The Federal Reserve’s role in international financial reform efforts As a central bank with significant supervisory responsibilities, the Federal Reserve actively participates in both (1) central-bank-focused groups that monitor developments in global financial markets and promote sound and efficient payment systems and (2) supervisory forums, such as the Basel Committee on Banking Supervision (Basel Committee), which promotes high global standards for banking supervision and regulation.
Development of financial markets Financial markets in India in the period before the early 1990s were marked by administered interest rates, quantitative ceilings, statutory pre-emotions, captive market for government securities, excessive reliance on central bank financing, pegged exchange rate, and current and capital account restrictions.