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Hkkjrh; vkfFkZd uhfr
uksV ([k) cpr dks xfreku djukμns'kh; cpr cSad ,oa foÙkh; laLFkkuksa }kjk ,d=k dh tkrh gSa vkSj okLrfod
fofu;ksDrkvksa dks miyC/ djk;h tkrh gSA
(x) fofu;ksx&fo'ks"k (Investment proper)μdk vFkZ iw¡th oLrqvksa dk mRiknu gSA
rhljh voLFkk vFkkZr~ okLrfod iw¡th fuekZ.k dh izfØ;k rc rd pkyw ugha gks ldrh tc rd fd igyh nks
izfØ;k,¡ iwjh u gks tk,¡A cSa¯dx ,oa foÙkh; laLFkkuksa dk iw¡th fuekZ.k dh izfØ;k esa egÙo bl ckr esa gS fd Hkkjr
esa tks O;fDr ;k laLFkku cpr djrs gSa] os lkekU;r;k fofu;ksx ugha djrsA foÙkh; laLFkku vkSj cSad vUrZokfrZ;ksa
(Intermediaries) dk dk;Z djrs gSa tks cprdÙkkZvksa vkSj fofu;ksDrkvksa dks ,d&nwljs ls tksM+rs gSaA
Hkkjrh; foÙkh; iz.kkyh dh lajpuk
Hkkjrh; foÙkh; iz.kkyh osQ nks vax gSaμHkkjrh; eqnzk cktkj (Indian Money Market) vkSj Hkkjrh; iw¡th cktkj
(Indian Capital Market)A Hkkjrh; eqnzk cktkj og cktkj gSa ftlesa vYidkyhu jkf'k;ksa (Short-term funds)
osQ :i esa m/kj fy;k tkrk vkSj m/kj fn;k tkrk gSA blosQ fo#¼] Hkkjrh; iw¡th cktkj eè;edkyhu ,oa
nh?kZdkyhu jkf'k;ksa osQ fy, gksrk gSA
vkerkSj ij Hkkjrh; eqnzk cktkj dks laxfBr {ks=k vkSj vlaxfBr {ks=k esa oxhZÑr fd;k tkrk gSA eqnzk cktkj osQ
laxfBr {ks=k (Organised sector) esa okf.kT; cSad] ftuesa futh {ks=k vkSj lkoZtfud {ks=k osQ cSad vkSj fons'kh
cSad Hkh gSa] 'kkfey fd, tkrs gSaA vlaxfBr {ks=k (Unorganised sector) esa ns'kh cSadj ftuesa xSj&cSa¯dx foÙkh;
dEifu;k¡ (Non-banking financial companies-NBFCs) Hkh gSa] 'kkfey dh tkrh gSA
20-2 eqnzk cktkj (Money Market)
lqO;ofLFkr eqnzk cktkj izHkkoh ekSfnzd uhfr dk vk/kj gksrk gSA eqnzk cktkj (Money market) dh ifjHkk"kk
vYidky osQ fy, m/kj ysus vkSj m/kj nsus okys cktkj osQ :i esa dh tk ldrh gSA blls m/kj ysus okyksa dks
vYidkyhu vko';drkvksa dh iw£r gksrh gSA eqnzk cktkj og LFkku gS tgk¡ foÙkh; rFkk vU; laLFkkuksa vkSj
O;fDr;ksa osQ ikl miyC/ fofu;ksT; fuf/;k¡ (Investible funds) m/kj izkIr djus okyksa }kjk vYidky osQ fy,
m/kj yh tkrh gSaA m/kj ysus okyksa esa laLFkku] O;fDr ;k Lo;a ljdkj Hkh gks ldrh gSA eqnzk cktkj esa fj”koZ
cSad dks osQUnzh; LFkku izkIr gS vkSj og cktkj esa djsUlh rFkk m/kj osQ izokg dks fu;fU=kr djrk gSA
lkekU;r;k Hkkjrh; eqnzk cktkj dks nks Hkkxksa esa ck¡V fy;k tkrk gS% vlaxfBr vkSj laxfBr {ks=kA bu nksuksa {ks=kksa
esa fo|eku C;kt dh njksa esa dkiQh vUrj jgrk gSA vlaxfBr eqnzk {ks=k (Unorganised monetary sector) esa
ns'kh cSad lekfo"V fd, tkrs gSa ts viuk cSad&O;kikj ikjEifjd <ax ls djrs gSaA laxfBr eqnz {ks=k (Organised
monetary sector) esa fj”koZ cSad] LVsV cSad vkWiQ bafM;k vkSj blosQ vuq"kaxh cSad] 20 jk"Vªh;Ñr cSad vkSj
xSj&ljdkjh {ks=k osQ vU; cSad&Hkkjrh; vkSj fons'kh nksuksa 'kkfey fd, tkrs gSaA Hkkjrh; eqnzk&cktkj osQ laxBu
esa cM+h <hy ikbZ tkrh gS vkSj 1935 esa fj”koZ cSad osQ vkjEHk ls iwoZ blesa cgqr&lh dfe;k¡ fo|eku FkhaA oqQN
dfe;k¡ rks vc rd Hkh ik;h tkrh gSaA vc ge muesa ls oqQN dk foospu djsaxsA
Hkkjrh; eqnzk cktkj osQ nks"k
1- ,dhdj.k dk vHkko (Lack of Integration)μHkkjrh; eqnzk&cktkj dk ,d egÙoiw.kZ nks"k eqnzk&cktkj
dk cgqr ls [k.Mksa ;k {ks=kksa eas foHkDr gksuk FkkA ;s [k.M ;k {ks=k ,d&nwljs ls cgqr gh <hys :i esa
lEcfU/r FksA ,d le; Fkk tc izR;sd [k.M vFkkZr~ bEihfj;y cSad vkWiQ bf.M;k (tks vc LVsV cSad
dgykrk gS)] fofue; cSad] Hkkjrh;ksa osQ LokfeRok/hu la;qDr LdU/ cSad] lgdkjh cSad vkSj ns'kh
cSad&lHkh cSad O;kikj osQ fdlh ,d vax dk dk;Z gh djrs Fks vkSj bl izdkj vius O;kikj&{ks=k esa ,d
nwljs ls LorU=k FksA blosQ vfrfjDr eqnzk&cktkj osQ fofHkUu [k.Mksa osQ lEcU/ Lusgiw.kZ u FksA mnkgj.kkFkZ]
278 LOVELY PROFESSIONAL UNIVERSITY
