New Economic Policy 1991 altered the role of Reserve Bank of India (RBI) in the economy.
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Solution and Explanation
Defend: The New Economic Policy (1991) brought significant liberalization reforms that impacted the role of the RBI:
Deregulation of Financial Sector: RBI shifted from controlling credit to regulating it, emphasizing monetary policy formulation over direct intervention in lending activities.
Banking Sector Reforms: RBI played a key role in introducing prudential norms and supervising financial institutions to enhance efficiency and transparency.
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