TLDR

• The “Times” pays tribute to the improvements made by the Government of India in its financial mechanism
• Merging the Presidency Banks into the Imperial Bank of India has resulted in the development of India’s money power
• The Government has been able to make large remittances to London without disturbing the exchange market of Indian currency

The “Times” has recognized and applauded the significant improvements made by the Government of India in its financial mechanism. The merging of the Presidency Banks into the Imperial Bank of India has proven to be highly beneficial, especially in the development of India’s money power through the medium of the Imperial Bank.

The paper further highlights that the Government has been able to make remittances to London of exceptional magnitude without causing any disruption or disturbance in the exchange marker of Indian currency. This is seen as authoritative unofficial testimony to the fact that the position of India’s financial mechanism is now impregnable.