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RBI works as the monetary authority of India and there by operates the monetary policy. Reserve Bank of India announces Monetary Policy every year in the Month of April. This is followed by three quarterly Reviews in July, October and January. But, RBI at its discretion can announce the measures at any point of time. The Annual Monetary Policy is made up of two parts viz. Part A: macroeconomic and monetary developments; Part B: Actions taken and fresh policy measures. Monetary policy of the RBI deals with almost all other vital topics such as financial stability, financial markets, interest rates, credit delivery, regulatory norms, financial inclusion and institutional developments etc.
Monetary policy refers to an umbrella of operations used for the control of money supply in the economy with broad objective to maintain economic and financial stability; and ensure adequate financial resources for the purpose of development. These objectives of the monetary policy in India have gone through a process of gradual evolution and can be further expanded to maintaining price stability, adequate flow of credit to productive sectors, promotion of productive investments & trade, promotion of exports and economic growth. Maintaining price stability Using the monetary policy tools, RBI increases and reduced the money supply in the system in order to maintain price stability and check too much inflation. Adequate flow of credit to productive sectors RBI makes efforts for the controlled expansion of bank credit and helps commercial banks in credit creation. It also makes decisions regarding credit allocation to priority and marginal sector. The overall objective is to allow equitable distribution of credits to all sectors of economy and all segments of people. Promotion of productive investments & trade RBI tries to increase the productive investments in the country by retraining non-essential investments and creating an enabling environment for productive investments. These efforts lead to a boost in the efficiency of the financial system of the country. Monetary Policy Stance India had entered into the era of economic planning in 1951. At that time, the monetary and Fiscal Policies had to be adjusted to the requirements of the planned development in the country and accordingly, the economic policy of the Reserve Bank was emphasized on the following two major objectives. To speed up the economic development of the nation and raise the national income and standard of living of the people. Control and reduce the “Inflationary” pressure on the economy. The requirement was an adequate financing of the economic growth programmes, and at the same time containing the inflationary pressure and maintenance of price stability. Thus this was a period of “Controlled Expansion“. Since 1972, there is a rapid increase in the money supply with the public and banking system.
it frequent fluctuations in the agricultural productions, defective government polices and global inflationary pressures arising out of the oil prices etc. led the RBI to abandon the “controlled expansion”
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