![]() Regulators in India Main regulator for banks in India:
Additional Regulators:
FRSGlobal in India India is developing into an open-market economy, yet traces of its past policies still remain. Economic liberalisation, including reduced controls on foreign trade and investment has accelerated the country's growth, which has averaged more than 7% per year since 1997. However, following the global financial crisis in early 2008, an industrial slowdown led to a reduction in GDP to 6.5% in 2009. As this is still the second highest GDP growth rate in the world compared to other major economies, it looked like India escaped the brunt of the global financial crisis. However, the country was still affected by the wider economic slowdown and falling commodity prices, which had a knock-on effect on the Indian economy. To manage the impact of the crisis, the Reserve Bank of India (RBI) took a number of monetary easing and liquidity enhancing measures, whilst the government launched two fiscal stimulus packages to boost aggregate demand. Most of the public sector banks, several private sector banks and some foreign banks also reduced their deposit and lending rates. Thereby, in sharp contrast to their international counterparts the financial system in India has shown resilience and stability. Firms are faced with investing time, effort and resource to:
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