Synopsis During the past few years there has been an animated debate on the need for second generation financial reforms. It is recognised that without a broad consensus there would be an attenuating of reforms and, in this context, there is a need for a much wider appreciation of the subject. The media provides a powerful channel of communication with a wide readership and S.S. Tarapore, who was the Deputy Governor of the Reserve Bank of India, has been writing a weekly column on these issues. The present volume focuses on banking sector reforms as well as the problems of non-banking financial institutions and also deals in an integrated manner with issues relating to monetary, fiscal and external sectors. There is an exhaustive treatment of the issue of liberalisation of capital account and the author cogently presents a contrarian stance. Apart from targeting the regulatory supervisory authorities, professional bankers, economists and students, the volume is written in a style which is easily comprehended by the general reader wishing to get a glimpse of the central issues in financial sector reforms.