Dominic Barton has an interesting article Taking stock: Ten years after the Asian financial crisis in The McKinsey Quarterly which is worth reading. His checklist of what needs to be done in Asian financial sector policy is:
- Embed and deepen risk-management processes, capabilities, and culture in financial institutions.
- Ensure that top management, both in the private sector and in regulatory bodies, conducts annual scenario- and contingency-planning exercises.
- Shift the major banks emphasis in corporate governance from hardware to software.
- Focus on developing talent.
- Increase and intensify the formal cooperation and interaction among government bodies with economic responsibilities.
- Formalize and greatly increase the interaction among regulators and supervisors across Asia.
- In each Asian country, launch master plans, developed cooperatively by both the public and the private sectors, for the financial system.
I think the combination of the international-finance-focused MIFC report and the (work-in-progress) domestic-finance-focused Raghuram Rajan report will add up to an excellent master plan for India to pursue.