Lastly, reforms were also introduced in respect of Regional Rural Banks (RRBs) and non-bank finance companies (NBFCs). The above measures together with the strengthening of prudential norms and market discipline and the adoption of international benchmarks to suit India specific needs have served to make the Indian financial sector competitive, viable and resilient.
BIS Review 49/2004  1  Financial crises the world over have revealed that weak financial systems and their supervision are the most important factors contributing to macro instability. As East Asia discovered so painfully, the health of the banking system underpins that of the economy as a whole.