Enhanced competition has been induced with the entry of private foreign entities and foreign capital in financial sector. In brief, there has been progress in the three inter-related pillars of financial sector, namely ownership, regulation and competition. Let me illustrate the pragmatic nature of reforms in the fiscal-monetary policy interface.
We would hope that the financial literacy Programmme would bring an even greater level of consumer awareness into people’s financial dealings. Over the past year we have been able to make a number of important interventions under the National Financial Literacy Programme.