India’s external debt has increased from $ 446.0 billion as at end-March 2014 to $ 483.2 billion as at September-end 2015. Foreign exchange reserves provide 72.5 per cent cover to external debt though vis-à-vis some of its EM peers, India is better placed as can be seen in Table 2 below:  1  Economic Survey 2016 -p 9–10, chapter 1: http://indiabudget.nic.in/es2015–16/echapvol1-01.pdf.
In particular, we see value in: retaining some control over which entities may call themselves banks in New Zealand; the Reserve Bank maintaining a sound understanding of the state of the financial system; and the Reserve Bank retaining a capacity to respond to financial distress or bank failure, where this threatens financial system stability.