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The New Economic Policy introduced by the Government of India in 1991 has brought about a sea- Change in the Financial Sector in the country. Several developments, which were, at one time, Considered unthinkable, took place in India in the financial as well as other sectors as a consequence of the New Economic Policy 1991. The birth of New Generation Private Sector Banks, step by opening of the country’s economy, a more liberal exchange control regime, access for the private to external borrowings and a more benign approach to Foreign investment in India are some examples. These developments were accompanied by the advent by new Financial Products & Services. Though Credit Card, as a financial product, has been in existence in the country since the 80’s, it was only after the introduction of the new Economic Policy of 1991 that Credit Cards literally took wings and became well known to a large of the Indian Society as a payment mechanism. Till then, it was considered as something meant only for the elite. The growth of Cards Industry the last two decades has been so substantial that cards and the number of cardholders and card users has from a few lakhs prior to 1991 to several crores in 2009.
ISBN-9788183872676
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Pages : 185
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