Page 259 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI-27: modirk nIqI

nIqI rwhI mudrw purqI Aqy mudrw dI lwgq ƒ qW inXMqirq kr skdw hY pr auhdy kol ieho ijhI koeI qwkq È؇
nhI hMudI ijdy nwl auh mudrw dy vyg ƒ rok sky[ jnqw Awpxy kol ivDmwn mudrw purqI ƒ pRBwvSwlI FMg nwl
pRXog iv`c ilAw skdI hY ijdy pirxwmsvrup pRiqbMDwqmk modirk nIqI AsPl ho jWdI hY[ keI qrIikAw
nwl ieho ijhw kIqw jw skdw hY[
(k) smriSXl bYNkW dy invySsucI smwXojn (Commercial Bank Portfolio Adjustments) -jdo pRiqbMDwqmk
modirk nIqI cl rhI huMdI hY, qW kmriSXl bYNk kyNdrI bYNk ƒ srkwrI pRiqBuiqAW vycky auDwr lYx vwilAW dI
krz dI mMg purI krdI hY[ ies qrW dI nIqI bYNkW rwhI pRiqBuiqAW dy rup iv`c rKI jmwvW ƒ skirAW jmwvW
iv`c isrP bdl dydI hY[ bYNk dI invySsuicAW iv`c pweI srkwrI pRiqBuiqAW krzW dI QW qy sQwnwpn kr
idqw jwdW hY[ pr bYkW dI kul jmwvW Aqy mudrw purqI iv`c koeI bdlwv nhI huMdw[ pr iehdy nwl kul Krc
v`D jwdW hY, ikauik bYNk auDwr lYx vwilAW ƒ mudrw auDwr iddy hn[ ies qrW, kyNdrI bYNk dI pRiqbMDwqmk
mudrw dI nIqI ApRBwvI bx jWdI hY[
Pyj jd bYNk kyNdrI bYNk ƒ srkwrI pRiqBuiqAW vycdy hn, qW bwzwr iv`c auhnW dI kImqW if`g jWdI hY Aqy auhnW qy
ivAwj dI drW v`D jWdI hY[ iehdy nwl bwzwr iv`c Awm ibAwj dr FWcw v`D jwvygw[ pr pRiqBuiqAW dI kImqW
ifg`x nwl bYkW ƒ puMjI nukswn hovygw Aqy auh auhnW ƒ c`kxw nhI c`xgy[ ieh ies g`l qy vI inrBr krdI hY ik
kI bYNk ieh kwmnW rKdy hn ik pRiqBuiq kImqW iv`c hoeI igrwvt (jW ibAwj dr iv`c viriD) Q`Vy smy leI hY jW
dyr q`k clx vwlI hY[ jykr bYNkW ƒ ieh kwmnW hY ik pRiqBuiq kImqW iv`c hoeI igrwvt Q`Vy smy q`k rvygI qW auh
auhnW ƒ (pRiqBuiqAW) puMjI nukswn qy vycx dI bjwey Apxy kol rkdw c`xgy[ dujy pwsy auh ieh kwmnW krdy hn
ik pRiqBuiqAw dI kImqW iv`c hoeI igrwvt kuJ smy q`k clygI qW auh au`cI ibAwj drW qy g`hkW ƒ krz dyx dy
leI pRiqBuiqAW dI vyc dyxgy Aqy au`cI ibAwj drW qy krz dyky pRiqBuiqAW dy vyc iv`c hoeI puMjI nukSwn ƒ purw kr
lYxgy[ pr jdo iek vwr krz dy leI mMg db jwvygI, qW bYNk srkwrI pRiqBuiqAW ƒ auhdy qo G`t kImq iv`c vwps
Kird skxgy ijs qy auhnW ƒ pRiqBiqAW vycI sI, Aqy dubwrW ies sody nwl lwB iv`c rihxgy[ ies qrW, kmriSXl
bYkW dI invyS sucI smwXojn dI nIqI, mihMgI mudrw dI nIqI dy rhqy vI, kul mudrw purqI dw vyg v`Dw dydI hY Aqy
