Abstract
EFFECTIVENESS of monetary policy Is closely related to the degree of integration of the economy and the extent to which commercial banks are the only or main source of credit. Modem commercial banks in India began as financial counterparts of modern business, i.e. English business in the larger Indian ports and cities. At this time there existed within the country a well-developed indigenous financial system.
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More From: Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics
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