This section briefly sets out the key recommendations of the Group for reforms required within the existing broad framework of financial sector regulation. There is widespread recognition that the liberalization of the Indian economy has been uneven, with the liberalization of the real sector far outpacing that of the financial sector, as evidenced by the continuing licensing requirements for expansion as well as entry, and the fairly intensive regulation over operational matters. These recommendations thus represent the unfinished agenda of reforms, as well certain specific measures suggested in the context of particular segments.
