An important factor in the dramatic change in India's economic environment is the country's recent financial reforms. All the way back to economic liberalization in the early 90s, these reforms were crucial in guiding the country towards a trajectory of steady growth and progress. The existing research aims to identify the impact of financial reforms towards economic development in India. The study is exploratory and primary in nature. Sample size of the study is 150. Responses obtained from private (HDFC bank, ICICI bank and Axis bank) and public (SBI, PNB, Bank of India) banks employees. Responses obtained on structured questionnaire. The variables studied related to financial reforms were: Political Will and Leadership, Globalization and International Pressure, Technological Advancements, Domestic Economic Conditions, Regulatory and Institutional Framework, Economic Theories and Models, Public Opinion and Social Factors, Global Economic Trends, Crisis Management and Contingency Planning.