After the reminders in 1998 from the Asian disruptions and the Russian default, lending standards were tightened. But, with the advent of a softening economy, the embedded risks of weaker or more vulnerable borrowers are becoming well recognized. Particularly hard hit have been certain borrowers in the retail, manufacturing, health care and telecommunications industries.
In my address I intend to take stock of the major initiatives that have been taken to reform the financial markets in India in the past, reflect on the present scenario and articulate the future course of reforms.