This is consistent with the vision of the Government’s financial sector reform agenda which aims at among others: •  making the financial sector of the country the preferred source of finance for domestic companies;  •  Promoting efficient savings mobilization;  •  Enhancing the competitiveness of the country’s financial institutions;  •  Ensuring a stronger and user-friendly regulatory regime; as well as  •  Achieving a deepened and a diversified domestic financial sector.
In 1994, a Board for Financial Supervision (BFS) was constituted comprising select members of the RBI Board with a variety of professional expertise to exercise “undivided attention to supervision”. The BFS ensures an integrated approach to supervision of commercial banks, development finance institutions, non-banking finance companies, urban cooperatives banks and primary dealers.