Abstract Rajesh Chakrabarti gives an overview of the financial sector in India. For him a financial system is akin to the circulatory system in the human body, tapping and transporting savings throughout the economy, with markets and banks being the two competing and complementary arteries. The Indian financial system ranks slightly below the median in World Economic Forum rankings but has virtually re-booted since the still ongoing liberalization started in 1991. The four pillars of a financial system—laws, technology, creditors’ rights and corporate governance—have all undergone and are still undergoing major transformations. Financial access and inclusion remain key challenges despite serious efforts and experimentation. The banking system is stable, public-sector dominated, fragmented and heavily regulated. Financial markets have witnessed a sea-change but still have limited liquidity. The corporate bond market—key for much-needed infrastructure financing—remains seriously underdeveloped. The regulatory system is fragmented, rule-based and generally speaking quite conservative. Globalization of the financial system has been steadily increasing with time and while not the most innovation-friendly in the world, it has succeeded in providing stability and averting crises in an increasingly turbulent global financial environment. Aadhaar and big-data based fintech has the potential for inclusive innovations. The chapter’s focus on the institutional and legal base brings out the deep seated transformational changes taking place that perhaps need more time to fructify in increasing domestic savings, allocating them better while reducing the cost of credit, improving its availability and encouraging entrepreneurship.