Yet, banks in India do not as yet appear to be world class, though I have, no doubt, that our banks could well be on the anvil of being reckoned to be  BIS Review 57/2003  7  on par with international banks.
My submission is that, to reach global standards, and hopefully surpass them, we need to focus on legal, institutional and transactions aspects; and the RBI’s measures detailed today try to make a small beginning in addressing some of these issues. Let me thank the organizers for the opportunity and RBI looks forward to getting the benefit of your discussions in this Conference.