Key elements of this change are: (i)  Privatization of banking industry which only 6 years or so back was 90% in public sectorprivatization was accompanied by significant debt and labor resolution and restructuring,  (ii)  Free and flexible entry of foreign banks raising foreign shareholding to almost half of the banking sector assets,  (iii)  Development of a strong banking system as capital base has strengthened and the ratio of Net NPLs to Net Loans today is at an all time low of 1.8% for all banks and 1.3% for commercial banks.
(iv)  Enhancement in financial depth and private credit ratio – there is however considerable room for further expansion of these indicators,  (v)  Substantial credit diversification at sector levels which is helping support broad based economic activity,  (vi)  Strengthening of regulatory and supervisory framework along with the stricter enforcement by a vigilant and strong central bank that is fully independent and accountable to its Board, and  (vii)  Changed perception and approaches to safety net for depositors and prompt corrective actions.