T R A N S F O R M A T I O N: Three Decades of India's Financial and Banking Sector Reforms (1991-2021)

Dasarathi Mishra, in his new book, provides an excellent overview of the reforms and other developments in the Indian financial sector over the three decades following the foreign exchange crisis of 1991. Its sweeping coverage of Indian finance from new private sector banks, foreign banks, banking regulation and supervision, external sector reforms, banking technology, payment and settlement systems, credit information companies, banking consolidation, micro finance, financial inclusion, financial literacy and NPA management all the way up to demonetization, Covid management and the cryptocurrency ecosystem is as breathtaking in its range as it is equally deep in its research and insights. The 27 chapters are short and evenly paced, reader friendly, all ending with a very useful and up-to-date reading list. The book, no doubt, has the stamp of his long years of experience in a range of functions relating to banking regulation and supervision and as a faculty member at the Reserve Bank of India. A valuable addition highly recommended for anyone with a casual or deep interest in Indian banking and finance in recent years.

The book superbly captures the direction, pace of change, adaptation and mitigation, that is so central in our financial freedom.The insights are powerful and people with deep interest into India’s financial sector reform should be proud owner of this book.More pertinently, this book should find a place into the shelves of students appearing in Civil services, Banking and other examination.