The major objective of this book is to tell the story of how the implementation of reforms in the financial sector, especially in the monetary policy and financial markets, has been and is being designed in an economy that is being liberalized and is gradually opening up. The papers in the book explain in simple terms the complex but relatively undocumented if not unexplored structural and micro aspects of economic reforms in India; how they are contemplated, implemented and refined. In narrating ongoing efforts, the dilemmas and issues faced in design and implementation to meet the evolving uncertainties are elaborated. A distinction is made between measures requiring legal changes, policy reorientation, procedural revamping and operational finesse. The tasks ahead of institutions, both public and private, are listed to focus on accountability while maintaining transparency. The book will interest policy makers, polity regulators, adademia, journalists, professional bankers and economists, besides the general reader.