History of the Reserve Bank of India (1935 - 51)
- Bombay Reserve Bank of India 1970
- 878 p.
The Reserve Bank of India , though only thirty-five years old , is one of the oldest central banks in the developing Its formative years have countries. Its been eventful. Its efforts to adapt central banking functions and techniques to a developing economy make the Bank's initial years of special interest. This volume is something more than a history of the Reserve Bank; it is also, to some extent, a and financial history of India. Wherever relevant or interesting, the comments of the press, university professors concerned interests like co-operative institutions, on the important develop ments in the Bank, have been given so that the History contains not merely the official point of view but also what might be called an indication of re presentative public opinion. The Bank's working has been given in detailed manner so that it may be of some practical use to those on whom may fall the responsibility of shaping and administering India's monetary policy in the years come. It was decided that this volume should cover the first 16 years of the Bank's working, 1935 51; 1951 constitutes a watershed in the country's annals, since it witnessed the launching of India's first Five Year Plan. The volume is divided into four parts. In the first part entitled the Preparatory Years, a brief and yet com prehensive account has been given of the developments in money, banking and exchange in India for almost a century prior to the establishment of the Bank in 1935. A detailed account is also given of the Reserve Bank of India Act. The period of sixteen years covered in this volume divides itself into three distinct sub-periods, namely, 1935-39 (the Formative Years), 1939-45 (the War Years) and 1945-51 (the Post War Years).