Indian banking, central banking, and the economy
In an earlier post on CD Deshmukh, I drew on his life and career in the context of his abiding interest in botany and of horticulture (see here). Here, I describe in greater detail, his professional career, almost devoid of personal references. A much shorter version, about one fifth in length, appeared in an online encyclopaedia of Indian economists (see here). Continue reading “The many careers of CD Deshmukh”
Having five finance ministers from one College is unusual. That honour goes to the Madras Law College.
Continue reading “The Madras Law College”
That wretched woman with the infant in her arms, round whose meagre form the remnant of her own scanty shawl is carefully wrapped, has been attempting to sing some popular ballad, in the hope of wringing a few pence from the compassionate passer-by.
Charles Dickens, Sketches by Boz
“Cooperation has failed, but cooperation must succeed,” is an oft-quoted extract from the 1954 report of the All India Rural Credit Survey Committee (AIRCSC). Sir Benegal Rama Rau, the fourth Governor, Reserve Bank of India, appointed the Committee. No other financial sector was the subject of scrutiny by as many committees as Indian cooperation. The quote is believed to be the contribution of Burra Venkatappaiah, of the Indian Civil Service. Venkatappaiah was then the Reserve Bank of India’s first Executive Director, and a member of the AIRCSC. He later became Deputy Governor, and the fourth Chairman of the State Bank of India. Thereafter he chaired the All India Rural Credit Review Committee which reported in 1969. I have a separate post on Venkatappaiah coming up, but my focus here is on Indian cooperation. Continue reading “Indian Cooperation: Finding Raiffeisens”