Introduction of Banking:Banking operations started in India as early as 1870 with the establishment of the Bank of Hindustan, considered

as the first bank in India. The second development in the banking sector happened with the incorporation of the Bank of Calcutta, the Bank of Bombay and the Bank of Bombay in accordance with the Presidency Bank's Act, 1876. All these banks joined hands to form the Imperial Bank of India. The reserve Bank of India was engaged in the performance of central banking activities before the establishment of the Reserve Bank of India.

Definition of Commercial Banks:An institution which accepts deposits, makes business loans, and offers related services. Commercial banks also allow for a variety of deposit accounts, such as checking, savings, and time deposit. These institutions are run to make a profit and owned by a group of individuals, yet some may be members of the Federal Reserve System. While commercial banks offer services to individuals, they are primarily concerned with receiving deposits and lending to businesses. This sub sector can broadly be classified into: 1. Public sector 2. Private sector 3. Foreign banks Public sector is the part of economic and administrative life that deals with the delivery of goods and services by and for the government, whether national, regional or local/municipal. Private Banks are banks that are not incorporated. A non-incorporated bank is owned by either an individual or a general partner(s) with limited partner(s). In any such case, the creditors can look to both the "entirety of the bank's assets" as well as the entirety of the sole-proprietor's/general-partners' assets. Foreign banks organised under foreign laws and located outside the United States.

STRUCTURE OF COMERCIAL BANKS:The commercial banking structure in India consists of: • Scheduled Commercial Banks in India • Unscheduled Banks in India Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India(RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act. As on 30th June, 1999, there were 300 scheduled banks in India having a total network of 64,918 branches. The scheduled commercial banks in India comprise of State bank of India and its associates (8), nationalized banks (19), foreign banks (45), private sector banks (32), co-operative banks and regional rural banks. "Scheduled banks in India" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), but does not include a co-operative bank".

"Non-scheduled bank in India" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank".

Activities of Commercial Banks:The modern Commercial Banks in India cater to the financial needs of different sectors. The main functions of the commercial banks comprise of transfer of funds, acceptance of deposits and then offering those deposits as loans for the establishment of industries, purchase of houses, equipments, capital investment purposes etc. The banks are allowed to act as trustees. On account of the knowledge of the financial market of India the financial companies are attracted towards them to act as trustees to take the responsibility of the security for the financial instrument like a debenture. The Indian Government presently hires the commercial banks for various purposes like tax collection and refunds, payment of pensions etc.

Modern Banking Techniques:The immense growth of the IT sector is reflected in the banking operation of the Commercial Banks in India. Presently, the IT companies are engaged in the creating software packages to facilitate, accelerate, and organize the banking operations. The Rangarajan Committee and the Reserve Bank of India has played a major role in the popularizing the concept of computer application in banking activities. The computerization process has reached its peak in the present scenario with the use of Total Branch Automation Packages.

Products and Services offered by Commercial Banks in India:The Commercial Banks in India offer variety of products and services like Investment Advisory Services, Tax Advisory services, Cash Management services, debit cards, ATM cards, credit cards, personal loans, education loans, housing loans, car loans, Investment Advisory Services, and consumer durable loans.

Functions of Commercial Banks:The functions of commercial banks are divided into two categories: i) Primary functions, and ii) Secondary functions including agency functions. i) Primary functions: The primary functions of a commercial bank include: a) Accepting deposits; and b) Granting loans and advances; a) Accepting deposits-The most important activity of a commercial bank is to mobilize deposits from the public. People who have surplus income and savings find it convenient to deposit the amounts with banks. Depending upon the nature of deposits, funds deposited with bank also earn interest. Thus, deposits with the bank grow along with the interest earned. If the rate of interest is higher, public are motivated to deposit more funds with the bank. There is also safety of funds deposited with the bank. b) Grant of loans and advances-The second important function of a commercial bank is to grant loans and advances. Such loans and advances are given to members of the public and to the business community at a higher rate of interest than allowed by banks on various deposit accounts. The rate of interest charged on loans and advances varies depending upon the purpose, period and the mode of repayment. The difference between the rate of interest allowed on deposits and the rate charged on the Loans is the main source of a bank’s income.

