Study of operations of non-banking financial intermediaries in India with special reference to their implications for monetary policy.

This dissertation attempts to analyse the various aspects of the operations of Non-Banking Financial Intermediaries (NBFIs) in India. It analyses in detail the challenges being faced by DFIs in the post-reform period and addresses the specific issue of the nature and relevance of their role in the future. It also seeks to study the implications of the working of NBFIs for the conduct and effectiveness of monetary policy in India in the emerging financial scenario in our country. The study is based on the data published on various categories of NBFIs and covers the period generally from 1970- 71 to 1995-96 in respect of most time series. The study fmds that financial assets of NBFls grew rapidly in the 1980s and the first half of 1990s as compared with the 1970s. The faster growth of NBFls was at the expense of the banking sector. The analysis reveals that DFls continue to playa significant role in the capital formation and there has not been significant adverse impact on the business of DFIs in the post-reform period. More Info

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