In general terms, analogous to Governor George’s definition, I will define a “special” aspect of banking as one in which there is a clear and pronounced public interest exceeding that present in other types of business and commerce.
Few other measures are currently under discussion, such as, imposing risk weight on sovereign exposure and new standardised approach for credit and operational risk. Having dealt with the framework of macro reforms, let me now briefly touch upon nuts and bolts of the reform process.