ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Market Orientation of Financial Sector

Specific to the financial sector in India, this paper reviews the role of state as a facilitator for market orientation through: (i) legislative changes, (ii) competition enhancing measures, (iii) institution-building, (iv) dispute resolution systems, and (v) market deepening actions. An analysis of legislative measures undertaken by the government of India shows that out of the 43 legislative acts/subordinate laws administered by the banking division of the department of economic affairs, finance ministry, almost 50 per cent are in the nature of facilitating the development of the financial sector. For providing a market orientation to the financial sector the state in India earlier played a historical role and is now facilitating restructuring as well as consolidation. Providing functional autonomy and operational flexibility to public sector banks has been the main contribution of the state in facilitating market orientation of banks.

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