i) Loans-A loan is granted for a specific time period. Generally, commercial banks grant short-term loans. But term loans, that is, loan for more than a year, may also be granted. The borrower may withdraw the entire amount in lumpsum or in instalments. However, interest is charged on the full amount of loan. Loans are generally granted against the security of certain assets. A loan may be repaid either in lumpsum or in instalments. ii) Advances-An advance is a credit facility provided by the bank to its customers. It differs from loan in the sense that loans may be granted for longer period, but advances are normally granted for a short period of time. Further the purpose of granting advances is to meet the day to day requirements of business. The rate of interest charged on advances varies from bank to bank. Interest is charged only on the amount withdrawn and not on the sanctioned amount. c) Discounting of Bills-Banks provide short-term finance by discounting bills, that is,making payment of the amount before the due date of the bills after deducting a certain rate of discount. The party gets the funds without waiting for the date of maturity of the bills. In case any bill is dishonoured on the due date, the bank can recover the amount from the customer. ii) Secondary functions:-Besides the primary functions of accepting deposits and lending money, banks perform a number of other functions which are called secondary functions. These are as follows – a) Issuing letters of credit, travellers cheques, circular notes etc. b) Undertaking safe custody of valuables, important documents, and securities by providing safe deposit vaults or lockers; c) Providing customers with facilities of foreign exchange. d) Transferring money from one place to another; and from one branch to another branch of the bank. e) Standing guarantee on behalf of its customers, for making payments for purchase of goods, Machinery, vehicles etc. f) Collecting and supplying business information; g) Issuing demand drafts and pay orders; and, h) Providing reports on the credit worthiness of customers.

Public Sector Banks
Indian Bank Bank of India Union Bank Syndicate Bank Sate Bank of Saurashtra State Bank of Travancore Bank of Maharashtra Vijaya Bank UCO Bank Indian Overseas Bank Punjab National Bank Dena Bank State Bank of Hyderabad State Bank of Bikaner & Jaipur State Bank of India State Bank of Mysore State Bank of Indore Corporation Bank Centurian Bank City Union Bank Federal Bank Catholic Syrian Bank Saraswat Bank DhanLakshmi Bank Kotak Bank Allahabad Bank Andhra Bank Canara Bank Bank of Baroda Oriental Bank Punjab & Sind Bank IDBI Bank ICICI Bank UTI Bank United Bank Cosmos Bank Lakshmi Vilas Bank Bank of Rajasthan Bank of Punjab ING-Vysya Bank Kalyan Bank Karur Vysya Bank United Western Bank IndusInd Bank

Private Sector Banks
South Indian Bank IndusInd Bank HDFC Bank Jammu & Kashmir Bank Nedungadi Bank Development Credit Bank Ratnakar Bank Mandavi Bank

Internet Banking
ICICI Bank Bank of Baroda

Federal Bank State Bank of India IDBI Bank Bank of Baroda

HDFC Bank State Bank of Travancore

HSBC Punjab National Bank
Citi Bank ABN Amro Bank Asian Developmant Bank

UTI Bank Bank of Punjab Canara Bank Corporation Bank ING-Vysya Abu Dhabi C.Bank ANG Bank HSBC

Foreign Banks in India
Standard Chartered Bank American Express Bank Banque Nationale De Paris

Analysis of DataTABLE1: FINANCIAL POSITION OF COMMERCIAL BANKS
YEAR TOTAL BRANCHES TOTAL DEPOSITS TOTAL CREDIT 2004 69,248 15,42,284 1,288 2005 70,498 17,32,858 1,645 2006 71,898 21,09,049 2,169 2007 74,346 26,08,309 2,685 2008 77,773 6,32,828 3,96,599

TABLE 2: DISTRIBUTION OF OUTSTANDING CREDIT OF COMMERCIAL BANKS
CATEGORY AGRICULTURE INDUSTRY TRANSPORTATION/ TRANSPORT OPERATIONS PERSONAL LOANS/ PROFESSIONAL SERVICES TRADE ALL OTHERS 2004 34,300 57,747 2005 42,619 94,133 9,149 11,741 29,104 65,599 2006 37,867 81,666 5,335 10,641 90,855 3,58,080 2007 43,919 1,18,481 9,673 5,978 25,593 87,873 2008 33619,29 253511,67 8259,02 42410,94 55076,07 16026,30

