The fifth volume of the Reserve Bank of India’s history is released. This volume encompasses the 11-year period from 1997 to 2008. With this volume, the history of the Reserve Bank of India is now updated up to 2008. The Reserve Bank had initiated the process of preparation of this volume in 2015 under the guidance of an Advisory Committee chaired by Dr. Narendra Jadhav, former Member of Parliament and former Principal Adviser & Chief Economist of the Reserve Bank.
More About Fifth Volume of Reserve Bank History:
The volume has been prepared by a team of writers led by the economic historian Dr. Tirthankar Roy. Other members of the team were K. Kanagasabapathy, N. Gopalaswamy, F. R. Joseph and S.V.S. Dixit. The volume, published by the Cambridge University Press, contains the institutional history of the Reserve Bank documented on the basis of official records, publications and oral discussions with persons who were closely associated with the working of the Reserve Bank during the period.
Significance of This Volume of Reserve Bank History:
This volume covers the developments in policies and operations in major functional areas during the period which was marked by two major crises in the global economy, i.e., the Asian financial crisis and the global financial crisis. It covers the tenures of three Governors – the latter part of Dr. C. Rangarajan’s tenure, the complete tenure of Dr. Bimal Jalan and a major part of Dr. Y. V. Reddy’s tenure.