Summary |
Strengthening of the financial sector and improving the functioning of financial markets have been the core objective of the financial sector reforms in India. The significant transformation of the financial system in the country is clearly evident from the changes that have occurred in the financial markets due to the process of “privatization” which connects a wide range of ides and implies the induction of private ownership in publicity owned interposes. Therefore, in July 1993, as a part of the banking sector reform process and as a measure to induce competition in the banking sector, the RBI permitted entry of the private sector into the banking system which result in the introduction of private sector banks finally which kept a pace with the changing financial landscape.
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