India’s economic liberalisation in 1991 set in motion one of the most consequential transformations in the country’s modern history. At its heart was the remaking of a banking and financial system that needed to become stronger, more competitive, more resilient—and more inclusive.

In Transformation, veteran central banker and banking regulator Dasarathi Mishra draws on more than three decades of experience to illuminate this remarkable journey. He traces the reforms that reshaped Indian finance: prudential regulation and supervision, the entry of private banks, management of non-performing assets, consolidation, NBFC reform, financial inclusion and literacy, and the revolution in technology, digital payments and fintech.

Mishra also examines India’s external-sector reforms, infrastructure, capital-account policy, gold and external debt, while addressing emerging challenges including crypto assets and the economic shock of COVID-19.

Combining institutional history with a practitioner’s perspective, Transformation offers an accessible yet substantial account of how policy, regulation and innovation helped create a more robust financial system—and the challenges that will shape its next chapter.