STOCK MARKET-A Wait-and-Watch Period

Bank's operations would be to relate the Bank's net disbursements to its new borrowings. During the five-year period ending 1990, the Bank's new borrowing added up to $51.8 billion. As against that, its net disbursements added up to a mere $21.2 billion, i e, to under 41 per cent of the new borrowings contributed by the Bank, a proportion that in normal banking circles would be considered extremely low.