The big-picture reforms continue to elude the financial sector, but plenty of incremental steps were taken. The Reserve Bank of India (RBI) remained reluctant to take its role as the protector of retail consumers seriously for a long time. Things would have been different if the unit-linked insurance plan (Ulip) reform of 2010 had been extended to traditional plans as well. Traditional plans continue to be opaque, put more money in the hands of agents and take away a significant chunk of the principal if surrendered midway. Real estateFrom double-digit returns of the previous decade to capital losses in this one, the sector saw it all.

Source: Mint December 30, 2019 16:52 UTC