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The opening up of the financial sector in 1990 followed by RBI's reform program which intended to create an viable, competitive and efficient banking system in India had resulted in entry of many private banks both Indian as well as foreign banks and increase competition among the commercial banks in India. Between the years 1991-97 there were a greater inflow of 21 foreign banks and 9 private banks in the Indian banking. In 1998 the Cash Reserve Ratio (CRR) was raised to 9% (effective as March 2000) with government securities given a 2.5% risk weight to begin reflecting interest rate risk.
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