(H.R. Machiraju)
Descripción: Since the publication of the first edition of this book five years ago several developments covering the money market, the government securities market and the foreign exchange market have taken place to strengthen their integration and enhance their efficiency. Efficient settlement mechanisms, greater transparency and best market practices are put in place, which facilitate faster transactions and lower their costs. Efforts have been concentrated on improving the credit delivery mechanisms. Although the Narasimhan Committee on the Financial System (1991) recommended the phasing out of the directed credit programme at 10 per cent of the bank credit not only the proportion has been retained at 40% level but its coverage has been considerably enlarged. The appropriate instrument to achieve distributive justice is fiscal policy not credit policy.
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