Some of the salient reforms undertaken in the financial system, included, among others, lowering of statutory reserve requirements; liberalizing the interest rate regime, first on the lending side and later, on the deposit side; infusing competition by allowing more liberal entry of foreign banks and permitting the establishment of de novo private banks; institution of prudential measures (capital adequacy requirements, income recognition, asset classification and provisioning norms for loans, exposure norms, accounting norms) and enhanced disclosures and levels of transparency in their annual audited statements to promote market discipline.
(iii)  The enhanced Central Securities Depository system is expected to go live by June this year, this will provide among other functionalities, e-bidding in primary auctions, automated repo auctions and online secondary market trading. (iv)  The debt reforms that will lead to the introduction of non bank Broker/Dealers in the debt market are on going.