The document discusses the Indian financial system. It begins by defining a financial system and its key components. The Indian financial system consists of both a formal and informal sector. The formal sector is regulated and includes institutions like banks, financial markets, instruments, and services. It is overseen by regulatory bodies like RBI, SEBI, and IRDA. The financial system has evolved over phases from a private system pre-1951 to a public sector model from 1951-1990 and greater privatization and globalization today. The system plays an important role in allocating resources and facilitating economic development.