Miscellaneous - This Day That Age   

dated August 24, 1957: Food prices: PM’s concern

Prime Minister Nehru has personally addressed a letter to Mr. H.V.R. Iengar, Governor of the Reserve Bank of India, expressing his anxiety over the high level of foodgrain prices in the country, occasioned mainly by the high level of bank advances against foodgrains. This was stated by Mr. Iengar at a conference of leading bankers of Bombay, which he convened on August 20 to give them another warning of sterner action to be taken by the authorities. The Governor disclosed that he had been asked by the Central Government to visit Delhi for discussions on food price situation. If the banks failed to carry out the Reserve Bank’s directive to bring down substantially advances against foodgrains, there was every likelihood that the Central Government itself would deal with the defaulting banks directly.

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