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1、FinancialIntermediation5andMarketsCHAPTERThefinancialmarketstodayencompassnotonlytraditionalbankinginstitutions,butalsomanyotherfinancialentitiessuchasinsurancecompanies,pensionfunds,mutualfunds,venturecapitalfundsandstockandcommodityexchangesthatperformthefun
2、ctionoffinancialintermediation.Thisdevelopmenthasbeenaccompaniedbytheadventofmarket-basedinstrumentsofthestockandbondmarkets,financialproductssuchasasset-backedsecurities,financialfuturesandderivativeinstruments.Whilereducingthedependenceofinvestorsonbankcredi
3、ttofundtheirinvestments,thesehavealsocontributedtoreallocationofrisksandputtingofcapitaltomoreefficientuse.Financialmarketsalsoservetheneedforgreaterfinancialinclusion.Therecentexperiencefromtheglobalfinancialcrisis,hashowever,shownthat,despitethevarietyofinst
4、rumentsandthesophisticationofthemarkets,theymaynotremainimmunetocrisis,iftheinvestors/institutionsdonotpayadequateattentiontothefundamentalsorifthepricingofriskandtheratingsfortheseinstrumentsarenottransparent,andiftheregulatoryoversightispoor.Anefficientandhe
5、althyfinancialmarket,shouldthereforeavoidtheshortcomingsasgleanedfromtheexperienceoftheglobalfinancialmarketsinthelastcoupleofyears.Thedeepeningandbroadeningoffinancialmarketsalsounderscorestheimportanceofinstitutionalsafeguardsformonitoringandanalysingthedome
6、sticaswellasexternaldevelopmentstoensurethattheregulatorysystemisefficientandeffective.ThischaptersummarizesthedevelopmentsinthefinancialsectorinIndiainthelastyear,whichhasremainedrelativelyimmunetotheglobalfinancialturbulencethroughaproactiveresponsetothechal
7、lenges.BANKCREDITnon-bankdomesticsourcesoffundsandexternalfinancing(whichhadalmostdriedupearlierduring5.2Theaccommodativemonetarypolicystancethecrisisperiod)atlowercosts.Thus,whilebankadoptedbytheReserveBank,post-Septembercreditduring2009-10continuedtodecelera
8、te,there2008,inresponsetotheglobalfinancialcrisis,wasaturnaroundinfinancingfromnon-bankcontinuedduring2009-10.Thoughthepolicyfocuseddomesticsources.Itislikelythatrevivalofgrowthonm
