INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

Project

ON
“INDIAN BANKING SYSTEM AND DUTIES OF
BANKERS TOWARDS CUSTOMER”

(2017-18)
UNDER THE SUPERVISION OF

Dr. S Z Amani

SUBMITTED BY

Saif Ali
5th year, Sec. A

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INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

SYNOPSIS

PART-I
 Introduction
PART-II
 Banking in India
 Chart
PART-III
 Definition
PART-IV
 Guidelines to Bank
PART-V
 Obligation
PART-VI
 Conclusion
BIBLIOGRAPHY

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INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

ACKNOWLEDGEMENT

Firstly, I would like to express my profound sense of gratitude towards the Almighty ―ALLAH
for providing me with the authentic circumstances which were mandatory for the completion of
my research work. I am also thankful to Dr. S. Z. AMANI, for his invaluable support,
encouragement, supervision and useful suggestions throughout this research work. His moral
support and continuous guidance enabled me to complete my work successfully. His intellectual
thrust and blessings motivated me to work rigorously on this study. In fact this study could not
have seen the light of the day if his contribution had not been available. It would be no
exaggeration to say that it is his unflinching faith and unquestioning support that has provided
the sustenance necessary to see it through to its present shape.

( Saif Ali)

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INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

Introduction

Banking in India originated in the first decade of 18 century with The General Bank of India
coming into existence in1786. This was followed by Bank of Hindustan. Both these banks are
now defunct. The oldest bank in existence in India is the State Bank of India being established
as "The Bank of Bengal" in Calcutta in June 1806.
The Reserve Bank of India formally took on the responsibility of regulating the Indian banking
sectorfrom1935. After India's independence 1947, the Reserve Bank was nationalized and given
broader powers.
Currently (2007), banking in India is generally fairly mature in terms of supply, product range
and reach-even though reach in rural India still remains a challenge for the private sector and
foreign banks. In terms of quality of assets and capital adequacy, Indian banks are considered to
have clean, strong and transparent balance sheets relative to other banks in comparable
economies in its region. The Reserve Bank of India is an autonomous body, with minimal
pressure from the government. The stated policy of the Bank on the Indian Rupee is to manage
volatility but without any fixed exchange rate-and this has mostly been true.
The Modern Banking Functions are Fund based and Non-Fund based functions. These functions
of a bank are those in which banks extend various services to their customers or add their
commitments to certain transactions undertaken by their clients and charge their fees/
commissions for the services rendered by them / their commitments added to the transactions
undertaken by the clients. The activities popularly known as ‘Non-fund facilities’ provided by
Banks.
Banking business has a history of over 200 years. From the times of the Bank of Bengal (1806)
the sector has been witnessing qualitative and quantitative changes. Main players during the pre-
independence period were Credit Lyonnais, Allahabad Bank, Punjab National Bank and Bank of
India. With 1935 regulation the Reserve Bank of India was proclaimed the Central Bank of India
and was vested with controlling powers over the commercial banks.
The drastic development taken place during the first 25 years since independence was
Nationalization of many private banks. With this, the central government became major policy
maker for these nationalized banks

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INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

With economic liberalization measures many private and foreign banking companies
were allowed to operate in the country. Favorable economic climate and a variety of other
factors such as demand for wide range of financial products from various sections of the
society led to mutually beneficial growth to the banking sector and economic growth
process. This was coincided by technology development in the banking operations. Today
most of the Indian cities have networked banking facility as well as Internet banking facility.
A customer is empowered to operate his account from any part of the country. UTI Bank,

ICICI, HDFC Bank and Bank of Punjab are the main winners of the race.

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INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

BANKING IN INDIA

Banking in India originated in the first decade of 18th century with The General Bank
of India coming into existence in 1786. This was followed by Bank of Hindustan. Both these
banks are now defunct. The oldest bank in existence in India is the State Bank of India being
established as "The Bank of Bengal" in Calcutta in June 1806. A couple of decades later,
foreign banks like Credit Lyonnais started their Calcutta operations in the 1850s. At that point
of time, Calcutta was the most active trading port, mainly due to the trade of the British
Empire, and due to which banking activity took roots there and prospered. The first fully
Indian owned bank was the Allahabad Bank, which was established in 1865.

