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<td><p> The Reserve
Bank of India today released its <A HREF='http://www.rbi.org.in/scripts/AnnualPublications.aspx?head=Report%20on%20Currency%20and%20Finance&fromdate=05/31/07&todate=06/02/07'>Report
on Currency and Finance 2005-06</A>. The theme of the Report is "Development
of Financial Markets and Role of the Central Bank". This report can be seen
as continuation of several themes addressed in the previous years, the theme in
last year’s report being 'The Evolution of Central Banking in India.' </p><p>
The Report for 2005-06 comprises nine chapters. Chapter I introduces the theme
of the report. As a prelude to the substantive theme based discussions, Chapter
II of the Report titled as `Recent Economic Developments’ provides an analytical
account of macroeconomic developments in the Indian economy during 2005-06, 2006-07
and 2007-08 so far (wherever data are available). Chapter III - `Money Market’
covers the role of the money market, international experience in operating procedures,
evolution of the Reserve Bank’s liquidity management operations and money
market developments in India. As a way forward, it also makes suggestions for
further developing the money market. Chapter IV titled as `Credit Market’
deals with the significance of the credit market, institutional structure and
policy developments relating to the credit market in India and trends in credit
in India. The chapter also makes suggestions for further strengthening the
role of the credit market in India. Chapter V titled as `Government Securities
Market’ after discussing the role of the government securities market and
international experiences relating to the government securities market, deals
with the policy developments and an assessment of government securities market
in India. Chapter VI - `Foreign Exchange Market’ delineates the various
aspects of the foreign exchange market in India. Chapter VII - `Equity and Corporate
Debt Market’ deals with the developments and key issues relating to the
equity market and the private corporate debt market in India. Chapter VIII titled
as `Financial Market Integration’ covers concept and dimensions of financial
market integration, policy measures enabling market integration in India and domestic
financial markets integration in India. The final Chapter of the Report
- `Overall Assessment’ presents some final reflections on the key issues
for further developing the various segments of the financial market in India.<br />
<br /> <strong>Theme of the Report</strong></p><p>
Although financial markets in India have existed for a long time, they remained
relatively underdeveloped for a variety of reasons until the early 1990s. Financial
markets in India before the early 1990s were marked by administered interest rates,
quantitative ceilings, statutory pre-emptions, captive market for government securities,
excessive reliance on central bank financing, pegged exchange rate, and current
and capital account restrictions. As a part of structural reforms in the early
1990s, wide-ranging reforms were introduced in the Indian financial sector, including
in financial markets. Reforms in the financial markets encompassed all segments
- the money market, the credit market, the government securities market, the foreign
exchange market, the equity market and the private corporate debt market. The
development of financial markets in India has been pursued to bring about a transformation
in the structure, efficiency and stability of markets as also to facilitate integration
of markets. The emphasis has been on strengthening price discovery, easing of
restrictions on flows or transactions, lowering of transaction costs, and enhancing
liquidity and efficiency. As a result of various reform measures, the structure
of financial markets has witnessed a remarkable change in terms of financial instruments
traded in various segments of the financial market, and market participants. Although
various segments of the financial market, in general, have certainly become deeper
and more liquid, there is still some way to go before all the segments of the
financial market are fully developed. Whereas it has always been the endeavour
of the authorities to develop financial markets, the need for developed financial
markets has never been felt as strongly as at this point of time. The need for
sustaining higher economic growth, improving the transmission mechanism of monetary
policy, developing a diversified financial system, maximising the gains from financial
integration and minimising its costs, and preparing for smooth capital account
convertibility, all point to the need for continuing sustained and perhaps accelerated
efforts at developing financial markets in India. <br>
<br> In order to
strengthen the understanding of the structure of the Indian financial markets
and to identify the substantive issues that need to be addressed, the theme of
this Report for 2005-06 has been selected as “Development of Financial Markets
and Role of the Central Bank”. The Report undertakes an in-depth analysis
of various segments of the financial market in India in terms of inter-temporal
development, cross-country comparison, highlighting the current major issues and
the policy initiatives. The thrust of the Report is to assess the outcome of various
policy measures and to explore the way forward for developing the financial markets
in India further.<br>
<br> Various measures
suggested in this Report set out only the broad direction in which reforms in
the financial markets could move in future. Their implementation would need
careful sequencing in tune with the evolving domestic and global developments.
