The founding of financial institutions in the developing countries, whose target groups are supposed to be poorer people, and in particular income-generating micro, small-scale and medium-sized enterprises, originated in the industrial nations. Soon after western "development policy" began in the 1950s and 1960s the donors noted that investment in infrastructure was insufficient to achieve growth. Reflecting on the experiences of Europe, state or mixed-enterprise development banks were founded in many developing countries with the support of various donors. The banks were to promote industrialisation as a substitution for imports, as well as farming, housing construction and regional development. Their common feature was that they combined the characteristics of a bank and a public authority. On the one hand, they managed loan holdings and handled payment transactions, and one the other they "promoted" development by non-payment grants. Since these functions each followed as very different logic, the banks were required to undertake a difficult tightrope walk.
ABOUT THE AUTHOR M. Lakshmi Narasaiah
Dr. M. Lakshmi Narasaiah, has been working as Professor and Head, Department of Economics, Sri Krishnadevaraya University Post-Graduate Centre, Kurnool, Andhra Pradesh. He is a Post-Graduate in Economics and has secured first rank. He has received Ph.D., Degree from Sri Krishnadevaraya University, Anantapur, in 1987. He has worked as UGC JRF and UGC SRF. Starting his professional career as an Assistant Professor of Economics in Sri Krishnadevaraya University, Anantapur, he has been actively engaged in teaching and research for the past twenty years. He was associated with the Government of Andhra Pradesh. Planning Department in the center for planning and Development studies projects. He has extensively travelled abroad. He has to his credit 175 research papers published in reputed National and International Journals, a large number of book reviews and seminar papers besides supervising M.Phil., and Ph.D., studies. He is also working on number of research projects. He has frequently participated in national and international conference. He is author of 27 books. Prof. M. Lakshmi Narasaiah is a member of large number of national and international associations and is associated with academic in several universities and professional organization. He has been acting as a member of the "Review Committee" he various international economic journals.
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