By the 1900s, the market expanded with the establishment of banks such as Punjab
National Bank, in 1895 in Lahore and Bank of India, in 1906, in Mumbai - both of which
were founded under private ownership. The Reserve Bank of India formally took on the
responsibility of regulating the Indian banking sector from 1935. After India's independence
in 1947, the Reserve Bank was nationalized and given broader powers.

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 INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

CHART

Reserve Bank of India

Central Bank and superme monetary authority

Scheduled Banks

Commercial Banks Co-Operative Banks

Foreign Regional Urban Co- State Co-

Banks Rural operatives operatives
(40) Bank (52) (16)
(196)

Public Sector Banks (27) Private Sector Bank (30)

Old (22) New (8)

State Bank of India & Other Nationalised Banks

Associate Banks (8) (19)

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DEFINITTION

Definition of the Bank:- Financial institution whose primary activity is to act as a payment
agent for customers and to borrow and lend money. Banks are important players of the market
and offer services as loans and funds.

 Banking was originated in 18th century

 First bank were General Bank of India and Bank of Hindustan, now
defunct.
 Punjab National Bank and Bank of India was the only private bank in
1906.
 Allahabad bank first fully India owned bank in 1865.

Bank of
Bengal

Bank of Imperial State

Bombay Bank of Bank of
India India

Bank of
Madras

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INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

Types of banking:
Commercial bank has two meanings:

o Commercial bank is the term used for a normal bank to distinguish it from an
investment bank. (After the great depression, the U.S. Congress required that
banks only engage in banking activities, whereas investment banks were
limited to capital markets activities. This separation is no longer mandatory.)
o Commercial bank can also refer to a bank or a division of a bank that mostly
deals with deposits and loans from corporations or large businesses, as
opposed to normal individual members of the public (retail banking). It is the
most successful department of banking.

 Community development bank are regulated banks that provide financial services
and credit to underserved markets or populations.

 Private banks manage the assets of high net worth individuals.

 Offshore banks are banks located in jurisdictions with low taxation and regulation.
Many offshore banks are essentially private banks.
 Savings banks accept savings deposits.
 Postal savings banks are savings banks associated with national postal systems.

There are some examples of banks in India:-

 Private sector bank

• HDFC, ICICI, Axis bank, Yes bank, Kotak Mahindra bank, Bank of Rajasthan
 Rural bank
• United bank of India, Syndicate bank, National bank for agriculture and rural
development (NABARD)
 Commercial bank
 State Bank, Central Bank, Punjab National Bank, HSBC, ICICI, HDFC etc.
 Retail bank
• BOB, PNB
 Universal bank
• Deutsche bank

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Services provided by the bank

Banks provide two types of services
1. Fund Based
2. Non-Fund Based

Banking Services

Fund Based Non-Fund Based

Services Services

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Reserve Banks of India:-

Establishment-

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of
the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially
established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is
where the Governor sits and where policies are formulated. Though originally privately owned,
since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

Guidelines on Ownership and Governance in Private Sector

Banks:

Banks are "special" as they not only accept and deploy large amount of uncollateralized public
funds in fiduciary capacity, but they also leverage such funds through credit creation. The banks
are also important for smooth functioning of the payment system. In view of the above, legal
prescriptions for ownership and governance of banks laid down in Banking Regulation Act, 1949
have been supplemented by regulatory prescriptions issued by RBI from time to time. The
existing legal framework and significant current practices in particular cover the following
aspects:

i. The composition of Board of Directors comprising members with demonstrable professional

and other experience in specific sectors like agriculture, rural economy, co-operation, SSI, law,
etc., approval of Reserve Bank of India for appointment of CEO as well as terms and conditions
thereof, and powers for removal of managerial personnel, CEO and directors, etc. in the interest
of depositors are governed by various sections of the B.R. Act, 1949.

ii. Guidelines on corporate governance covering criteria for appointment of directors, role and
responsibilities of directors and the Board, signing of declaration and undertaking by directors,
etc., were issued by RBI on June 20, 2002 and June 25, 2004, based on the recommendations of
Ganguly Committee and a review by the BFS.

iii. Guidelines for acknowledgement of transfer/allotment of shares in private sector banks were
issued in the interest of transparency by RBI on February 3, 2004.

