......For many, CRR was an imposition on the commercial banks operating in the economy for the purpose of controlling credit default and creation was perfectly in accord with the regulation and culture which prevailed in yesteryear of Nineties. If we look into today’s scenario, we find just the opposite. Indian economy along with the global economy is becoming highly globalized, integrated, interrelated, where interest rates are predominantly market-determined and there is also no automatic monetization of budget deficits. The central bank controls the supply of money and can increase or decrease the same by buying and selling bonds through open market operations which is undertaken independently.......
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