Reforms to global standards need to be adjusted to local conditions, said Kamalesh Chakrabarty, a deputy governor of the Reserve Bank of India.

Chakrabarty said financial-sector reforms were needed to address the issues in light of the crisis. He said that reforms introduced in India had been calibrated with a progressive integration into the world economy has paid the country rich dividends. A key consideration in the choice of pace and sequencing were the management of volatility in financial