During the plan period (primarily before the 1991 reforms), the Reserve Bank of India (RBI) played a multifaceted role beyond just traditional monetary policy. It actively supported the government's planned development objectives. This included: A) Expansion of developmental loan: Guiding credit towards priority sectors like agriculture and small- scale industries and supporting development finance institutions. B) Control of speculative loan: Using tools like selective credit controls to curb lending for speculative purposes and channel credit into productive uses. C) Expansion of banking activities through bill discounting: Developing financial markets, including promoting a bill market, to facilitate trade and provide liquidity to banks.