*  *  *  It is indeed very heartening to be here at this WIPRO-NDTV Convergence Conference on “Vision 2020 – Indian Financial Services Sector”. I thank the organizers for inviting me here today. Introduction The banking system has grown enormously in the last five years keeping pace with and in some cases leading the country’s remarkable economic growth.
Our legislators fully understood that the Bank needed more specific provisions in the banking legislation itself given the systemic importance of banks, and the legislative amendments were approved illico presto. The new provisions are quite wide-ranging. They allow a financial institution to restructure its business with the approval of the central bank.