My first exposure to banking happened in the mid-1980s when I opened my first bank account. Other institutions in the financial sector were the Life Insurance Corporation of India (LIC) and Unit Trust of India (UTI). Apart from this, I can’t recall any other financial institutions in the mid-1980s, when the country was deep in the shell of a closed economy.
The characteristic feature of the economy observed back in those days was ‘Trust’ of the people on the financial system, backed by the Government. It was for this reason that, perhaps, there was no need for any sort of transparency in the financial system. Back then, no one had heard of financial institutions failing.