Accordingly, the focus of our policy initiatives would be on streamlining banking operations in order to reduce transaction costs, infusing flexibility into the system, upgrading risk management systems, enhancing the level of compliance by banks with accounting standards, operationalising consolidated accounting practices and last and most important of all, providing the public with a financial system they can trust.
While there is substantial progress in the financial sector reforms initiated in 1991, the accent at the present time is an implementation of the reforms at the grass roots level. In this context, the endeavour is to facilitate ease of transactions by the common persons, further broadening of the consultative process and continued emphasis on the institutional capacity to support growth consistent with stability.