In brief, the budgets over the last three years have contained larger and wider reference to reforms in the financial sector. The canvass is spreading from banks to financial markets. During the period, the regulatory jurisdiction of RBI was fine tuned and clarified through amendments to Securities Contract Regulations Act, and enactment of Foreign Exchange Management Act.
While these are some of the several governmental initiatives, significant changes in legal and institutional framework are necessary for further progress in reform of financial sector. Banks Elaborating on issues related to banks, in this gathering would certainly be superfluous. Suffice it to say that there has been noticeable progress in respect of all the four issues flagged before viz.