instruments of cerdit control
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From the very inception of the Reserve Bank of India (1935) until November 1951, the bank rate was kept unchanged at 3 p.c.
However, since then, it has been raised from time to time. Bank rate remained virtually inoperative between 1981 and 1991 as the RBI pegged it at 10 p.c. for the period 1981-91.
It was raised to 11 p.c. on 3 July, 1991 and to 12 p.c. on October 1991 for curbing money supply and reducing liquidity, credit and hence aggregate demand.
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