pirxwmsvrup mihMgI mudrw dI nIqI ApRBwvI bxky rhI jWdI hY[
(K) gYr-bYk ivqIX miDAwmW dI BuimkW (Role of Non-Bank Financial Intermediaries) - NBFIs morirk
nIqI dI mudrw purqI inXNqirq krx dI Smqw ƒ do qirikAW nwl rokdy hn[ pihlW, auh krj dyx leI
pRiqBuiqAW bycdy hn Aqy kmriSXl bYNk dI qrW ausI qrW mudrw dy vyg vDwdy hn ijsdI au`qy ivAwiKAw
kIqI jw cukI hY[ dujy, mihMgI mudrw nIqI dy iv`ckwl pRiqBuiqAW qy ijvy-ijvy ibAwj dry v`DdI hY, auvy-auvy
bcqkrqW qo v`D koS pRwpq krx dy leI ivqIA miDAm Apxy kol jmwvW qy ibAwj dr v`Ddy jWdy hn[ iedy
nwl bcqkrqwvW ƒ pRoqswhn imldw hY ik auh ApxI inSkirAW mudrw ien miDXsQW ƒ dy dyNdy hn ijdy nwl
auhnW dI ibAwj dyx dI Smqw Skiq Aqy v`D jWdI hY[ ies qrW ieh mDXsQ mudrw dy vyg v`Dx iv`c sPl
huMdy hn ijdy pirxwmsvrup mihMgI pRiqbMDwqmk modirk nIqI ASm bxky rh jWdI hY[
(g) aplbD mudrw purqI dw byhqr FMg nwl pRXog krx dy apwey (Methods to Make Better Use of Available
Money Supply) -injI Kyqr iv`c auplbD mudrw purqI dw byhqwr FMg nwl pRXog krx nwl keI apwey
k`fy gey hn jyVy pRiqbMDwqmk modirk nIqI ƒ ApRBwvI bxw iddy hn[ ieho ijgy kuJ qrIky hn ivkirA ivq
kMpinAW dw iniDAW sMgrh dy byhqr aupwieAW dw ivkws, kmriSXl bYkW dI qulnw iv`c NBFLs rwhI jnqw
ƒ v`D au`cI ibAwj drW qy koS auDwr lYxw, Awid[ kmriSXl bYkW dy iBn sroqW dy koS pRwpq krky, ies qrW
dI sMsQwvW pRiqbMDwqmk modirk nIqI dy iv`ckwl mudrw dI aplbD purqI dy vyg v`Dx iv`c sPl ho jWdI hY[
2. ivBydk (Discriminatory) – mihMgI modirk nIqI dy ArQivvsQw dy iBn KyqrW iv`c ivBydn pRBwv pYdy
hn[ ieh ikhw jwdW hY ik jyVy Prm ivq-ivvsQw dy AWqirk sroqrW qy inrBr krdI hY, auhnW qy pRiqbMDwqmk
modirk nIqI dw koeI pRBwv nhI pYdW[ dUjy pwsy, kyvl aunW hI PrmW qy pRBwv pYdW hY jyVy iniDAW dy leI bYNikg
pRxwlI qy inrBr krdI hY[ ivSyS rup qy mMihgI modirk nIqI dy sMbD iv`c ieh smiJAw jwdW hY ik auh vpwirAW
dy ivruD kMm krdI hY, ikauik auh swK lwgqW iv`c bdlwv dy pRiq v`D qo v`D sMvydnSIl huMdy hn ijsdw kwrx
ieh hY ik auh swK joiKm nhI auTw skdy Aqy AwvwsIX inrmwx qy kuJ qrW dy rwijX jW sQwnIX srkwrI Krc
dy ivruD hMudy hn[ ieh auhnW dy Krc ƒ holI hI nhI kr skdI blik rok vI skdI hY[

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