Fill in the blanks with appropriate words.

Prior to 1991, India’s economy and financial system were heavily regulated and ____(1)___ by the public sector. A complicated regulatory regime required firms to obtain licenses for most economic activities, and many industries were ____(2)____ for the public sector, including much of the financial system. Bank nationalizations in 1969 and 1980 increased the public sector share of deposits 5 to over 80 per cent, and further branch licensing was rigidly controlled. Primarily focused on financing government ____(3)____ and serving government priority sectors such as agriculture, India’s public banks lacked proper lending ____(4)____ and exhibited a high number of non-performing loans. Following a balance of payments crisis in 1991, however, a number of structural ___(5)___ were implemented that greatly deregulated many economic ____(6)____, and in November 1991, a broad financial reform agenda was established in India by the Committee on the Financial System (CFS). The CFS was appointed by the Government of India to examine the ____(7)____ financial system and make recommendations for improving its efficiency so as to more effectively meet the credit needs of ____(8)____. One of the committee’s recommendations to meet this goal was to introduce greater competition into the banking system by ____(9)____ more foreign banks to enter India. It was argued that the entry of additional foreign banks would improve the competitive efficiency of the Indian banking system and induce an ____(10)____ of banking technology.