Our banking sector reform has been unique in the world in that it combines a comprehensive reorientation of competition, regulation and ownership in a non-disruptive and cost-effective manner.
Indeed our banking reform is a good illustration of the dynamism of the public sector in managing the  BIS Review 94/2006  1  overhang problems and the pragmatism of public policy in enabling the domestic and foreign private sectors to compete and expand. Similarly, the financial sector of India as a whole exhibits vibrancy and resilience.