Question
Reinvention of the financial system in the 1990s
Answer :
Word Count : 271
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The reinvention of India's financial system in the 1990s was a central component of the broader economic reforms initiated after the balance of payments crisis of 1991. The objective was to create an efficient, market-oriented, and globally integrated financial sector capable of supporting economic growth. The reform process was guided by the recommendations of the Narasimham Committee (1991 and 1998). Banking sector reforms emphasized prudential norms, including income recognition, asset classification, provisioning for bad loans, and capital adequacy requirements in line with the Basel framework. Interest rates
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