Speech by Mr R Gandhi, Deputy Governor of the Reserve Bank of India, at “Credit Summit India 2014”, organised by Association of International Wealth Management of India and National Institute of Securities Market (NISM), Mumbai, 26 August 2014
...........Although banks play an important role in these economies by channeling funds from depositors to companies without access to capital markets, banking itself, says Nobel laureate Merton Miller from University of Chicago, is “ basically a 19th century technology”. Today’s emerging Asian economies do not have well-developed capital markets and so remain heavily dependent on their banking systems to finance growth. However, ............
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