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iv. Foreign investment in the banking sector is governed by Press Note dated March 5, 2004
issued by the Government of India, Ministry of Commerce and Industries.

v. The earlier practice of RBI nominating directors on the Boards of all private sector banks has
yielded place to such nomination in select private sector banks.

2. Against this background, it is considered necessary to lay down a comprehensive framework

of policy in a transparent manner relating to ownership and governance in the Indian private
sector banks as described below.

3. The broad principles underlying the framework of policy relating to ownership and
governance of private sector banks would have to ensure that

(i) The ultimate ownership and control of private sector banks is well diversified. While
diversified ownership minimises the risk of misuse or imprudent use of leveraged funds, it is no
substitute for effective regulation. Further, the fit and proper criterion, on a continuing basis, has
to be the over-riding consideration in the path of ensuring adequate investments, appropriate
restructuring and consolidation in the banking sector. The pursuit of the goal of diversified
ownership will take account of these basic objectives, in a systematic manner and the process
will be spread over time as appropriate.

(ii) Important Shareholders (i.e., shareholding of 5 per cent and above) are ‘fit and proper’, as
laid down in the guidelines dated February 3, 2004 on acknowledgement for allotment and
transfer of shares.

(iii) The directors and the CEO who manage the affairs of the bank are ‘fit and proper’ as
indicated in circular dated June 25, 2004 and observe sound corporate governance principles.

(iv) Private sector banks have minimum capital/net worth for optimal operations and systemic
stability.

(v) The policy and the processes are transparent and fair.

4. Minimum capital

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The capital requirement of existing private sector banks should be on par with the entry capital
requirement for new private sector banks prescribed in RBI guidelines of January 3, 2001, which
is initially Rs.200 crore, with a commitment to increase to Rs.300 crore within three years. In
order to meet with this requirement, all banks in private sector should have a net worth of Rs.300
crore at all times. The banks which are yet to achieve the required level of net worth will have to
submit a time-bound programme for capital augmentation to RBI. Where the net worth declines
to a level below Rs.300 crore, it should be restored to Rs. 300 crore within a reasonable time.

5. Shareholding

i. The RBI guidelines on acknowledgement for acquisition or transfer of shares issued on

February 3, 2004 will be applicable for any acquisition of shares of 5 per cent and above of the
paid up capital of the private sector bank.

ii. In the interest of diversified ownership of banks, the objective will be to ensure that no single
entity or group of related entities has shareholding or control, directly or indirectly, in any bank
in excess of 10 per cent of the paid up capital of the private sector bank. Any higher level of
acquisition will be with the prior approval of RBI and in accordance with the guidelines of
February 3, 2004 for grant of acknowledgement for acquisition of shares.

iii. Where ownership is that of a corporate entity, the objective will be to ensure that no single
individual/entity has ownership and control in excess of 10 per cent of that entity. Where the
ownership is that of a financial entity the objective will be to ensure that it is a well established
regulated entity, widely held, publicly listed and enjoys good standing in the financial
community.

iv, Banks (including foreign banks having branch presence in India)/FIs should not acquire any
fresh stake in a bank’s equity shares, if by such acquisition, the investing bank’s/FI’s holding
exceeds 5 per cent of the investee bank’s equity capital as indicated in RBI circular dated July 6,
2004.

v. As per existing policy, large industrial houses will be allowed to acquire, by way of strategic
investment, shares not exceeding 10 per cent of the paid up capital of the bank subject to RBI’s

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INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

prior approval. Furthermore, such a limitation will also be considered if appropriate, in regard to
important shareholders with other commercial affiliations.

vi. In case of restructuring of problem/weak banks or in the interest of consolidation in the

banking sector, RBI may permit a higher level of shareholding, including by a bank.

