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The meaning of the term 'Financial System'. The evolution of the structure and constituents of the Indian Financial System. The role of financial system in 1. As quoted by the Indian Central Banking Enquiry Committee (1931), Chapter II page 11. 2. Hundis are the oldest form of credit instruments that were used asBank: When it comes to its definition, we can define it as a financial institution that is capable of receiving deposits and providing loan facilities to the 5) The Indian Banking Companies Act, 1949 : “Banking means the acceptance for the purpose of lending or investment, of deposits of money from the public State Bank of India and Its associate (Subsidiaries) Banks RBI has modified the guidelines on opening of basic banking 'no-frills' accounts'. In India, banks are playing a crucial role in socio-economic progress of the country after independence. The banking sector is dominant in India as it accounts
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