India ranks 31st in WEF's financial development index

NEW DELHI, Sep 10 (PTI) India has been ranked at the 31st position in the World Economic Forum's first financial development index, topped by the US and the UK, on the back of robust performance of its financial markets and non-banking institutions. brWhile India delivered solid results in terms of its financial markets particularly foreign exchange and derivatives, its banks appear hamstrung by lack of size, low efficiency and poor information disclosure, the financial development report said, adding despite the lacunae the banking system is stable due to sizable capital buffers. brIndia came in at 31st in terms of its overall ranking, while China is at the 24th position. The other BRIC (Brazil, Russia, India, China) peers - Brazil and Russia - are at the 40th and 36th position respectively.