of generating productive energies. Still we cannot under-estimate the importance of banking and the monetary mechanism. Both these banks arenow defunct. For the past threedecades India's banking system has several outstanding achievements to its credit. Today, the banking sector is one of the biggest service sectors in India. To conclude, we can say that the modern economies of the world have developed primarily by making best use of the credit availability in their systems. The creation of the Development Assistance Fund is the special of the idbi.
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Further, inthe second half of the 20th century in the developed economies, the political opinion startedswinging towards the views that the intervention as well as investment by Government incommercial activities should be reduced to the extent possible. In addition, the farmers get loans for purchase of electric motors with pump, tractors and other machinery, digging wells or boring wells, purchase of dairy animals and for many other allied enterprises. At this juncture, banks play a useful role. The British government began to pay attention towards the need for an organized banking sector in the country and the Reserve Bank of India was set up to regulate the formal banking sector in the country. The moststriking is its extensive reach. One of the most important problems of a developing economy is that of capital formation. Deficiency of capital formation is the result of low saving made by the community. Besides, in order to reduce post-harvest losses, farmers are eligible to get post-harvest loans up to six months at 4 per cent interest rate provided they keep their produce in warehouses.
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