Develop corporate bond market sustainably

India has a bank-based financial architecture. In the belief that India’s growth requirements necessitate a market-based financial architecture, the government has been eager to develop a corporate bond market to force a transition to a market-based system. While such a belief is questionable since neither Germany nor Japan needed a corporate bond market to fuel development, the forced development of a corporate bond market has predictably run into several market hurdles. In a highly informative RBI paper titled “India’s Corporate Bond Market-Issues in Market Microstruc.....

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