Indian Economy
Devaluation of a currency means

all of the listed here
reduction in external value/exchange value of currency by the government
reduction in currency value due to wear and tear
fall in exchange value of a country by market forces

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Indian Economy
In pursuance with the recommendations of Narsimham Committee, the RBI has framed new guidelines

to setup more foreign exchange banks
to govern entry of new private sector banks to make the banking sector more competitive
to reduce the freedom given to banks to rationalize their existing branch network
to lend more easily for industrial development

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