Since Independence, the institutional credit provided by financial institutions scène has undergone a sea change. New public sector financial institutions such as development banks have come up in a big way and old type of financial institutions such as commercial banks and insurance companies, both life and general, have been nationalized, greatly strengthened and expanded. On the other part, Indian banking system has had a long and tough journey during the same period. It passed through the narrow lanes of excessive control and regulation, burdened with non performing assets in the pre reform period and then breathed a new life with liberalization in the early 90s's. However even after the liberalization Indian banking system withstood the pressure of competing goals of public welfare and improving efficiency. Adaption of new technology, increased efficiency, liberalized norms, lesser bureaucratic control than earlier, and increased competition made it stronger than before. This in turn made the financial system more accessible to millions of ordinary Indians and acted as a catalyst for their participation in India's growth story.