Financial Sector Reforms in India: Implications for Banking and Taxation

Abstract

Financial sector reforms in India have formed an important component of the overall economic reforms process initiated in the early 1990s. These reforms have followed a well calibrated approach. The general approach to financial sector reforms has been a transparent, collaborative and consultative process aimed at resolving many possible dilemmas. While the scope of financial sector reforms is immense, this paper focuses on the implications of these reforms for banking and taxation. In general, both these areas have witnessed significant transformation from reforms in terms of switchover to international best practices, enabling legislation, effective monitoring and supervision, and technology.