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International Monetary Fund (IMF) defines derivatives as 'financial instruments that are linked to a specific financial instrument and indicator or commodity and through which specific financial risks can be traded in financial markets in their own right. The value of a fiancial derivative derives from the price of an underlying item, such as an asset or index. Unlike debt securities, no principal is advanced to be repaid and no investment income accrues". ...
Since Independence 1947, the government of India and Reserve Bank of India (RBI) have made concerted efforts to provide the poor with access to credit. Despite the phenomenal increase in the physical outreach of formal credit institutions in the past several decades, the rural poor continue to depend on informal sources of credit. Institutions have also faced difficulties in dealing effectively with a large number of small borrowers, whose credits needs are ...