Reddy for reform

Reform of India''s debt market may be cautious, but in the last three years, the results have been dramatic, says Dr. YV Reddy of the Reserve Bank of India.

India's local debt markets are in the midst of a slow but forceful reform process, according to Dr YV Reddy, Deputy Governor of the Reserve Bank of India, who was giving the keynote address at the FinanceAsia 4th annual Asian Debt Conference in Hong Kong.

Dr Reddy acknowledged that India was as keen as the rest of Asia to develop itsálocal debt markets. There is an increasing awareness of the importance of the local debt markets in Asia, he said. He then pointed out that the role of the Reserve Bank of India as a central bank was to regulate, reform and reinvigorate those markets. The challenge in India is to create...

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