Financial sector of an economy is a multi-faceted term. It refers to the whole gamut of legal and institutional arrangements, financial intermediaries, markets and instruments with both domestic and external dimensions. Finance is the life blood of a modern economy. A financial system helps to mobilise the financial surpluses of an economy and transfers them to areas of financial deficit. It is the linchpin of any development strategy.Niti Bhasin is the author of 'Banking and Financial Markets in India - 1947 to 2007', published 2007 under ISBN 9788177081367 and ISBN 8177081365.