TABLE 3:DISTRIBUTUION OF COMMERCIAL BANKS

YEARS & GROUPS 2004 Regional Rural Banks Nationalized Banks FOREIGN BANKS SCHEDULED BANKS 2005 Regional Rural Banks Nationalized Banks Foreign BANKS SCHEDULED BANKS 2006 Regional Rural Banks Nationalized Banks Foreign BANKS SCHEDULED BANKS 2007 Regional Rural Banks Nationalized Banks Foreign BANKS SCHEDULED BANKS 2008 Regional Rural Banks Nationalized Banks Foreign BANKS SCHEDULED BANKS

NO.OF REPRTIN G BANKS 65 52 43 74 65 43 65 76 62 65 76 78 82 20 29 25 20 23 28 23

RURAL BANKS 68900 76120 65533 43678 41568 10983 25435 26311 15767 14533 12678 10354 11453 13014

SEMIURBAN BANKS 48900 65100 2134 57879 65431 5609 3156 2145 2087 3054 4709 5609 2603 7707 2

URBAN/ METRO BANKS 7891 6500 765 543 324 543 654 876 765 456 435 324 677 8231 44 2238 727 8823 51 2533

TOTAL

49010 76098 56720 65532 32789 76541 65987 54377 32765 24586 21345 24310 14802 37227 272 7401 14957 38726 280 8265

988 11489 13164

2099 2670 8101 2

1030

2392

TABLE 4:DISTRIBUTION BY TYPE BROAD BANKS GROUP WISE & CATEGORY WISE (DISTRIBUTION OF DEPOSITS)

GROUP REGIONAL RURAL BANKS

TYPE OF DEPOSIT S CURREN T ACCOUN T TERM DEPOSIT

2004 3621,43

2005 3719,10

2006 3908,12

2007 4070,34

2008 4185,45

25987,10

29687,20

30987,60

34203,45

32430,87

TOTAL NATIONALIZ ED BANKS CURREN T ASSET TERM DEPOSIT TOTAL CURREN T ASSET TERM DEPOSIT TOTAL CURREN T ASSET TERM DEPOSIT TOTAL

60789,10 119356,65 507665,29 9542895,80 37024,97 72981,10 126789,26 69454,15 258907,29 462476,36

68568,20 120943,78 548891,30 981245,10 38954,87 76542,20 136754,10 70156,24 306651,31 498674,38

75843,27 125723,90 692654,48 1034584,98 39765,49 79345,10 143678,18 72435,58 324489,23 500124,43

80324,30 128164,68 702761,54 1198752,21 40775,50 80195,24 142675,34 75793,67 359723,98 501682,45

81630,50 131722,72 779994,46 1258302,24 43399,68 80992,36 145881,46 77892,80 369607,02 535769,63

FOREIGN BANKS

SCHEDULED BANKS

TABLE 5:MATURITY PERIOD OF TERM DEPOSITS

PERIOD OF MATURIT Y UPTO 90 DAYS 91DAYS6MONTHS 6MONTHS -1YEAR 1 YEAR2YEARS 2YEARS3YEARS 3YEARS-

NATIONALISED BANKS

2004 106276 189757 190736 198464 201987

2005 103588 199834 234897 300572 213976

2006 112860 203213 354654 325654 103432

2007 119907 211541 395231 395231 104273

2008 76339,52 120482,97 268362,19 59428,74 134874,32

5YEARS 5 YEARS& ABOVE

216799

223969

204357

244270

58627,95

PERIOD OF MATURITY UPTO 90 DAYS 91DAYS6MONTHS 6MONTHS -1YEAR 1 YEAR2YEARS 2YEARS3YEARS 3YEARS5YEARS 5 YEARS& ABOVE

FOREIGN BANKS 2004 135889 131700 398767 438288 498675 20 2005 138678 137397 401756 449357 502690 21 2006 140876 139775 435869 456799 523 23 2007 14407 14610 53649 53649 534 32 2008 24439,36 16789,96 24408,59 59428,74 2392,20 58627,95

