It has been almost two decades since India first started to liberalize its economy. Financial sector reforms have always been at the heart of this process. So what have been the impact and the efficacy of these reforms? This question was the theme of a conference that was jointly organised by the British Northern Universities India Forum (BNUIF) and the Indian Institute of Management-Kozhikode (IIMK). This ebook contains six of the best papers to come out of this conference.