<BR>The implementation of measures suggested would also be contingent upon the
development of appropriate market infrastructure and market players. Participants
in financial markets are exposed to various risks. These risks, therefore,
need to be managed carefully. In view of this, it would be necessary to
develop market players who understand the risks and have the wherewithal to manage
them. The transferring of risks to those market participants who do not
understand them and do not have the capacity to manage them could have serious
implications for the financial system. The pace and sequencing of measures could,
therefore, be calibrated keeping in view the degree of comfort in moving forward
in a credible way.<br /> <br /> <strong>Recent Economic Developments</strong></p><p>
The Indian economy continued to exhibit robust macroeconomic performance during
2006-07. Industrial production maintained its momentum with growth accelerating
to double digit during 2006-07, propelled by strong growth in manufacturing. A
significant feature of the industrial sector performance has been the continued
high growth rate of the capital goods sector. The growth in the services sector
accelerated during the first three quarters of 2006-07 mainly led by the sub-sectors‘trade,
hotel, transport and communication’ and ‘financing, insurance, real
estate and business services’. Notwithstanding the delayed start,
the overall performance of the South-West Monsoon turned out to be close to normal.
On the whole, the Indian Economy is expected to grow at a robust pace. </p><p>
Headline inflation remained at an elevated level from November 2006, driven mainly
by primary food articles and manufactured products. Consumer price inflation remained
above the WPI inflation throughout the year, mainly reflecting the higher impact
of higher food prices in the consumer basket. During 2006-07, the Reserve
Bank managed liquidity with a judicious mix of the available tools, viz., liquidity
adjustment facility (LAF) and issuance of securities under the market stabilisation
scheme (MSS). In order to ensure `effective liquidity management, the Reserve
Bank in March 2007 modified and put in place an augmented programme of issuance
under the MSS with a mix of Treasury Bills and dated securities in a more flexible
manner. The approach to liquidity management, however, continued to ensure
that appropriate liquidity was maintained in the system to meet the legitimate
requirements of credit for productive purposes, consistent with the objective
of price and financial stability. </p><p>
Financial markets remained orderly, barring brief spells in November and mid-December
2006 and in mid-March 2007, when call money rates moved up to high levels due
to liquidity frictions. The equity market also encountered brief spells of volatility
during May-June 2006 and February/March 2007. Barring these episodes, financial
markets were stable. Financial institutions, especially scheduled commercial banks,
witnessed improved business and financial performance during 2005-06, underpinned
by robust macroeconomic fundamentals. Public finances of both the Centre and the
States as per revised estimates showed improvement on the back of buoyancy in
both tax and non-tax revenue, which more than offset the higher expenditure. </p><p>
The external sector continued to reflect dynamism with strong growth in merchandise
exports of goods and services. The balance of payments position remained comfortable,
despite high and volatile international crude oil prices during the most part
of the year. Large capital flows continued much in excess of the current account
deficit, resulting in substantial net accretion to foreign exchange reserves.
<br>
<br> The Reserve Bank in its Annual Policy Statement for 2007-08 placed real GDP
growth at around 8.5 per cent. Headline WPI inflation was 5.4 per cent y-o-y,
as on May 5, 2007 as compared with 5.7 per cent at end-March 2007.<br /> <br />
<strong>Money Market</strong></p><p>
The money market is a key component of the financial system as it is the fulcrum
of monetary operations conducted by the central bank in its pursuit of monetary
policy objectives. Money markets in India have evolved over time spawning new
instruments and participants with varying risk profiles in line with the changes
in the operating procedures of monetary policy. Along with the shifts in the operating
procedures of monetary policy, the liquidity management operations of the Reserve
Bank have also been fine-tuned to enhance the effectiveness of monetary policy
signalling. The increasing financial innovations in the wake of greater openness
of the economy necessitated the transition from monetary targeting to a multiple
indicator approach with greater emphasis on rate channels for monetary policy
formulation. Accordingly, short-term interest rates have emerged as a key instrument
of monetary policy since the introduction of LAF, which has become the principal
mechanism of modulating liquidity conditions on a daily basis. </p><p>
As a result of various policy initiatives, there has been a significant transformation
of the money market, in terms of instruments, participants and technological infrastructure.
