Mid-term Review of Annual Policy 2004-05- 26th Oct 2004
III Financial Sector Reforms and Monetary Policy Measures
The annual policy Statements as well as mid-term Reviews of RBI have been focusing on the structural and regulatory measures to strengthen the financial system. In the context of opening up of the economy, as deregulation continues, the emphasis on regulatory practices has shifted towards effective monitoring and assurance of implementation of regulations.
In this direction, the measures aim at increasing the operational effectiveness of monetary policy, redefining the regulatory role of RBI, strengthening the prudential and supervisory norms and developing the institutional infrastructure. The management of financial sector over the years has been oriented towards rebalancing between efficiency and stability and sound public policies for successful economic integration.
The Reserve Bank is continuously working towards consolidating the gains of the financial sector reforms by further broadening the consultative process. While the emphasis, at this stage, is on reinforcing corporate governance within financial institutions, the focus is also on enhancing the credit delivery mechanism and facilitating ease of transactions by the common person.
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