There have been innumerable evaluations of the financial sector reforms undertaken by India, some of which critical of the pace but the results achieved are acknowledged by all. It is important to understand and appreciate the circumstances under which the entire process was guided through balancing the given systemic imperatives with the need for bringing about changes in a non-disruptive manner.
Financial sector reforms in India introduced as a part of the structural adjustment and economic reforms programme in the early 1990s have had a profound impact on the functioning of the financial institutions, especially banks.