Various reform measures have resulted in a relatively deep, liquid and vibrant
money market. The changes in the money market structure and monetary policy operating
procedures in India have been broadly in step with international experience and
best practices. </p><p>
Notwithstanding the considerable progress made so far, further development of
the money market calls for more measures. Direct regulation in the form of prudential
limits on borrowing and lending in the call money market would need to graduate
to a system, where such limits are taken care of by banks’ own internal
system of ALM framework. Greater efforts would be required to expedite development
of the term money market. Furthermore, there is a need to consider broad-basing
the pool of underlying collateral securities for repo transactions. This would
not only facilitate liquidity management but also promote the development of underlying
debt instruments. The requirement of rating for issuing CP could potentially be
made more flexible. Finally, liquidity forecasting techniques need to be further
refined for proper assessment of liquidity conditions by the Reserve Bank.<br />
<br /> <strong>Credit Market</strong></p><p>
In India, credit markets have, historically, played a key role in allocating savings
towards productive purposes. There has been a profound transformation of the credit
market since the early 1990s. Prior to initiation of financial sector reforms,
credit institutions operated under a regulatory framework characterised by barriers
to entry, administered interest rates, pre-emption of resources through high statutory
liquidity ratio (SLR) and cash reserve ratio (CRR), and allocation of resources
through mechanisms such as maximum permissible bank finance (MPBF) and selective
credit controls. Credit institutions suffered from several inefficiencies such
as high intermediation cost, low profitability and high non-performing assets
(NPAs). Against this backdrop, financial sector reforms were initiated in the
early 1990s in a phased manner to move away from a financially repressed regime
to a liberalised regime through measures such as deregulation of interest rates,
entry of new private sector banks, enhanced presence of foreign banks, reduction
in statutory pre-emptions, introduction of prudential norms, strengthening of
accounting standards and disclosure norms, and permitting banks to raise capital
from the market. These measures have subjected the financial institutions to market
discipline, enhanced competition, and provided productivity and efficiency gains.
The reforms have also strengthened the banks’ risk assessment techniques,
thereby increasing the role of interest rates in allocating the resources while
simultaneously enhancing the transmission of monetary impulses. </p><p>
Although a wide range of credit institutions operate in the country, the relative
significance of banks, already the predominant players in the credit market, has
increased further due to the conversion of two major development finance institutions
(DFIs) into banks. It is noteworthy that, after witnessing some deceleration in
the late 1990s, credit extended by banks has expanded rapidly beginning 2002-03.
Robust macroeconomic performance, revival of investment demand, moderation in
interest rates and decline in NPAs appear to have contributed to rapid credit
expansion. A welcome development has been large credit expansion to the agriculture
sector in the last few years, reflecting the impact of various policy measures.
As a result, credit intensity of the agriculture sector (credit to agriculture
as percentage of sectoral GDP) has increased in recent years. On the other hand,
growth in credit to industry during the 1990s and the current decade so far has
been somewhat lower than that in the 1980s. This could be attributed partly to
alternative avenues of financing available to industry such as external commercial
borrowings and domestic and international capital markets. Internal generation
of funds, facilitated by strong corporate profitability, has also improved significantly
in recent years. There has been a sharp increase in medium and long-term bank
credit to industry, which is largely for the project related activity. This suggests
that banks are filling the gap created by conversion/merger of two DFIs into banks.
Credit growth to the SSI sector, which decelerated sharply during 1999-2004, also
picked up from 2004-05. Credit intensity of the industrial sector, on the whole,
has increased in the current decade so far (up to 2005-06). A key factor underlying
the rapid expansion of credit since 2002-03 has been the emergence of demand for
housing and personal loans, facilitated by benign interest rate environment, fiscal
benefits, increase in income levels and growing competition in the banking sector.
Total household credit now constitutes almost one-fourth of total bank credit.
