The Financial Crisis 2008 Explained- Part 1

Financial Crisis

The Financial crisis of 2008 or the Great Recession is the biggest economic event in the world after the Great Depression of the 1930s. The first part of the article explains the causes of the financial crisis in a very simplified way.

What is a financial crisis?

  • A financial crisis is a crisis which severely affects the functioning of the financial system. Financial system consists of banks, mutual funds, investment banks, pension funds etc.
  • In a financial crisis, the financial assets (like shares) lose a part of its nominal value.

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The ‘Big is Beautiful’ ideology of the State Bank of India , which reveals itself in the decided merger of the SBI with its associates , is expected to come to fruition by the end of 2016. The combined entity would create a financial sector powerhouse , with total assets worth 37 lakhs crores. While the merger would undoubtedly have overwhelming positive externalities , the path towards it is likely to be challenging and the result not free of pitfalls.

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RBI’s New Spearhead – Dr. Urjit Patel

Yes, the move that was on the cards has finally been executed. No, I am not talking about Game of Thrones (Generic humour appeal at the start), but yes the newest member in the hall of fame for RBI governors. Dr. Urjit Patel becomes the governor of RBI, taking over the reins from the former, Raghuram Rajan. But do we know our new governor? (Eh, we don’t). Aditya would tell you, no worries

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Mudra Bank

There has been a pronounced change in the approach of Government in dealing with the unemployment crisis. The current approach is more based on creating small entrepreneurship or giving the people more opportunities to start small-scale enterprises of their own.

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Performance Appraisal of Raghuram Rajan

Base rate

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Raghuram Rajan took over as the RBI Governor on 4th September 2013. With a shift in power from Congress to BJP , India saw a change in the ideologies of its representatives. We went on from focusing on expenditure on health and education to promoting investment in institutional areas. Along with this significant development came another major change. The position of the RBI governor switched from D Subbarao to Raghuram Rajan.

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