The Report of the first Narasimham Committee (1991) ushered in the financial sector reforms, which were expected to spur competition in the banking sector through deregulation and entry of  BIS central bankers’ speeches  1  new private sector banks, which, in turn, was to ensure high quality customer service to meet the long pending aspirations of the bank customers.
The decontrol and expansion of capital markets should have made the access to market intermediated financial resources easier for well established, credit rated large incumbents. Reforms in the banking system have been aimed to bring in greater efficiency by introducing new competition through the new private sector banks and increased operational autonomy to public sector banks.