ECONOMY

                              "That economics is untrue which ignores or disregards moral                                 values."                                                       
                                                                         - M.K. Gandhi  

The rupee, India's basic monetary unit, is divided into 100 paisa
(34.75 rupees equal U.S.$1; 1996). The Reserve Bank of India,
founded in 1935 and nationalized in 1949, operates as the central
bank and sole bank of issue. Moneylending practices in rural India
have led to widespread indebtedness. Credit societies and cooperative banks have thus become increasingly important.

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