India:Financial Sector Reforms or Implementation of World Bank Diktates

A myth has been loudly propagated in India that its financial sector is not up to international standard and to compete India in a globally competitive market economy, reforms in its financial sector is a must condition. On this very plea the Neo-liberal adherent government has been moving forward to financial sector reforms. But it has much comfortably been forgotten that what India has been introducing in name of financial sector reforms, are attempts on the part of government to implement the diktats of the World Bank given to India in June, 1990 through a ‘confidential report’ on India’s financial system. This paper is an attempt to reveal what has been hidden in this matter.