6. Directors and Corporate Governance

i. The recommendations of the Ganguly Committee on corporate governance in banks have

highlighted the role envisaged for the Board of Directors. The Board of Directors should ensure
that the responsibilities of directors are well defined and the banks should arrange need-based
training for the directors in this regard. While the respective entities should perform the roles
envisaged for them, private sector banks will be required to ensure that the directors on their
Boards representing specific sectors as provided under the B.R. Act, are indeed representatives
of those sectors in a demonstrable fashion, they fulfil the criteria under corporate governance
norms provided by the Ganguly Committee and they also fulfil the criteria applicable for
determining ‘fit and proper’ status of Important Shareholders (i.e., shareholding of 5 per cent and
above) as laid down in RBI Circular dated June 25, 2004.

ii. As a matter of desirable practice, not more than one member of a family or a close relative (as
defined under Section 6 of the Companies Act, 1956) or an associate (partner, employee,
director, etc.) should be on the Board of a bank.

iii. Guidelines have been provided in respect of 'Fit and Proper' criteria for directors of banks by
RBI circular dated June 25, 2004 in accordance with the recommendations of the Ganguly
Committee on Corporate Governance. For this purpose a declaration and undertaking is required
to be obtained from the proposed / existing directors

iv. Being a Director, the CEO should satisfy the requirements of the ‘fit and proper’ criteria
applicable for directors. In addition, RBI may apply any additional requirements for the
Chairman and CEO. The banks will be required to provide all information that may be required
while making an application to RBI for approval of appointment of Chairman/CEO.

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7. Foreign investment in private sector banks

In terms of the Government of India press note the aggregate foreign investment in private
banks from all sources (FDI, FII, NRI) cannot exceed 74 per cent. At all times, at least 26
per cent of the paid up capital of the private sector banks will have to be held by resident
Indians.

7.1 Foreign Direct Investment (FDI) (other than by foreign banks or foreign bank group)

i. The policy already articulated in guidelines for determining ‘fit and proper’ status of
shareholding of 5 per cent and above will be equally applicable for FDI. Hence any FDI in
private banks where shareholding reaches and exceeds 5 per cent either individually or as a
group will have to comply with the criteria indicated in the aforesaid guidelines and get RBI
acknowledgement for transfer of shares.

ii. To enable assessment of ‘fit and proper’ the information on ownership/beneficial ownership as
well as other relevant aspects will be extensive.

7.2 Foreign Institutional Investors (FIIs)

i. Currently there is a limit of 10 per cent for individual FII investment with the aggregate limit
for all FIIs restricted to 24 per cent which can be raised to 49 per cent with the approval of
Board/General Body. This dispensation will continue.

ii. The present policy requires RBI’s acknowledgement for acquisition/transfer of shares of 5 per
cent and more of a private sector bank by FIIs based upon the policy guidelines on
acknowledgement of acquisition/transfer of shares issued. For this purpose RBI may seek
certification from the concerned FII of all beneficial interest.

7.3 Non-Resident Indians (NRIs)

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INDIAN BANKING SYSTEM AND DUTIES OF BANKING TOWARDS CUSTOMER 2017-18

Currently there is a limit of 5 per cent for individual NRI portfolio investment with the aggregate
limit for all NRIs restricted to 10 per cent which can be raised to 24 per cent with the approval of
Board/General Body. Further, the policy guidelines on acknowledgement for acquisition/transfer
will be applied.

8. Due diligence process

The process of due diligence in all cases of shareholders and directors as above, will involve
reference to the relevant regulator, revenue authorities, investigation agencies and independent
credit reference agencies as considered appropriate.

9. Transition arrangements

i. The current minimum capital requirements for entry of new banks is Rs.200 crore to be
increased to Rs.300 crore within three years of commencement of business. A few private sector
banks which have been in existence before these capital requirements were prescribed have less
than Rs.200 crore net worth. In the interest of having sufficient minimum size for financial
stability, all the existing private banks should also be able to fulfil the minimum net worth
requirement of Rs.300 crore required for a new entry. Hence any bank with net worth below this
level will be required to submit a time bound programme for capital augmentation to RBI for
approval.

ii. Where any existing shareholding of any individual entity/group of entities is 5 per cent and
above, due diligence outlined in the guidelines will be undertaken to ensure fulfillment of ‘fit and
proper’ criteria.

iii. Where any existing shareholding by any individual entity/group of related entities is in excess
of 10 per cent, the bank will be required to indicate a time table for reduction of holding to the
permissible level. While considering such cases, RBI will also take into account the terms and
conditions of the banking licences.

iv. Any bank having shareholding in excess of 5 per cent in any other bank in India will be
required to indicate a time bound plan for reduction in such investments to the permissible limit.

