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  • 6 - The Artifice of Trust: Reputational and Procedural Registers of Trust in North Indian “Informal” Finance

  • Edited by Ajay Gandhi, Universiteit Leiden, Barbara Harriss-White, University of Oxford, Douglas E. Haynes, Dartmouth College, New Hampshire, Sebastian Schwecke, Indian Institute of Management, Calcutta
  • Book:
    Rethinking Markets in Modern India
    Published online:
    24 September 2020
    Print publication:
    01 October 2020, pp 147-178

  • Summary

    This chapter studies the operation of trust on financial markets in the North Indian city of Banaras (Varanasi). It emphasizes an interpretation of trust on markets as an artifact and artifice based on an experiential category of practical knowledge used to handle exchange under conditions of high uncertainty, and identifies two distinct patterns in its handling, marked as procedural and reputational registers of (handling) trust. The first case analyzes the difficulties faced by locally operating banks in the mid-twentieth century to shift from reputational to procedural registers of handling trust, using banking advertisements and other archived material. The second case outlines the shifts in the manner reputational registers of trust are used in extra-legal money lending in the wake of Indian legislation against these financial practices, contrasting an ethnographic study of contemporary practices to historical sources on money lending in the first half of the twentieth century.