Winds of change have been sweeping the Indian banking system since 1991. Some of the important changes relate to growing competition from within and without, technological upgradation and enhanced supervision and monitoring. The transition from one phase to another has largely been influenced by the dynamics of three critical factors, viz. the players, the playing fields and the regulator. That the banking sector reforms in India have transformed the face of banking is clearly reflected in terms of the steady improvement in Capital to Risk Assets Ratio (CRAR), reduction in the level of both gross and net NPAs, improvement in the operating profit to asset ratio, asset quality, return on assets (RoA), productivity, profitability, etc. The banking system has successfully weathered various changes. The strength of the Indian banking system is clearly reflected in the successful implementation of Basle-I norms and improved earnings, sequential reform measures, maintenance of stipulated capital adequacy level, adoption of 90 days international norm of asset classification, institutional and legal reforms and expansion of the capital base with equity participation and diversification of ownership. The banking sector reforms need to be examined against the broader macro-economic canvas of rapid expansion of services sector, growth of external sector, need for enhancing investments in infrastructure and the critical role of agriculture and allied activities. These are not ephemeral issues and require thrust on greater specialization by banks in different niches of the market such as retail, agriculture, export, the small-scale and corporate sectors; greater reliance on non-fund business such as advisory and consultancy services, guarantee and custody services; greater overlap in product coverage between commercial banks and non-bank financial intermediaries; and greater financial disintermediation with large companies accessing securitised debt domestically and from financial markets abroad. The candid, provocative and forceful papers in this book attempt to look at the entire spectrum of issues in the banking sector in a proper historical and comparative perspective, raise questions and provide an insight into banking development. The book will be useful to the students of Economics and Banking, professional bankers, policymakers, executives and researchers in this field. The common readers will find it highly informative.

Table of Contents:
Preface; 1. Challenges and Implications of Basel II for Asia–Y.V. Reddy; 2. Reforms, Productivity and Efficiency in Banking: The Indian Experience–Rakesh Mohan; 3. Bank Efficiency in India since the Reforms: An Assessment–Rajesh Chakrabarti and Gaurav Chawla; 4. Corporate Governance in Banks in India–Y.V. Reddy; 5. Central Banks and Risk Management: Pursuing Financial Stability–Rakesh Mohan; 6. Economic Growth, Financial Deepening and Financial Inclusion–Rakesh Mohan; 7. Agro-Business: In Search of New Frontiers Global Perspectives in Agricultural Finance–M.B.N. Rao; 8. Indian Banks and the Global Challenges–V. Leeladhar; 9. Analytics and Dynamics of Banking in Resurgent India–Manoranjan Sharma; 10. M&A in Indian Banking Industry: Performance Evaluation–Prakash Singh; 11. Universal Banking in India: Progress and Assessment–A. Karunagaran; 12. Regional Rural Banks in India: Past, Present and Future–Biswa Swarup Misra and P.K. Raut; 13. Marketing in Banks–M. Santhana Gopalan; 14. Housing Finance in India: Issues and Priorities–Atanu K. Das; 15. Interest Rate Risk: Issue of Considerable Contextual Significance for the Indian Banking System–A.K. Misra; 16. Microfinance and Rural Non-Farm Sector: Thinking out of the Box–Debesh Roy; 17. Financial Inclusion in India–R.K. Anand; 18. Financial Inclusion of Farmers: Rajasthan Perspective–Rakesh Malhotra; Book Review; Contributors