PM releases third volume of RBI's history

Mumbai: Two oil shocks, the Bangladesh war and severe foreign exchange crunch were among the many challenges that the Reserve Bank faced between 1967-81 now chronicled in the third volume of the central bank's history released on Saturday.

This third volume of the "History of the Reserve Bank of India," released by Prime Minister Manmohan Singh here, extensively traces the bank's evolution.

In the past, two volumes covering the period between 1935-51 and 1951-67 were published and released in 1970 and 1998 respectively.

Notably, the decision to document the RBI's history dates bank to 1969 when the exercise to compile a comprehensive history of India's monetary sector and its management commenced.

The compilation of the third volume of history was concluded as the RBI completed 70 years of its existence in 2005.

The period of 1967 to 1981 witnessed heightened regulation and direction of the bank in every sphere of financial activity undertaken to correct market failure, RBI said.

The defining moment of the period was nationalisation of major commercial banks. PTI