In view of growing volume of retail credit, the interest rate channel of monetary
policy is likely to have a greater influence on private consumption and economic
activity in the country. <br>
<br> While credit flows to agriculture and the SME sector have increased in recent
years, the need is to further increase the flow of credit to these sectors. To
facilitate increased access to formal channels of credit and to enable the credit
market to play an important role to sustain the growth process, several issues
need to be addressed. The Self-Help Group-Bank linkage programme, which has become
quite popular in recent years, is expected to gain further ground with the NABARD
taking up a programme for intensification of these activities in 13 identified
states. Although micro-finance activities should be commercially viable, it is
reported that some micro-finance institutions (MFIs) are charging very high interest
rates, which could prove to be counter-productive in the long run. While informality
of micro-finance structure is important, NABARD and banks need to build appropriate
indigenous/local safeguards against such practices and in their relationship with
MFIs.</p><p> An important
issue facing the SME sector is that it is perceived as more risky and hence banks
charge relatively high rate of interest and insist on collateral. The Credit Information
Act, 2005 has been enacted and the rules and regulations there under have also
been notified. This will facilitate the formation of credit information companies
in the country. This, in turn, will improve the quality of credit, reduce the
transaction cost and improve the flow of credit to the SME sector. Independent
rating of borrowers will also help to avoid the collateral requirement. Concerted
efforts therefore need to be made to popularise rating. Credit penetration in
the country also needs to be increased. A major issue in increasing credit
penetration is the collateral that banks insist on for extending loans.
Banks need to consider alternative ways to reduce the dependence on collaterals.
Another major issue is the high transaction cost in rural areas. Banks need
to look into low cost delivery alternatives offered by IT. However, while
introducing IT based products, banks need to keep in view low level of literacy
and technology orientation and awareness about IT based products in rural areas.
Banks have been introducing complex products in recent years. Some households
might also be availing credit beyond what they can easily service. It would,
therefore, be very useful to establish credit counseling institutions for educating
individuals to assess their credit demand and credit management in order to mitigate
the bankruptcy risk. </p><p>
Although banks have been given the freedom to determine their lending rates, the
principles followed by banks in fixing their Benchmark Prime Lending Rate (BPLR)
are viewed as opaque. The concept of arriving at the BPLR needs to be looked into
with a view to making it very transparent.<br /> <br /> <strong>Government Securities
Market</strong></p><p> The
government securities market has gained importance in most countries in the overall
financial system in recent years. The government securities market in India has
evolved over the years. Several measures have been initiated since the early 1990s
to develop a deep and liquid government securities market for reducing the costs
of government market borrowings, to provide appropriate benchmarks for pricing
other financial instruments and to conduct monetary policy in a flexible manner.
The switchover to auction based system of issuance of government securities in
the early 1990s was a major step towards development of the government securities
market. The investor base has become more voluntary and diversified. Taking
into account market preferences, new instruments with innovative features have
been introduced from time to time. Technological developments have enabled the
introduction of screen-based anonymous trading and reporting platform. This has
enabled dissemination of (a) trading information with a minimum time lag, (b)
electronic bidding in primary auctions and (c) efficient order matching. Furthermore,
operationalisation of the CCIL has ensured guaranteed settlement of trades, imparting
considerable stability to the government securities market. The strategy of consolidation
of government securities mainly through re-issuances has led to the build-up of
critical mass in key maturities, facilitating the emergence of market benchmarks.
The operation of a system of market intermediaries in the form of PDs has facilitated
the Reserve Bank’s smooth withdrawal from the primary market from April
1, 2006 as per the FRBM stipulations.</p><p>
The size of the government securities market during the post-reform period has
grown in tandem with the growth in market borrowings of both the Central and the
State Governments. The weighted average cost of market borrowings declined consistently,
which enabled elongation of weighted average maturity of primary issuances. The
Government has been raising progressively higher share of market borrowings through
re-issuances under the strategy of passive consolidation of debt. Reflecting the
effectiveness of various measures to develop the market, turnover in the secondary
market has increased manifold over the years before declining in 2004-05 and 2005-06.
The holding pattern of government debt shows some shift from banks to non-banks,
reflecting a progressive diversification of investor base. </p><p>
Notwithstanding the substantial progress in the government securities market,
certain issues need to be addressed for its further development. While the strategy
of passive consolidation has improved liquidity, there is a need to pursue the
strategy of active consolidation by way of buyback of illiquid securities and
issuances of liquid securities, as has already been announced. The investor base
needs to be widened to counter the possible reduction in the captive investor
base. Illiquidity in State Government securities affects the cost of borrowing
for the State Governments. Therefore, there is a need to extend measures taken
for enhancing liquidity in Central Government securities to State Government securities
as well. <br /> <br /> <strong>Foreign Exchange Market</strong></p><p>
The Indian foreign exchange market has operated in a liberalised environment for
more than a decade after the introduction of reforms initiated in the early 1990s.
