Financial Sector Reforms in India

This paper tracks the story of Indian financial sector reforms in terms of a number of segments such as banking, debt markets, forex markets, and others like non-banking financial companies. This apart, as an offshoot of the financial sector reform, changes in the monetary policy are discussed. In this light, the paper looks at various performance indicators of different segments of the Indian financial sector. In general, it is found that there has been an improvement in efficiency, competitiveness and health of all the segments of the Indian financial sector. The paper raises some issues for the future of this sector.