Page 172 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ skdI hY[ mMn lvo, iek pwrtI iv`c 50 imhmwn ieko ijhy Aovr kot lyky AwaNdy hn[ ijnW nUM auh klwk rum
iv`c jmw krvw idMdy hn[ieh vI mMn lvo kI pwrtI rwq dy 12 vjy q`k clygI [ klwk rUm dw cprwsI 10
Aovr kot Awpxy kol r`K ky bwkI 40 Aovr kot hor lokW nUM rwq dy 11.30 vjy q`k ikrwey qy dy idMdw hY[ auh
Awpxy kol 10 Aovr kot ies leI rK`dw hY ijs nwl jykr kuJ lok rwq dy 12 vjy qoN pihlW pwrtI qON jwxw
cwhuNdy hn qW auhnW nUM ieh kot dy sky[ kI ies qrW40 Aovr kot ikrwey qy dyky cprwsI ny 40 kotW dw inrmWx
kIqw hY? ieh srwsr glq lgdw hY[ iesy qrW bYNk vI jmwkrqWvW dw rupieAw aDwr dyky swK dw inrmwx
nhI krdy[ iesy g`l nUM iDAwn iv`c rKdy hoey kynn ny ikhw hY, “bYNkW rwhIN swK inrmwx dI g`l murK`qw hY Aqy
hr ivvhwirk bYNkr jwxdw hY ik auh swK, mudrw Aqy hor iksy vsqu dw inrmwqw nhI hY, pr iek ieho ijhw
ivAkqI jo ahnW ivAkqIAW qoN ijnW kol swDn hn, hor ivAkqIAW nUM jo ahnW dw pRXog kr skdy hn , krz
dvwaux dI suivDw pRdwn krdw hY[” (The talk of credit creation by banks is all moon-shine and that
every practical banker knows that he is not a creator of credit or money or anything else but a
person who facilitates the lending of resources by the people who have them, to those who can
use them. - Cannon)
pr AwDuink ArQSwSqirAW dy Anuswr vwltr lIP Aqy kynn dw aprokq ivcwr TIk nhIN hY, ikauNkI bYNk
pRwQimk jmw qON v`D rupieAw auDwr dy idMdy hn[ ies leI ieh mMnxw hI pvygw ik bYNk swK dw inrmwx
krdy hn[ hwrtly ivdrs ny TIk hI ikhw hY ik, “krz jmwvW nUM jnm idMdy hn Aqy auhnw dy inrmwx dw
SryA bYNkW nUM hY[” (Loans make deposits and the initiative of creating them goes to the banks. –
Hartley Withers) ilpsy Aqy stInr dw vI ieh ivSvws hY ik swK dw ivsqwr svcwilq nhI hY[ ieh
bYNkW dy inrxy qy inrBr krdw hY[ jykr bYNk AwrkiSq nkdI nIDI iv`c hox vwlI virDI dw pRXog nhIN krdy
qW swK dw ivsqwr nhIN ho pwvygw[

17.9 Bwrq iv`c mudrw purqI (Money Supply in India)

1977 qoN RBI Bwrq iv`c cwr modirk smucy mwp pRXog kr rhI hY auh hn M , M , M Aqy M [ M sMkIrx
1 2 3 4 1
mwp hn jdik M mudrw pUriq dw ivsqrq mwp hY[ pihlI pMj swlIN Xojnw nwl A`j q`k M Aqy M , dovW
3 1 3
iv`c druq giq nwl virDI ho rhI hY[ mudrw pUrqI dy krMsI sMGtk Aqy bYNk jmw sMGtk dovW dI vI kwPI virDI
hoeI hY[Xojnw dy pRwrMiBk swlW iv`c krMsI sMGtk dI virDI jmw sMGtkW qON v`D ho rhI sI[ pr vrqmwn smyN
iv`c mMg jmw sMGtk dI virDI kMrsI dI bjwey qyjI nwl ho rhI hY iesdw mu`K kwrx bYNikNg syvw suivDwvW iv`c
ivAwpk virDI hY qwilkw 17.2 mudrw pUriq dy M Aqy M smuic`AW dI virDI nMU ivKwaudI hY-
1 3

qwilkw 17.2. mudrw purqI (M Aqy M )
1 3
[Money Supply (M and M )]
1 3
Year M M
1 3
(1) (2) (3)
1970-71 7,321 10,958
1980-81 23,117 55,358
1990-91 92,892 2,65,828
2000-02 4,22,843 14,98,355
2004-05 6,46,263 22,33,164
2005-06 8,26,375 27,29,545
2006-07 7,65,195 33,10,278

(Source : RBI Bulletin 2006, Statistical Outline of India, 2007-08)

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