The financial system comprises markets, intermediaries, instruments and other institutions that facilitate in carrying out the financial decisions of households, business firms and governments. It has been empirically established that a well developed financial system is sine-qua-non for achieving healthy and sustained economic growth. The book examines constituents of the Indian financial system in detail. It highlights strengths and weaknesses of the Indian financial system before 1991, making a strong case for undertaking comprehensive financial sector reforms in India to achieve a high and sustained economic growth. It describes in detail different types of reform measures undertaken after 1991 in the financial sector. The book also critically analyses the impact of financial sector reforms on commercial banks, cooperative banks, DFIs and NBFCs.