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The parent of any foreign bank having presence in India, having shareholding directly or
indirectly through any other entity in the banking group in excess of 5 per cent in any other bank
in India will be similarly required to indicate a time bound plan for reduction of such holding to
5 per cent.

v. Banks will be required to undertake due diligence before appointment of directors and
Chairman/CEO on the basis of criteria that will be separately indicated and provide all the
necessary certifications/information to RBI.

vi. Banks having more than one member of a family, or close relatives or associates on the Board
will be required to ensure compliance with these requirements at the time of considering any
induction or renewal of terms of such directors.

vii. Action plans submitted by private sector banks outlining the milestones for compliance with
the various requirements for ownership and governance will be examined by RBI for
consideration and approval.

10. Continuous monitoring arrangements

i. Where RBI acknowledgement has already been obtained for transfer of shares of 5 per cent
and above, it will be the bank’s responsibility to ensure continuing compliance of the ‘fit and
proper’ criteria and provide an annual certificate to the RBI of having undertaken such
continuing due diligence.

ii. Similar continuing due diligence on compliance with the ‘fit and proper’ criteria for
directors/CEO of the bank will have to be undertaken by the bank and certified to RBI annually.

iii. RBI may, when considered necessary, undertake independent verification of ‘fit and proper’
test conducted by banks through a process of due diligence as described in paragraph 8

11. On the basis of such continuous monitoring, RBI will consider appropriate measures to
enforce compliance.

Guidelines on Fair Practices Code

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 Loan application forms shall be comprehensive to include information about rate of

interest (fixed/floating) and manner of charging (monthly/quarterly/half yearly/ rest),
process fees and other charges, penal interest rates, pre-payment options and any other
matter which affects the interest of the borrower, so that a meaningful comparison with
that of other banks can be made and informed decision can be taken by the borrower.

 Banks and Financial Institution should devise a system of giving acknowledgement for
receipt of all loans application. Banks/ Financial Institutions should verify the loan
application within a reasonable period of time. If additional details / documents are
required, they should intimate the borrowers immediately. If all the requirements are
complied with the borrowers, banks/ Financial Institution should acknowledge for the
same and state the specific time period from the date of acknowledgement within which a
decision on the specific loan request will be conveyed to the borrowers.

 Acknowledgement should also state the amount of process fees paid or to be paid and
the extent to which such fees shall be refunded in the event of rejection of any application
for loan.

 In the case of rejection of any loan application, lenders should convey in writing the
specific reasons thereof.

 Lenders should ensure that there is proper assessment of credit requirement of borrowers.
The credit limit, which may be sanctioned, should be mutually settled.

 Terms and conditions and other caveats governing credit facilities given by banks /
Financial Institution arrived at after negotiation by the lending institution and the
borrower should be reduced in writing duly witnessed and certified by the authorised
sanctioning authority; in respect of advances sanctioned by the Board of Directors or its
committee the documents of understanding should be certified by the authorised
signatory preferably at company secretary level. A copy of such agreement should be
made available to the borrowers for their record.

 Lenders should ensure timely disbursement of loans sanctioned.

 Stipulation of margin and security should be based on due diligence and credit worthiness
of borrowers.

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 Lenders should keep the borrowers apprised of the state of their accounts from time to
time and shall give notice of any change in the terms and conditions including interest
rates and charges are effected only prospectively. To ensure the above, Banks / Financial
Institution should create appropriate information dissemination mechanism.

 The loan agreement should clearly specify the liability of lenders to borrowers in regard
to allowing drawings beyond the sanctioned limits, honouring the cheques issued for the
purpose other than agreed, disallowing large cash withdrawals and obligation to meet
further requirements of the borrowers on account of growth in business etc. without
proper revision and sanction in credit limits, and disallowing drawings on a borrower
account on its classification as a non-performing assets or on account of non-compliance
with the terms of sanction.

