedien Wiesbaden GmbH, ein Teil von Springer Nature
About this chapter
Cite this chapter
Müller, M.H.P., Singh, S. (2024). Evolution of India’s Financial System – The Backbone of Transformation. In: Müller, M.HP. (eds) Indien im 21. Jahrhundert − Auf dem Weg zur postindustriellen Ökonomie. Ökonomien und Gesellschaften im Wandel. Springer Gabler, Wiesbaden. https://doi.org/10.1007/978-3-658-43014-6_7
Download citation
DOI: https://doi.org/10.1007/978-3-658-43014-6_7
Published:
Publisher Name: Springer Gabler, Wiesbaden
Print ISBN: 978-3-658-43013-9
Online ISBN: 978-3-658-43014-6
eBook Packages: Business and Economics (German Language)