This paper provides new evidence on the credit channel of monetary policy transmission in India. Using stepwise estimation of vector error correction models, the analysis finds significant, albeit slow, pass-through of policy rate changes to bank interest rates in India. There is evidence of...

Theoretical perspectives and empirical literature -- MSMEs access to finance and policy initiatives -- Micro, small and medium enterprises in India: their characteristics and evolution over time -- Access to credit and small firm growth -- gender, small firm ownership and credit constraints --...