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Mangalore , March 28

THE former Chairman of Indian Council for Social Science Research, Dr V.R. Panchamukhi, has stressed the need for an indigenous model on reforms.

Delivering a lecture on `Global and national financial systems: Reflections on reforms agenda', organised by the Corporation Bank Chair in Bank Management at Mangalore University on Monday, he said that each country should identify the contour of reforms that is relevant to its own socio-cultural, political, and economic situations.

There are no unique models on reforms that are valid in and applicable to all situations and times.

"Every change in policy is being treated as reforms. The concept of reforms should be confined to a situation when some deliberate policy changes are enforced with a view to correct some basic distortions or irrationality that is persisting in the economic system."

Citing some select issues of reforms in the financial sector, Dr Panchamukhi wondered if the Indian banking system was ready for rigorous competition from sophisticated and large-sized multinational banks.

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