We are way behind other developing countries in these two aspects. One of the most gratifying aspects of our reforms in the financial sector during the last five years has been broadening access to financing by the middle and lower income groups.
The banking sector which dominates our financial system (it controls more than 90 per cent of financial assets) had traditionally catered to the needs of the Government for meeting their deficit financing, or to the large and well established corporate sector and also financed international trade.