Financial sector reforms, which were introduced in the early 1990s as a part of the structural adjustment and economic reforms programme, had a profound impact on the Indian economy. With a view to making the reform measures mutually reinforcing, the reform process was carried forward by adopting the international best practices through a consultative and gradual process.
This somewhat provisional character of the BCR, along with its reliance on a method of valuation not in use by U.S. companies and regulators, mean it does not really fit our need for an approach that can – as a practical matter – be developed and implemented in the relatively near term.