PERIOD OF REGIONAL RURAL BANKS MATURITY UPTO 90 DAYS 2004 2005 2006 91DAYS354869 367969 37804 6MONTHS 6MONTHS1YEAR 1 YEAR2YEARS 2YEARS3YEARS 3YEARS5YEARS 5 YEARS& ABOVE PERIOD OF MATURITY UPTO 90 DAYS 678657 167842 155868 98434 95377 739767 173969 167356 10656 97657 74087 176007 170753 108647 100328

2007 39718 75197 180548 180548 118196 103835

2008 2426,57 2613,79 6152,35 4431,05 8815,92 6227,09

SCHEDULE COMMERCAIL BANKS 2004 2005 2006 2007 2008

91DAYS6MONTHS 6MONTHS1YEAR 1 YEAR2YEARS 2YEARS3YEARS 3YEARS5YEARS 5 YEARS& ABOVE

132876

147979

168248

167042

34565,56

143699 224291 108652 1786076 78533

159124 249091 113742 192613 89709

206329 330376 118283 201227 103963

283035 522672 114853 245393 115794

89791,96 130272,80 17371,44 27325,20 15886,63

TABLE 6: BANK GROUP WISE COMPOSITION OF NON-RESIDENT DEPOSITS
BANKS NATIONALIZED NRI DEPOSITS 66702

OTHER BANKS

9021

FOREIGN BANKS SCHEDULED BANKS

8442

TABLE 7: PATTERN OF INVESTMENT BY GROUP WISE
BANK GROUP & YEARS 2004 NATIONALISE D BANKS OTHER BANKS FOREIGN BANKS SCHEDULED BANKS 2005 INDIAN GOVT. SECURITIES OTHER TRUSTIES SECURITIES 2876 287 68 183246 SHARES & DEBENTURES OF JOINT STOCK INVESTMENTS 4547 2549 5176 103531 OTHER SECURI TIES 178676 185645 8468 18865 TOTAL

198436 137547 51970 645809

5175647 386889 985345 851,554

NATIONALISE D BANKS OTHER BANKS FOREIGN BANKS SCHEDULED BANKS 2006 NATIONALISE D BANKS OTHER BANKS FOREIGN BANKS SCHEDULED BANKS 2007 NATIONALISE D BANKS OTHER BANKS FOREIGN BANKS SCHEDULED BANKS 2008 NATIONALISE D BANKS OTHER BANKS FOREIGN BANKS SCHEDULED BANKS

200432 14068 52688 653496 203578 14286 55844 661518 208370 159549 56220 750722 435060 193885 82927 920241

2956 329 75 183246 3096 332 81 176157 3260 341 85 12764 7014 281 33 10587

4974 2698 5267 103531 5087 2764 5498 91093 5162 2953 5604 80555 39477 23870 2560 85440

187544 19867 8956 18865 190756 20865 9368 14994 19534 21845 9526 62315 2788 43578 13296 102481

536789 399654 102467 851,554 584269 400754 113668 854657 593723 414751 126339 1981235 1203782 518402 161133 2477037

TABLE 8: EARNINGS OF SCHEDULED COMM. BANKS
YEARS INTEREST & DISCOUNT SBI NATIONALIZE D 33753 34545 67434 68907 FOREIGN BANKS 100674 10154 SCHEDULED BANKS

2004 2005

125667 136678

2006

35978

72446

10676

146686

2007 2008

36148 51354

74396 37173

10945 15712

156249 221151

TABLE 9: INCOME OF SCHEDULED COMMERCIAL BANKS
YEARS Income on investment SBI NATIONALIZED FOREIGN BANKS 4967 5077 5239 5334 SCHEDULED BANKS

2004 2005 2006 2007

14065 14267 14579 14858

29676 30465 31675 32259

51960 53256 62445 65294

2008

16916

37173

7017

79050

TABLE 10: EXPENSES OF SCHEDULED COMM. BANKS
YEARS INTEREST PAID SBI 2004 2005 2006 20677 21678 22544 NATIONALIZED 46780 54798 59767 FOREIGN BANKS 4097 4134 4233 SCHEDULED BANKS 94545 102589 106765

