New role of Reserve Bank in India's economic development

The nationalisation of our 14 major banks, the long legal battle fought over the issue and the take-over again of these banks by the Government have evoked keen and active interest in the role of our banking system to meet the conditions emerging from the structural changes in the Indian economy. In their effort to adjust themselves to these conditions, consider able guidance will have to come from the Reserve Bank of India which, as our central bank, has the obligation to maintain a sound monetary, credit and banking system,
Mr. Manubhai Shah, a former Com merce Minister and a close student of our economy in the shaping of which he played a significant role for a number of years, in this thought-provoking book examines the role the Reserve Bank will have to play as the guide for the emerging new banking system. The Reserve Bank is already 35 years old, but as the eminent banker, Mr. C. H. Bhabha, says in his foreword, no one has attempted so far to re-examine the very fundamentals of the functioning of this Bank. Mr. Shah's insight into the country's economy, his evaluation of the Reserve Bank's role against the wide background of recent banking developments and his simple and lucid style which avoids technical jargon, make this book an important contribution to the growing literature on the Indian economy.