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The Reserve Bank continued to build a regulatory and supervisory architecture in line with the international best standards, adapted to suit the domestic conditions. The objective has been to make the Indian banking sector more competitive, efficient, sound and dynamic. Foreign banks and domestic banks with overseas presence successfully migrated to Basel II on March 31, 2008. The focus of the Reserve Bank's policy initiatives during the year was on strengthening corporate governance practices in banks and improving customer service. Events unfolding in the global financial markets were carefully monitored with a view to drawing appropriate lessons.
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