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Synopsis The book deals with the major issues of on going financial reforms in the country. Financial issues are discussed in the perspective of macroeconomic reforms that are being implemented in different phases. The second generation of economic reforms encompasses radical changes in the financial sector also. The book chiefly deals with the major issues o second generation economic reforms. The reforms mainly concerned in the book are financial sector, banking sector, capital market, and the external sector. In the global financial market our financial system needs radical reform both at institutional and functional levels. Exploring the possibility of new line of reform of the major financial institutions and their functional changes in the domestic and external level the authors largely presented a coherent course of action. Money Market is the main focus of the book. Late Dr. Satyendra Nath Sen, as the first financial reformist of the country, explored the idea of Central Banking function in undeveloped markets half a century ago. The common thread of idea throughout the book is the reform of the money market and the Reserve Bank of India in the contest of globalised financial system. It is also examined how the internal and external balance be attained simultaneously under the liberalized regime.