17. By the end of eighties, the Indian economy had developed an extensive financial superstructure consisting of a vast network of institutions, deploying varied instruments and facilitating the mobilisation and channelling of funds for working capital and production credit purposes as well and for long term investment. The Reserve Bank thus helped promote and nurture a functionally varied and spatially diversified financial system.
4  BIS central bankers’ speeches  Financial sector reforms of 1990s – new economic policy regime 18. In the economic planning phase initiated in April 1951, which postulated financial and physical controls for rapid economic and social developments, the financial system was increasingly called on to meet the financial needs of the economy.