Explanation:

Financial sector reforms in India: -
 Financial sector is the mainstay of any economy and it contributes immensely in the mobilization and distribution ofresources.
 Financial sector reforms have long been viewed as a significant part of the program for policy reform in developingnations.
 The main objective of the financial sector reforms are to allocate the resources efficiently, increasing the return on investment and accelerate growth of the real sectors in theeconomy.
 Financial sector reforms were initiated by the government since the early 1990’s have been meet the challenge of a complex financialstructure.
 The Union Government has proposed last year setting up Financial Data Management Centre (FDMC) based on recommendation of a committee set up under the Department of Economic Affairs (DEC). The Committee was headed by Ajay Tyagi, Additional Secretary in Union Finance Ministry and has submitted its report and a draft bill titled The Financial Data Management Centre Bill2016? ? The Narasimham Committee was established under the former RBI Governor M. Narasimham in August 1991 to look into all aspects of the financial system inIndia.
 Forex market reform: Forex market reform took place in 1993 and the successive adoptions of current account convertibility were the acmes of the forex reform introduced in the Indianmarket.
 The Government initiatives to priorities the JAM Trinity- Jan Dhan, Aadhaar and mobile-holds the key to one of the biggest reforms aimed at transformingIndia.
 Government’s million towards a cashless economy is the significant move in this direction.