Against this backdrop, I thought I would take this opportunity to review India's approach to financial sector reforms, the path we have traversed for over almost two decades from a restrictive, even repressed past, the nuances of our somewhat unorthodox approach to instituting competition and efficiency in financial intermediation and the challenges we face in the development of our financial sector in the years ahead.
BIS Review 145/2007  1  I. Financial sector reforms and outcomes  In retrospect, the key success of financial sector reforms in India since they were instituted in the early 1990s has been the maintenance of financial stability through a period marked by repeated financial crises across the world.