Let me now turn to banking in India. 1  Mckinnon, R. I. (1973), “Money and Capital in Economic Development”, Washington D. C., Brookings Institution; Shaw, E. S. (1973), Financial Deepening in Economic Development, New York, Oxford University Press.
2  See Levine, Ross, Norman Loayza, and Thorsten Beck (2000), “Financial Intermediation and Growth: Causality and Causes”, Journal of Monetary Economics, Volume 46, Issue 1 and also, Demirguc-Kunt, Asli and Ross Levine (2004) (eds. ), Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets and Development, MIT Press.