2007 2008

28260 41588

60536 91130

4747 7279

119862 179661

TABLE YEARS

11: OPERATING EXPENSES OF SCHEDULED COMMERCIAL BANKS
Operating expenses SBI NATIONALIZED 23567 24789 25783 27269 FOREIGN BANKS 7244 7435 7655 7746 SCHEDULED BANKS 54789 62466 63566 66315

2004 2005 2006 2007

12456 13678 14789 15986

2008

16992

29605

10356

77213

TABLE 12: PROFIT BY BANKING
YEARS 2004 2005 2006 2007 PUBLIC BANKS 2.67 2.18 1.88 1.75 PVT.BANKS 2.27 1.80 1.71 1.84 FOREIGN BANKS 3.68 2.98 3.34 3.51 SCHEDULED BANKS 2.66 2.17 1.95 1.91

2008

1.67

2.05

3.84

1.93

Suggestions• The government could aid private sector participation in PPPs through expeditious awarding of contracts, facilitating land acquisition and ensuring better coordination between the centre and states. In particular, large size PPP projects may be put out for bidding after obtaining mandatory clearances and approvals — say, through a Shell Company/Special Purpose Vehicle (SPV) as was recently done in the case of the Ultra Mega Power Projects; • Information on the development of PPPs, prior to their being bid out, would be appreciated by the private sector, perhaps as part of a national database; • The tax regime applicable to dividends paid out by SPVs needs to be rationalized; currently, in cases where a holding company is implementing multiple projects through SPVs, dividends are being taxed twice, first at the level of project-specific SPVs and then at the holding company level; • The entry of financial investors will introduce a longer-term perspective than construction-oriented concessionaires, and this can be encouraged by allowing concessions to be more tradeable; • The government should take measures to deepen debt markets and encourage insurance funds to invest in infrastructure projects.

FindingsThe present study examines the link between the revenue portfolio and risk- adjusted performance of banks in Indian context. The comprehensive results are presented both at aggregate level and at the bank level using the data of the year 2004 through 2008. Traditionally, it is believed that earnings from non-interest generating revenues are more stable than loan based earnings and the increase focus on these activities overall revenue and profitability volatility is reduced via diversification effects. Our results don't support the traditional thinking. On an average it is found that non-interest income is more volatile than interest income. The greater reliance on non-interest income lowers riskadjusted performance of a typical bank. Further, the comparison of domestic and foreign banks reveals that domestic banks have relatively lower revenue and profitability volatility.

• Financially repressive monetary regulations affect the portfolio management of the scheduled commercial banks adversely; • The scheduled commercial banks in India act as a channel for transmission of monetary policy, which impinge on aggregate macroeconomic activity and • Efficient monetary policy is a prime mover in stabilizing the economy and the banking system. Significant policy implications emerge from the study.
• The group of New Private Sector banks, (refer to annexure) dominated the league tables of growth, as against the average of other bank groups, with an average y-o-y growth in Assets at 38.7%, for Deposits at 38.8%, Advances at 39.9% and Operating Profit at 46.7%. • The group of Old Private Sector banks (refer to annexure) showed relatively lower growth in business. The annual growth rate for this group for FY07 stood at 7.1% in Assets, 6% in Deposits and 12% in Advances.

However, this group fared better in Net profit, which grew by 30%. All bank groups reported a capital adequacy ratio of more than 12%. • The ratio of standard assets was highest in the case of Foreign Banks and New Private Sector banks at 98.1% each, followed by 97.3% in Public Sector banks and 96.9% in Old Private Sector banks. The ratio of Net NPAs to Total Assets was 0.6% in public sector and Old Private Sector banks, 0.5% in New Private Sector banks and 0.3% in Foreign banks.

• Public sector banks accounted for 74% of the total deposits, 73% of total advances and 64% of the aggregate net profits, amongst SCBs. The share of the New Private Sector banks in these three areas was in the range of 15-17%. Credit Deposit Ratio of these bank groups was between 67-84%.
• There has been a sizeable increase in the banking infrastructure. Banks in India together have 56,640 branches/offices, 893,356 employees and 27,088 ATMs. Public sector banks accounted for a large part of the infrastructure, with 87.7% of all offices, 82% of the staff and 60.3% of all ATMs.

