The concluding part identifies the critical elements that would possibly determine the progress of reform. Need for reforms The Indian financial system of the pre-reform period essentially catered to the needs of planned development in a mixed-economy framework where the Government sector had a predominant role in economic activity.
Extending access to financial services will only be possible on a large scale if banks can overcome the cost barriers which are a major obstacle to the wider provision of financial services. Therefore, I would like take this opportunity to reiterate my view that banks in Uganda must prioritise improving efficiency. Operating costs as a share of total assets are too high.