Indian Financial Sector is steadily viewing an upward boom. The financial sector is gradually bringing in the profits. The banking system in India has undergone significant changes during last 15 years. Financial sector reforms were carried out in two phases. The first phase of reforms was aimed at creating productive and profitable financial institutions operating within the environment of operational flexibility and functional autonomy. The focus of the second phase of financial sector reforms starting from the second-half of 1990s has been on strengthening of the financial system consistent with the movement towards global integration of financial services.
Basically, the financial sector is in a process of rapid transformation.