GLIMS Journal of Management Review
and Transformation
issue front

Pratik Amrutkar1, Swapnil Joshi1, and Sankarshan Basu1

First Published 2 Mar 2022.
Article Information Volume 1, Issue 1 March 2022
Corresponding Author:

Sankarshan Basu, Finance and Accounting, Indian Institute of Management Bangalore, Bengaluru, Karnataka 560076, India.

1 Indian Institute of Management Bangalore, Bengaluru, Karnataka, India

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License ( which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed.


The workings of monetary policy have often been construed as a “black box.” Not only does the nature of transmission channels vary across the economies, the significance and dominance of one channel over another is also a function of the nature and developmental stage of the economy under consideration. In this article, we attempt to understand the different channels of monetary policy operation and study which is(are) the dominant channel(s) in India. Our primary focus then is to identify the different hurdles that prevent the efficient transmission of monetary policy and assess few policy prescriptions to mitigate them. A simultaneous view from the perspective of business-government-society is also taken.


monetary policy, interest rate transmission, channels of monetary operations, interest rate channel, asset price channel, credit channel


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