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India's Transforming Financial Sector

India's Transforming Financial Sector

          
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About the Book

India has entered the second stage of financial sector development, where market forces are helping in resources allocation and efficient price discovery process. The harmonization of regulatory institutions and devising of new financial architecture is necessary to enhance the resilience of India’s financial sector and reduce the fragility of some financial institutions. High exposure in government securities, government guaranteed loans, improper valuation of collaterals, vulnerability to interest rate cycle, still high level of NPAs, unsatisfactory corporate governance and disclosures, inadequate surveillance, stock market volatility, risk concentration and policy failure cause concern. This necessitates improving transparency and governance, resolving failure in the industrial and financial sector, de-linking government and private sector, fostering innovation, and improving the supervisory and regulatory infrastructure. Given the debilitating impact of financial sector crisis on the economy, the stability of the financial sector should be the goal of the economy. Financial stability can be strengthened by improved financial infrastructure, enhanced competition and restructured segments of financial system. Reform measures enhanced efficiency and stability of the banking system in India. Indian banks are well placed compared with their counterparts in developed countries. But there are persisting issues of removal of structural barriers to competition, privatisation of banking system, radical restructuring, downsizing of the balance sheet, recapitalisation and eventual privatisation of the financial institutions, withdrawal of quantitative credit controls and directed credit and modernisation of the payment system. The inexorable process of economic reforms must continue to slash poverty and support sustainable development while strengthening financial institutions. This overarching goal of development needs a renewed thrust on financial sector reforms. The papers included in the present book cover large areas, but all coalesce into the central theme of India’s transforming financial sector. It is hoped that the book will prove useful to a wide cross section of the reading public, including scholars and academics, the government executives, international institutions, business communities, and planners and policymakers.

Table of Contents:
1. Implications of Global Financial Imbalances for the Emerging Market Economies – Y.V. Reddy 2. Inclusive Growth: Role of Banks – M.B.N. Rao 3. Law and Finance in India: An Overview – Rajesh Chakrabarti 4. Social Dimensions of Microfinance – Y.S.P. Thorat 5. An Introduction to Competition Law in India – Amitabh Kumar 6. Human Development and State Finances – Rakesh Mohan 7. Hedging and Indian Foreign Exchange Markets – Ashima Goyal 8. Is Indian Stock Market More Volatile in Reform Period?: Evidence from E-GARCH Model – Ranjan Kumar Dash 9. Security and Trust in Electronic Payments – Ashutosh Saxena 10. Rural Credit Reforms in India: Critical Issues, Challenges and Perspectives – Debesh Roy 11. Day of the Week Effect and Market Efficiency—Evidence from Indian Equity Market Using High Frequency Data of National Stock Exchange – Golaka C. Nath and Manoj Dalvi 12. Managing Risk: Insurance for the Poor? – Amir Ullah Khan and Saleema Razvi 13. Microfinance in India: Impressive Achievements but Miles to Go – Manoranjan Sharma 14. Financial Inclusion, Microfinance and SMEs—Business Opportunities – Manoranjan Sharma Contributors


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Product Details
  • ISBN-13: 9788126908080
  • Publisher: Atlantic
  • Publisher Imprint: Atlantic
  • Language: English
  • ISBN-10: 8126908084
  • Publisher Date: 2007
  • Binding: Hardcover
  • No of Pages: 440

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