Bhasin (Niti); Banking and Financial Markets in India 1947 to 2007; Pub. by Orient Longman

Contents: I. Financial system: an introduction1. Financial system and economic development.

2. Financial system of India: evolution, present status and future.

II. Central banking: global and Indian experiences-3. Central banking: global experience.

4. Reserve Bank of India: history, functions and working.

III. Financial intermediaries-5. Commercial banks: history and post-1991 reforms.

6. Co-operative banks: disquieting performance.

7. Development Finance Institutions (DFIs): what relevance?

8. Non-Banking Financial Companies (NBFCs): new regulations.

9. Mutual funds: crisis of confidence.

IV. Financial markets- 10. Money market: history and post-1991 development.

11. Government securities market: legal and institutional initiatives.

12. Capital market: reforms since 1991.

13. Insurance market: from government monopoly to competition.

14. Foreign exchange market: from FERA to FEMA.

V. Summary and assessment -15. Summary and assessment.

VI. Year-wise review of banking and financial market developments in India: 1947-48 to 2006-07.

VIII. Glossaries.

IX. Time-series financial data on India.

Wind and The Sun

Once the Wind and the Sun came to have a quarrel. Either of them claimed to be a stronger. At last they agreed to have a trial of strength.

“Here comes a traveller. Let us see who can strip him of his clock,” said the Sun.

The Wind agreed and chose to have the first turn. He blew in the hardest possible way. As a result , the traveller wrapped his cloak even more tightly around him.

Then it was the turn of the Sun. At first he shone very gently. So, the traveller loosened his cloak from his neck.

The sun went on shining brighter and brighter. The traveller felt hot. Before long he took off his cloak and put it in his bag. The Wind had to accept his defeat.

MORAL : Fury or force cuts no ice where gentleness does the job.