Residencies of British India not maintain military forces other than for internal policing or else form diplomatic alliances with other States. The Residents attempted to modernize these Native States through promotion of European notions of progressive government. The first Native States to enter such subsidiary alliances included Arcot, Oudh and Hyderabad. Before the Rebellion of 1857, the role of the British Resident in Delhi was more important than that of other Residents, because of the tension that existed between the declining Mughal Empire and the emerging power of the East India Company. After the establishment of Crown rule of British India in 1858, the
Commercial paper in India Commercial Paper in Indian money market is an innovation in the Financial system of India. Prior to injection of Commercial Paper in Indian money market i.e. before 1990, the corporate companies had to depend upon the crude and traditional method of borrowing working capital from the commercial banks by pledging the inventory of raw materials as Collateral security. It involved more loss of time for the borrowing companies in availing the short-term funds for day-to-day production activities. The commercial paper has become effective instrument for these corporate companies to avail the short-term funds from the money market within shortest possible