"New Economic Policy 1991 altered the role of Reserve Bank of India (RBI) in the economy." Justify the given statement with valid explanation.
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Solution and Explanation
- Focus on Monetary Policy: The RBI’s role shifted from managing public debt and funding the government to controlling inflation and maintaining monetary stability.
- Reduction in Directed Credit: The RBI reduced its control over credit allocation to different sectors, giving commercial banks more autonomy in lending decisions.
- Foreign Exchange Management: With liberalization, the RBI focused more on managing exchange rates and foreign capital flows.
- Banking Sector Reforms: RBI played a key role in implementing banking reforms, promoting competition, and adopting better practices in the financial sector.
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