My address will, therefore, focus on the features of the financial sector reforms in India; the initiatives taken to assure financial stability; the links between reforms and stability in the financial sector and conclude with some observations in the current context. Financial sector reform The financial sector reforms in India, like almost all other countries, have some common and a few unique features.
They were undertaken early in the reform cycle, in early 1990s. They were designed by eminent professionals in the country, and implemented pragmatically. This is evident from the dynamic mix between public and private ownership and transition of Development Financial Institutions as well as Unit Trust of India into their new incarnations.