Miscellaneous - This Day That Age   

dated May 19, 1956: Steps to check price rise

The Reserve Bank of India on May 17 issued a directive to the scheduled banks in the country asking them to restrict advances against stocks of paddy and rice. "It is imperative," the directive said, "that banks should refrain from excessive lending against commodities and should not assist in the speculative holding of stocks." The directive is intended to check what the Reserve Bank called the "abnormal rise" in the prices of paddy and rice in recent months.

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