 Lenders should give reasonable notice to borrowers before taking decision to recall /
accelerate payment or performance under the agreement or seeking additional securities.

 Lenders should release all securities on receiving payment of loan or realisation of loan
subject to any legitimate right of lien for any other claim lenders may have against
borrowers. If such right of set off is to be exercised, borrowers shall be given notice about
the same with full particulars about the remaining claims and the documents under which
lenders are entitled to retain the securities till the relevant claims are settled / paid.

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OBLIGATIONS OF BANKERS:
The relationship between the banker and customers creates some obligations on the part of a
bank. The fundamental obligations of a banker towards it’s customers are as follows:

1. Obligation of Banker to Honour Cheques

The bank has a statutory obligation to honour the cheques of its customers up to the amount
standing to the credit of the customer’s account. If a bank wrongfully refuses to honour the
cheque of its customer, the bank shall be liable to compensate the customer. This obligation is
subject to some conditions, namely:
a) There must be sufficient funds of the customer in the hands of the bank.
b) The funds must be properly applicable for the payment of the customer’s cheque.
c) The cheque must be properly drawn up i.e., it should be complete in all respects.
d) The cheque must be presented for payment within a reasonable time(within 90 days from the
date of issue).
e) There must be no legal bar preventing the payment of such cheques. If the bank has received
any order from a court or any other competent authority prohibiting payment, it is the duty of the
bank to obey such orders.

2. Obligation of banker to Maintain Secrecy

The banker must not disclose to any outsider the details about the customer’s account; as such
disclosures may adversely affect the credit and business of the customer. However, a disclosure
can be made under the following two situations:
(a) When the law requires such disclosures to be made, and
(b) when the practices amongst the banks permit such disclosure.

3. Obligation of Banker to Maintain Proper Records

The banker is under an obligation to maintain accurate record of all the transactions(credits and
debits) of the customers made with the bank.

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4. Obligation of Banker to Follow Customer’s Instructions

The banker is under a legal obligation to follow the instructions of the customer. This is so
because there is the contractual relationship between the bank and the customer.

5. Obligation of Banker to give Notice before Closing the Account

If a banker wishes to close the account of a customer, it must give a reasonable notice to this
effect to the customer. Thus, a bank cannot close the account of a customer on its own wish,
because it may have serious consequences to the customer.

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CONCLUSION
Limitations of Retail Banking

The bank into retailing will have to face following bottlenecks in its operations
 Huge sales and promotion expenditure
 Managing human resources
 Managing technology
 Pressure on margins
 Continuous follow-up
 Attitude hurdles
 Security problems

Huge Sales and Promotion Expenditure

In order to survive in the world of fierce competition with so many players, each bank has to
incur huge amount of funds on sales and promotion. No bank can deny this expenditure because
they need to build their image among the customers, to get business.

Managing Human Resources

Retail banking caters to the need of individual customers. For this purpose qualified and trained
staff is needed to be maintained. For training those employees, banks spend a huge amount of
money. Sometimes these trained personnel leave the job halfway which increases the
expenditure of the bank. Apart from this banks also have to maintain various cells regarding
customer grievance, employee grievance, etc. which again increases the expenditure of the bank.

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Bibliography

 Bagchi, A. K. (1972) Private Investment in India 1900-39. New Delhi: Orient Longman
Ltd.

 Concept of Deregulation - Lessons from banking history in India by Prof K.V. Bhanu
Murthy, Delhi University.

 http://finance.indiamart.com/investment_in_india/banking_in_india.html

 RECENT HISTORY OF INDIAN BANKING-

At http://www.bankingindiaupdate.com/general.html

 RBI Publications athttp://www.rbi.org.in/scripts/publications.aspx

 The Economic Journal, Vol. 37, No. 146. Published by: Blackwell Publishing for the
Royal Economic Society.

 C.P.I.M, Vol. XXIX - July 31, 2005 - Jayati Ghosh.

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