The papers in this volume assess progress with financial sector reforms over the past decade or so, and analyse the new challenges that confront India's policy makers and financial regulators. The papers highlight a formidable reform agenda, pointing to the need for a progressive reduction in fiscal deficits, dealing with the country's public sector banks and financial institutions, introducing more effective legal, regulatory, supervisory and risk management systems, further developing capital markets, pension reforms and measures to improve access to finance for the underserved.