India's financial system : an overview of its principal structural features
Morris, Felipe
This paper examines the structure and evolution of the Indian financial system over the past three decades. The study concentrates on the "organized" segment of the system which includes commercial, development and cooperative banks, the stock market, and various non-banking financial institutions including insurance corporations and mutual funds. The paper also highlights several policy issues in the sector in an attempt to spearhead discussions and further analytical work. The paper first describes the institutional structure of the financial system and then analyzes its evolution and financial interrelations using a flow of funds framework and other relevant tools of financial planning. The paper then identifies and analyzes some issues related to credit planning, including credit allocation policies and selected instruments of monetary and credit policy such as interest rates. The analysis of these policies is particularly relevant since credit planning is an important element in India's financial system. The paper provides a broad description and analysis of these policies and indicates areas in which further work may be necessary.
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