Private banks were then on the scene, though the money lenders were the major source of funding. A usurious and exploitative system prevailed. As such, after independence in the year 1947, the Indian banking industry was brought under the regulatory ambit of the Reserve Bank of India with the passing of the Banking Companies Act in the year 1949.
Bugamelli M., Lotti, F. (2018) Productivity growth in Italy: a tale of a slow-motion change, Bank of Italy, Occasional papers, 422 Colonna, F. (2017), ‘Chicken or the egg? Human capital demand and supply’, Politica economica, 33(1).