A cautious and well-calibrated approach was followed while liberalising the foreign
exchange market with an emphasis on the need to safeguard against potential financial
instability that could arise due to excessive speculation. The approach to liberalisation
adopted by the Reserve Bank has been characterised by greater transparency, data
monitoring and information dissemination and to move away from micro management
of foreign exchange transactions to macro management of foreign exchange flows.
The emphasis has been to ensure that procedural formalities are minimised so that
individuals are able to conduct hassle free current account transactions and exporters
and other users of the market are able to concentrate on their core activities
rather than engage in avoidable paper work. Banks have significant autonomy to
undertake foreign exchange operations. In order to deepen the foreign exchange
market, several products have been introduced and new players have entered the
market. </p><p> Full
convertibility on the current account and extensive liberalisation of capital
account transactions have resulted in a large increase in transactions in the
foreign exchange market. They have also enabled the corporates to hedge various
types of risks associated with foreign currency transactions. The impact of reform
initiatives is clearly discernible in terms of improved depth and efficiency of
the market. </p><p>
Moving forward, further initiatives towards developing the Indian foreign exchange
market need to be aligned with the external sector reforms, particularly the move
towards further liberalisation of capital controls, for which a fresh roadmap
has been provided by the Committee on Fuller Capital Account Convertibility (FCAC).
The agenda for the future should, therefore, include introduction of more instruments,
particularly derivative products, widening of participants base, further relaxations
in the criteria of `underlying’ to include economic exposures (i.e., exposures
which may not relate directly to foreign exchange transactions but are affected
by movements in exchange rates), commensurate regulations along with the entrenchment
of modern risk management systems and improved customer service. Reforms
in the foreign exchange market will also have to be harmonised with the evolving
macroeconomic environment as well as the development of other segments of the
financial market, particularly the money, the equity and the government securities
markets. They will also have to be harmonised with the evolving needs of
the real economy.<br /> <br /> <strong>Equity and Corporate Debt Market</strong></p><p>
The Indian equity market has witnessed a significant improvement since the reform
process began in the early 1990s and is now comparable with the international
best markets. There has been a visible improvement in trading and settlement infrastructure,
risk management systems, efficiency and levels of transparency in the equity market.
The transaction cost has declined and volatility has also been contained. Nevertheless,
the role of the Indian capital market, equity as well as debt, in the domestic
economic activity continues to be relatively less significant. Savings of the
household sector in the form of shares and debentures and units of mutual funds
remain at relatively low levels, reflecting households’ preference for safe
and contractual instruments as opposed to capital market-based instruments. The
size of the public issues segment has remained small as corporates have tended
to prefer the international capital market and the private placement market, apart
from relying on internal sources and bank credit. The corporate bond market, in
particular, has remained underdeveloped, reflecting a variety of factors such
as absence of a reliable and liquid yield curve, high cost of issuance and lack
of liquidity in the secondary market. </p><p>
A growing economy like India requires risk capital and long-term resources for
enabling the corporates to choose an appropriate mix of debt and equity. Long-term
resources are particularly important for financing infrastructure projects. A
well-functioning domestic capital market is also necessary to enable the banking
sector to raise necessary capital from the market to sustain its growing operations.
Furthermore, a well-functioning bond market can also enhance the effectiveness
of the monetary transmission mechanism. On the supply side too, rising income
levels and savings would require alternative investment options, including equity
and corporate debt. </p><p>
Reforms in the equity market need to focus on developing strong domestic institutional
investors, adherence to international best practices in corporate governance and
reduction in time and cost for floating public issues. Mutual funds penetration
in the country also needs to increase to attract a larger share of household savings
in financial assets. Promoters continue to hold a large portion of equity
in the companies. Concentrated ownership prevents the broad distribution of gains
from the equity market development, with implications for the functioning of the
corporate governance framework and protection of rights of minority shareholders.