ConclusionThe main theme of this is to present a systematic analysis of the impact of Banking Sector Reforms in the areas of efficiency and profitability of commercial banks, both in public and private sector over a period of 11 years since the initiation of reforms measures in 1992-93. It starts with a historical review of the development of Indian Commercial Banking in the pre-reform period and the circumstances and conditions necessitated initiation of reforms. It also reviews the main recommendations of the 'Committee on the Financial System' (1991) and the 'Committee on the Banking Sector Reforms' (1998), both presided over by Shri M. Narasimham and their implications for the banking sector. The focus of the analysis is on the evaluation of response of banks in public and private sector individually and as a group to reform measures in the areas of efficiency and profitability during the study period. It also makes a study of comparative performance of public and private sector banks as a group in each area of indicators selected relating to the areas of efficiency and profitability. The implementation of Prudential Norms relating to Asset Classification and Capital Adequacy by banks is assessed. In addition to quantitative analysis, the study examines the customers' perceptions regarding Service Quality of Public and Private Sector Banks. The performance of banks groups are analyzed in two ways: (i) Time-Series, and (ii) Period-wise using principal component analysis.This topic thus provides a comprehensive review of banking reforms and shifts that have taken place in the perceptions, policies and practices of commercial banks. It concludes with major findings of the study and the suggestions that emanate to improve operational and financial performance of commercial banks.

ARTICLES RELATED TO COMMERCIAL BANKS IN INDIAProfits of commercial banks increase 40%, says study New Delhi, Aug 9: Commercial banks have witnessed 40% growth in net profits during the first quarter of the current fiscal. This is primarily due to a surge in commercial credit and about 300 basis points increase in interest rates, an Assocham Eco Pulse study stated. Interestingly, this is despite the State Bank of India's (SBI) bottomline plunging by 35%. According to the industry body, the drop was more than made up by other peers whose profitability chart showed an increase between 16% and 163%.The banks whose performance was measured in the study included Vijaya Bank, which registered the highest net profit growth of 163%, Centurion Bank of Punjab, recording a growth of 160%, and ING Vysysa with a growth of 62%. In addition, Yes Bank recorded 50% growth, Andhra Bank 37%, HDFC 30%, UTI Bank 30%, J&K Bank 29%, Bank of India 21%, and ICICI Bank and Corporation Bank both registering 17% growth.

State Bank of India: Competitive Strategies of a Market Leader State Bank of India (SBI) is the largest nationalized commercial bank in India in terms of assets, number of branches, deposits, profits and workforce. With the liberalization of the Indian banking industry in the mid1990s, SBI faced stiff competition from the private sector and foreign banks which resulted in significant loss of its market share. The case describes the efforts of SBI to regain its lost market share by undergoing a major restructuring exercise which involved redesigning its branch network, providing alternate banking channels, emphasis on lean structure and technology up gradation. The case also discusses how SBI is building its image as a customer friendly bank by launching innovative products & services and promoting its brand. Finally, it discusses the challenges faced by SBI in 2004 and its plans in the future. The case includes a note on the recent trends in the Indian banking industry.

The Indian Economy: Dealing with Inflation In early 2007, in India, the inflation rate, as measured by the wholesale price index (WPI)5, hovered around 6-6.8%, well above the level of 5-5.5% that would have been acceptable to the Reserve Bank of India (RBI), the country's central bank. On February 15, 2007, the inflation rate reached a two-year high of 6.73%. In the past7, the main cause of high inflation in India used to be rises in global oil prices. However, in early 2007, the chief component of the inflation was the increase in the prices of food articles - caused by increased demand as well as supply constraints. According to analysts, the increased demand was due to high economic growth and increased money supply, while stagnant agricultural productivity was behind the supply constraints. Apart from the rise in prices of food articles, fuel and cement prices too recorded high increases. The Government of India (GoI), together with the RBI, took several measures to contain inflation. For example, the RBI increased the Cash Reserve Ratio (CRR) and repo rates in an effort to check money supply; the GoI reduced import duties on several food products and cut the price of diesel and petrol.

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