Monday, July 02, 2007

Reading Room
India’s Transforming Financial Sector
Manoranjan Sharma

We are moving from ‘the first stage of crisis-driven reforms’ to the next stage, where the driver will be consensus, says Manoranjan Sharma in India’s Transforming Financial Sector ( ).

“India continues to be predominantly bank-based with a bank intermediation ratio of about 80 per cent. Within the banking sector, PSBs (public sector banks) continue to hold sway,” he notes. Financial sector reforms should ultimately lead to ‘market-driven ownership of public financial institutions,’ argues Sharma. The book gathers insightful essays written by experts in the field, on topics ranging from microfinance to stock market volatility, from forex hedging to rural credit.

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