</p><p> The
market development process for bonds in India is likely to be a gradual process
as has been experienced in other countries. The corporate debt market would require
a large number of investors and large sized issues to function effectively. As
in the case of government securities market, the problem of small size of issues
will have to be addressed by bringing about more discipline in issuances and consolidation
through re-issuances. The role played by market players such as primary dealers
in developing the government securities market may need to be replicated through
an appropriate institutional framework in the corporate bond market. Counterparty
guarantee for settlement of trades to reduce counterparty and settlement risks
would promote secondary market activity in corporate bonds. Increased availability
of structured financial products such as mortgage and asset-backed securities
can also encourage the development of the corporate bond market. </p><p><strong>Financial
Market Integration</strong></p><p>
Domestic financial market integration in India has been largely facilitated by
wide-ranging financial sector reforms introduced since the early 1990s. Financial
markets in India have acquired greater depth and liquidity. In the process, various
market segments have also become better integrated over the years. Sharp improvement
in correlations between the reverse repo rate and money market rates in recent
years implies enhanced effectiveness of monetary policy transmission mechanism.
A high degree of correlation between long-term government bond yield and short-term
Treasury Bills rate indicates the significance of term-structure of interest rates
in the financial markets. The integration of the foreign exchange market with
the money and the government securities markets has facilitated liquidity management
by the Reserve Bank. However, the equity market has relatively low correlation
with other market segments. Evidence suggests that growing integration amongst
various financial market segments in India has been accompanied by lower volatility
of interest rates.</p><p>
There is evidence of India’s growing international integration through trade
and cross border capital flows. India’s trade and financial links with Asia
are also growing amidst recent initiatives taken to promote regional cooperation.
Emerging Asia has become the ‘growth centre’ of the world due to shifting
of production base to the region. This is likely to stimulate greater financial
integration in the region. India’s financial integration within the region
and with the international financial markets is likely to increase in future in
view of its robust growth prospects. In order to strengthen the process of integration
across various segments, some further measures may be needed. These relate to
development of the term money, the corporate debt markets and the secondary markets
in CDs and CP. It is to be recognised that the international financial integration
involves several benefits as well as risks, especially, the contagion. This
underlines the need for appropriate risk management strategies as also greater
coordination and information sharing among central banks to prevent the transmission
of adverse developments abroad to the domestic economy and markets. <br />
<br /> <strong>Overall Assessment </strong></p><p>
The Reserve Bank, like other central banks, has taken a keen interest in the development
of the money, the credit, the government securities and the foreign exchange markets
in view of their critical role in the transmission mechanism of monetary policy.
The approach has been one of simultaneous movement on several fronts, graduated
and calibrated, with an emphasis on institutional and infrastructural development
and improvements in market microstructure. The pace of the reform was contingent
upon putting in place appropriate systems and procedures, technologies and market
practices. There has been close co-ordination between the Reserve Bank and the
Government, as also with other regulators, which helped in orderly and smooth
development of the financial markets in India. </p><p>
Initiatives taken by the Reserve Bank and other regulatory authorities have brought
about a significant transformation in the working of the various segments of the
financial market. Domestic financial markets have transited from a highly administered
system – marked by administered interest rates, credit controls, and exchange
control – to a system dominated by market-determined interest rates and
exchange rate and price based instruments of monetary policy. These developments,
by improving the depth and liquidity in the domestic financial markets, have contributed
to better price discovery of interest rates and exchange rates. Markets have grown
in size and depth over the years, paving the way for flexible use of indirect
instruments. Greater depth and liquidity and freedom to market participants have
also increased the integration amongst the various segments of the financial market.
Increased integration not only leads to more efficient dispersal of risks across
the spectrum but also increases the efficacy of monetary policy impulses. In a
world of integrated financial markets, monetary policy operates not only through
the conventional interest rate channel but also through the exchange rate and
other asset price channels of monetary transmission, thereby strengthening the
impact of monetary policy on the real economy and inflation. Concomitantly, with
growing liberalisation, deregulation and integration with global financial markets,
policy initiatives have ensured that domestic financial markets and market participants
are in a position to absorb unanticipated and large shocks that can emanate from
global developments so that financial stability is maintained in the country while
supporting the growth. The Indian experience demonstrates that the development
of markets is an arduous and time-consuming task that requires conscious policy
actions and effective implementation.<br> </p><p align='right'> <strong>Alpana
Killawala</strong><br> Chief General Manager</p><p> <strong>Press Release : 2006-2007/1642</strong>
</p></td></tr> </table>
21:22:58 Sunday, May 31, 2026 